RHODES UNIVERSITY ACCOUNTING COURSE OUTLINE AND INFORMATION SHEET

Transcription

1 1. General information RHODES UNIVERSITY ACCOUNTING COURSE OUTLINE AND INFORMATION SHEET Accounting 3 is presented as one of four components of the final year of the Rhodes University Bachelor of Commerce (accounting curriculum) programme which, on completion and provided the student achieves the entry requirements, results in admission to the University's Post Graduate Diploma in Accountancy programme (PDipAcc). The other three components are Management Accounting and Finance 3, Auditing 3 and Taxation 3. The Accounting 3 curriculum has been designed in order to fulfil two overarching objectives. These are firstly to achieve outcomes specific to Rhodes University and its Department of Accounting, and secondly to comply with SAICA s accreditation requirements and prescribed curriculum. i. Lecturers Mr Leon Coopasamy BComHons (NMU) MCom (UP) CA (SA) (course coordinator) Ms Pateka Qwesha BComHons (UKZN) CA (SA) Mr Sazi Mabaso BAccSc HDip (Wits) CA (SA) ii. Lecture times and venues Day Time Venue Tuesday 14:15 15:00 Eden Grove Blue Wednesday 15:10 15:55 Eden Grove Blue Thursday 14:15 15:55 Eden Grove Blue Friday 15:10 15:55 Eden Grove Blue 2. Assumptions of prior learning (or knowledge assumed to be in place) It will be assumed that you have the following prior knowledge and competencies: i. General prior knowledge and competencies: The demonstrated ability to cope with the pressures of being a senior undergraduate student in a modern higher education system. In particular, you should be able to cope effectively with large workloads, conflicting demands on limited time resources, and have adequate levels of selfmotivation, interest and enthusiasm for the study topic. The ability to carry out reasonably complex calculations involving the mathematics of finance and statistics. The ability to make effective and routine use of modern information technology in support of the general and specific skills and competencies listed in this section. ii. Specific prior knowledge: Accounting 1 o the accounting cycle; o accounting for inventory; o accounting for non-current assets; o accounting for trade receivables; o accounting journals; o control accounts; o cash flow statements; o introductory accounting for companies. 1

2 Accounting 2 o the financial reporting environment and review of the accounting framework; o presentation of financial statements; o assets recognised on the statement of financial position; o property plant and equipment; impairment of assets o intangible assets; o financial assets; o provisions, contingent assets, contingent liabilities and events after the reporting period; o finance liabilities; o reporting profit /loss for the period; o revenue and recognising expenses; o taxation; o owners' equity - companies o cash flow statements o leases o financial analysis o introductory group accounting 3. Course Outcomes After studying this course, you will be able to: i. Critical cross-field outcomes collect, analyse and evaluate information; recognize problem-solving contexts and identify and solve problems; communicate business information effectively, both in the form of written reports and oral presentations; organize and manage yourself and work in a team; reflect on and explore effective learning strategies; and explore educational, career and entrepreneurial opportunities and participate in these opportunities as a responsible citizen. meet the pervasive skills and qualities prescribed by SAICA in their competency framework (a separate handouts on these is available on the Acc 3 RUConnected site). ii. Specific intended outcomes After completing the course, and in addition to the critical cross-field outcomes listed above, you will, in the context of complex single- or multi-issue case studies, be able to apply the requirements of IFRSs in order to demonstrate, evaluate and analyse the appropriate financial reporting treatment of: Semester 1 Semester 2 Income taxes (IAS 12, FRG 1) Group Accounting (IAS 27, IAS 28 IFRS 3, IFRS 10) Foreign exchange (IAS 21) Provisions and contingencies (IAS 37) Events after the reporting period (IAS 10) Revenue (IFRS 15) Government grants (IAS 20) Borrowing costs (IAS 23) Financial instruments (IFRS 7& IFRS 9) Leases (IFRS 16) Accounting policies, estimates and errors (IAS 8) Property, plant and equipment revision (IAS 16) Inventory revision (IAS 2) 4. Teaching and Learning Methods Four main teaching and learning methods are employed in the Accounting 3 course. i. Formal teaching sessions (lectures) In lectures, you will be introduced to the more important and difficult financial reporting concepts. During 2

