ACC1111S - Financial Reporting 1

Course Description

Financial Reporting 1 covers the second half of the first year Accounting syllabus. The standard of Financial Reporting 1 has been set to the level required for those intending to become Chartered Accountants and it is, therefore, an extremely demanding course.

• Those students who intend to register for Financial Reporting 2 (ACC 2012W) in 2007 must obtain an overall pass mark of 60% or higher in either the final or supplementary examinations in Financial Accounting 1B. Under no circumstances will the Department of Accounting waiver these requirements.
• Students who would like to register for Financial Reporting 2 (ACC 2012W) but obtain between 50% and 60% may write the supplementary examination as an entrance examination in January/February 2007.

Financial accounting is predominantly an applied discipline that is based on broad conceptual principles mastered in Financial Accounting. Students will be expected to apply these principles with a high level of technical competence. It is therefore of utmost importance that students develop a sound understanding of these conceptual principles to be able to apply them practically. Furthermore, as numerous issues in Financial Accounting remain unresolved, students will be encouraged and expected to debate such issues.

Financial Accounting 1011X forms part of the Commerce Academic Development Programme (EDU). Being registered as an Academic Development Programme student is a prerequisite for this course. Students that form part of EDU come from different cultural, economic and schooling backgrounds creating a unique opportunity for not only learning financial accounting but also for learning about one another and contributing to change in the university community, greater society and the country.

Learning takes place in an environment where small lecture classes are key to lecturers being able to get to know students individually and where learning can be structured in such a way as to meet individual learner needs. In a small lecture group, lecturers are able to experiment and share creative methods of teaching enhancing the learning that takes place in the lecture periods. Where necessary, extra support is given to students in the form of interactive workshops and other support workshops to enhance life skills of students are run through EDU at different times in the academic year.

You will be given the chance to formally evaluate the course at class meetings held with Dr June Pym as part of the Commerce Academic Development Programme.

Aims of the Course

At the end of this course students should be able to:

• Read financial statements with some degree of understanding
• Understand the firms financial position, return and risk using the financial statements
• Appreciate the difference between cash flow and accounting earnings
• Read the financial statements of various forms of business entities including companies, close corporations and not for profit organisations
• Process financial transactions for various forms of business entities including companies, close corporations and not for profit organisations