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ACFN-M3020
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Courses of the Module
Course AcFn3021
Number
Course Title Intermediate Financial Accounting I
ETCTS 6
Credits
Contact Hours 4
(per week)
Course The objective of the course is to ensure that students have developed a thorough
Objectives & knowledge and understanding of accounting principles and concepts and can
Competences to apply this grounding to the situations that they will typically encounter in
be Acquired practical work situations.
On completion of this module students should be able to:
Explain the IASB’s conceptual framework underlying financial reporting;
Demonstrate an awareness of the substance of and the standard-setting process
for international accounting standards;
Perform the accounting functions of analyzing, recording and reporting as
accomplished by the accounting cycle and the preparation of the primary
financial statements
Apply professional judgment in analyzing accounting issues and
recommending accounting policies;
Demonstrate the recognition, measurement, and reporting of cash and
receivables; Explain incentives and ethical issues underlying accounting
policy decision
 Course This course presupposes that the students are equipped with knowledge of basic
Description accounting principles. In this course, emphasis is made on accounting theory of
financial statements, recognition criteria, measurement, also reporting
requirements of the elements of financial statements are covered. Treatment of
current assets, namely, cash, receivables, and inventories form the central
objective of this course.
WEEKS Course Contents Reading
1. Development of Accounting Principles and Kieso, D. E.,
Professional Practice Weygandt,
2WEEKS 1.1 The environment of financial accounting J. J., & Warfield, T.
D. (2020).
{1ST&2ND } 1.2 Financial reporting requirements in Ethiopia Intermediate
Accounting:

IFRS Edition (4th

ed.). John Wiley &
Sons, Inc.
1.3 The IASB and its governance structure
1.4 List of IASB pronouncements
1.5 The IASB’s conceptual framework for financial reporting
1.5.1 Objectives of financial reporting
1.5.2 Qualitative characteristics of financial reports
1.5.3 Elements of financial statements
1.5.4 Recognition, measurement, and disclosure concepts
1.6 IFRS-based Financial Statements (IAS
2. Fair value measurement and Impairment Kieso, D. E.,
2.1. Fair value measurement Weygandt,
2 WEEKS 2.1.1. Definition J. J., & Warfield, T. D.
2.1.2. Measurement of fair value (2020). Intermediate
{3RD&4TH } 2.1.3. Fair value at initial recognition Accounting: IFRS
th
2.1.4. Valuation methods Edition (4 ed.). John
2.1.5. Fair value hierarchy Wiley & Sons, Inc.
2.1.6. Disclosure
2.2. Impairment
2.2.1. Definition
2.2.2. Measurement of impairment
2.2.3. Reversal of impairment
2.2.4. Disclosure
 3. Cash and Receivables Kieso, D. E.,
3.1 Cash and internal control Weygandt,
2 WEEKS 3.2 Types of main bank accounts J. J., & Warfield, T. D.
3.3 Bank reconciliation (2020). Intermediate
{5TH&6TH} 3.4 Reporting of Cash and disclosure requirements Accounting: IFRS
th
Edition (4 ed.). John
Wiley & Sons, Inc.
3.5 Recognition and valuation of accounts receivable
3.6 Recognition and valuation of notes receivable
3.7 Derecognition of receivables
3.8 Reporting of receivables and disclosure requirements

4. Inventories Kieso, D. E.,

4.1 Nature and classification of inventory Weygandt,
4.2 Physical goods and costs included in inventory J. J., & Warfield, T. D.
2 WEEKS 4.3 Valuation of inventories: A cost-basis approach (2020). Intermediate
4.4 Special inventory valuation methods Accounting: IFRS
{7TH& 8TH} 4.4.1. Lower-of-cost-or-net realizable value (LCNRV) th
Edition (4 ed.). John
method Wiley & Sons, Inc.
4.4.2. Gross profit method
4.4.3. Retail-inventory method
5. Property, Plant, and Equipment Kieso, D. E.,
5.1. Acquisition and Disposition of Property, Plant, Weygandt,
3 WEEKS and Equipment J. J., & Warfield, T. D.
5.1.1. Characteristics of property, plant, and equipment (2020). Intermediate
{9TH, 5.1.2. Acquisition & valuation of property, plant and Accounting: IFRS
10TH&1 equipment th
Edition (4 ed.). John
1TH } 5.1.3. Costs subsequent to acquisition Wiley & Sons, Inc.
5.1.4. Disposition of property, plant and equipment
5.2. Depreciation, Impairments, and Revaluations

2 WEEKS 6. Investment property Kieso, D. E.,

6.1. Nature of Investment property Weygandt,
{12TH & 6.2. Initial recognition and measurement of J. J., & Warfield, T. D.
13TH} investment property (2020). Intermediate
6.3. Subsequent measurement of investment property Accounting: IFRS
th
6.4. Presentation and disclosure requirements Edition (4 ed.). John
Wiley & Sons, Inc.
1 WEEK 7. Non-current Assets Held for Sale, and Kieso, D. E., Weygandt,
Discontinued Operations J. J., & Warfield, T. D.
{14TH } 7.1 Nature of NCAHFS and discontinued operations (2020). Intermediate
7.2 Initial recognition and measurement of NCAHFS Accounting: IFRS
th
7.3 Subsequent measurement of NCAHFS Edition (4 ed.). John
7.4 Presentation and disclosure requirements Wiley & Sons, Inc.
7.5 Measurement, presentation and disclosure of
discontinued operations

2 WEEKS 8. Intangible assets Kieso, D. E., Weygandt,

8.1. Characteristics and classifications J. J., & Warfield, T. D.
{15TH & 16TH} 8.2. Valuation and amortization (2020). Intermediate
8.3. Impairments Accounting: IFRS
th
8.4. Research and development costs Edition (4 ed.). John
8.5. Website costs Wiley & Sons, Inc.

Assessment/ The evaluation scheme will be as follows:

Ev aluation Component Weight coverage
Test 2 15% Chapter 3
Assignment 1 5% Chapter 1 &2
Assignment 2 5% Chapter 3 & 4
Quiz 1 5%
Quiz 2 5%
Final Exam 50% All chapters
Text Book:
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate
Textbook and Accounting: IFRS Edition (4th ed.). John Wiley & Sons, Inc.
reference Reference:
books Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate
Accounting: IFRS Edition (4th ed.). John Wiley & Sons, Inc.
Lo, K., & Fisher, G. (2020). Intermediate accounting (4th ed.). Ontario,
Canada: Pearson Canada Inc.
Elliott, B., & Elliott, J. (2019). Financial Accounting and Reporting (19th ed.). Harlow, UK:
Pearson Education Limited.
Commercial Code of Ethiopia
IFRS Blue Book (Latest edition)
IFRS Green Book (Latest edition)
IFRS Red Book (Latest edition)