3 lectures, your questions will be answered, you will be asked questions by the lecturer, and in-class discussions will be encouraged. A lecture attendance register will be taken on an ad hoc basis. The attendance of lectures will be an advantage for border line cases and other decisions favorable to the student. Signing on behalf of another student in their absence constitute an offence and will be disciplined according to the rules of the university. ii. Formal tutorial sessions Tutorials are an integral part of the learning process, and you are strongly advised to attempt the set questions seriously and timeously. This will result in the tutorials being of optimal value and will provide suitable preparation for the exams. You will be assigned to one tutorial (double period) per week. Tutors will facilitate tutorials. Tutorial questions (practice questions) will be set each week and the solutions to these practice questions will be made available to you. You are expected to arrive at the tutorial with questions on the practice questions. The tutorial session will function as a tutorial test session, where you will attempt a previous test question under test conditions. This will be peer marked in the tutorial. The lecturers will monitor these marks closely. An average of 55% between two consecutive tutorial tests need to be maintained. Failure to meet this requirement will result in compulsory submissions of ALL practice question attempts. The onus is on the student to make the most of the tutorial sessions in order to advance through the coursework. A passive approach is unlikely to ensure success. Attendance at tutorials is compulsory except: If you have a valid Leave of Absence (LOA); If you obtain at least 70% in a semester test or the June examination, you will be allowed to attend tutorials on a voluntary basis. This concession will however be withdrawn if in a subsequent test or in the June examination you achieve a mark of less than 70%. iii. Self-study sessions Self-study sessions for Accounting 3 take one of two forms: extrinsically-motivated sessions, which require homework tutorials, essays or other assignments to be handed in for formal assessment or review, or intrinsically-motivated sessions, which require students to prepare in advance for lectures, tutorials, tests and examinations. iv. Informal consultations Informal consultations with your lecturers occur at the initiative of either party, and enable you to interact with lecturers in an unpressured environment. Such consultations enable a focussed approach when dealing with any particular difficulties you may have, and also enable lecturers to more accurately monitor your progress in advance of formal assessment activities. 5. Student Assessment You will be assessed through a mixture of formative and summative techniques. These include formal progress tests, semester tests, the mid &end of the year examinations, self-test examples, tutorial examples and class discussions. The assessment criteria for each of the specific outcomes are summarised in the table below: Specific outcome...you will, in the context of complex single- or multi-issue case studies, be able to apply the requirements of IFRSs in order to demonstrate, evaluate and analyse the appropriate financial reporting treatment... Assessment criteria From the scenario(s) given: Determine which IFRSs are applicable and describe the appropriate accounting treatment; Perform the necessary calculations in accordance with the relevant IFRSs; Disclose the information and calculations in the annual financial statements of an entity in accordance with the relevant IFRSs. i. Progress Test Dates 3

4 Progress Tests will be written during lecture periods on the following dates: Progress Test 1 Progress Test 2 Progress Test 3 Progress Test 4 Friday, 9 March Friday, 20 April Friday, 3 August Friday, 21 September ii. Semester Tests Dates (venue to be confirmed) Test 1 Test 2 Test 3 Monday, 19 March Tuesday, 8 May Thursday, 23 August iii. Examinations Dates The final June and November examination dates will be announced by the Registrar. iv. Composition of final mark Progress tests 15% Semester tests 15% Integrated assignment (4 th term) 5% June exam 15% November exam 50% 100% All work covered in the course is examinable. All semester tests and progress tests must be written. Work examined will not necessarily bear any relationship between the time spent on the topic on the course or during the semester and the number of marks allocated to the topic in the exam. In fact, although all work is examinable, some topics may not end up in the examination at all. Do not expect the exam structure or content to be similar by question type or proportion to any previous examination papers. Not all tutorial and lecture examples on a topic can or will be of exam standard as several questions will seek to simply introduce different aspects of the topic. It is up to you to ensure that you understand the topic and its application/mechanics and thus be able to apply this knowledge to any question involving the relevant topic. 6. DP Requirements As with all courses at this university, a Duly Performed (DP) certificate is required to write the final examination. In order to secure your DP certificate, you are required to: 1. Write all tests and the June exam 1 2. Attend all tutorials 1 3. Attend all compulsory supplementary instruction and alternative support sessions 1 4. Complete and submit all compulsory assignments and quizzes (if any) by due date 1 5. Participate in the Integrated Assignment 1 6. Achieve 35% minimum mark for each of Test 2, Test 3 & June exam 2 7. Achieve 35% minimum overall course mark for the year excluding November exam 8. Achieve 35% minimum overall mark for assignments and quizzes (if any) 1. Unless your application for a leave of absence (LOA) has been approved by the Department. 2. Test 1 does not count for Rule 6. However, it is included for the purposes of Rule Leave of absence (LOA) rules Leave of absence (LOA) forms must be submitted to Departmental Administration (Room 304, Main Admin Building) by no later than 4.30pm on the 3rd (third) working day after the tutorial, test, exam, or other event was held. 1. Saturdays, Sundays, and public holidays do not count as working days. 4

5 2. Normal university vacations do count as working days. 3. If exceptional circumstances delay the submission of the LOA form, the student (other responsible person, such as parent, guardian or warden) must or phone Departmental Administration or ) before the normal deadline giving detailed reasons for the delay 8. P Dip Acc entrance requirements This information is relevant to students who are planning to apply for our PDipAcc programme in There are two components to the entrance requirements: Marks: Ethics: 9. Prescribed textbooks An average of at least 58% across all four 3rd year courses with a subminimum of 55% in each. Compliance with the following fundamental ethical principles, based on those of the South African Institute of Chartered Accountants (SAICA): 1. Integrity to be straightforward and honest in all academic, professional and business relationships. 2. Professional behaviour - to comply with relevant laws, regulations and student disciplinary codes, and avoid any action that discredits the profession. a) Descriptive Accounting (Latest Edition): ZR Koppeschaar, CS Binnekade, EC Janse Van Rensburg, J Rossouw, E du Toit, HA van Wyk, J Sturdy, DJ Deysel. b) Notes on Group Financial Statements, (Latest Edition): Keith Prinsloo, Derek Forsyth. c) A Guide through International Financial Reporting Standards. International Accounting Standards Board, (Latest Edition). London: IASB. 10. Course Evaluation The main purpose of the evaluation process for Accounting 3 is to enable a dynamic and interactive approach to maintaining the highest possible quality in teaching and learning methods. Regular evaluation ensures that any problems and possible new approaches are properly identified, dealt with and implemented. Four course evaluation methods are used in Accounting 3: Student evaluations. The course is evaluated by the students during each term, using a questionnaire. The questionnaire responses are summarized in spreadsheet form by the departmental administrative staff. The summarized responses and specific comments are discussed with the Head of Department. A detailed feedback response is discussed with students during a lecture period. Peer reviews. These are performed by colleagues once or twice a year. A written report is provided, which is discussed with the Head of Department and with the students during a lecture period. External examination process. Examination papers and a test pack of marked scripts are subject to review by external examiners, who provide written reports. Any problems addressed in the review of the paper are corrected and the reports are given to the Head of Department and then to the Dean of the Faculty. SAICA accreditation reviews. The Department and all of its courses are subjected to regular reviews by SAICA as part of its accreditation process. In addition to these formal evaluation methods, the lecturers welcome any constructive feedback throughout the duration of the course. Leon Coopasamy Course coordinator February