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ACCT 235 Intermediate Accounting 1 Assignment Example UAE

ACCT235 Intermediate Accounting 1 Assignment Sample UAEU, UAE

This sample assignment will discuss one of the accounting courses, Intermediate Accounting, whose course code is ACCT235.

Further, this course facilitates the transition from financial accounting principles to financial reporting to prepare students for professional accounting careers. Also, It covers the accounting and reporting process.

Moreover, This study guide covers components of the income statement, balance sheet, and cash flow statement. Prerequisites for this course are a minimum D grade certificate in ACCT100 and ESPU240.

 

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Intermediate Accounting I (ACCT235) course learning outcomes

Intermediate Accounting is a course of study in financial accounting. In traditional universities, it is often taught in a two-semester sequence that students majoring in accounting are required to take, usually during their junior year. In addition, One might think the phrase, “intermediate accounting” could apply to beyond-basic techniques in management accounting or any other area of accounting. However, in fact, the phrase is applied exclusively to the courses and textbooks in the financial accounting area.

Also, At the end of the course, students will be able to learn the following prospects:

1.Apply The Revenue Recognition Principle Under IFRS.

IFRS 15 became mandatory for accounting periods beginning on or after 1 January 2018. As entities and groups using the international accounting framework leave the old regime behind. Here, we summarise the following five steps of revenue recognition and illustrative practical application for the most common scenarios: 

  1. Identify the contract
  2. Identify separate performance obligations
  3. Determine the transaction price
  4. Allocate the transaction price to performance obligations
  5. Recognize revenue when each performance obligation is satisfied.

2.Evaluate A Firm’S Annual Report Using The Tools Of Financial Statement Analysis

Important tools or techniques of financial statement analysis are as follows:

  • Comparative Statement or Comparative Financial and Operating Statements.
  • Common Size Statements.
  • Trend Ratios or Trend Analysis.
  • Average Analysis.
  • Statement of Changes in Working Capital.
  • Fund Flow Analysis.
  • Cash Flow Analysis.
  • Ratio Analysis.
  • Cost Volume Profit Analysis

3.Explain The Conceptual Framework For Financial Reporting Following IFRS

The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. Also, It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, to provide useful information for investors, lenders, and other creditors.

Moreover, the Conceptual Framework also assists companies in developing accounting policies when no IFRS Standard applies to a particular transaction, and more broadly, helps stakeholders to understand and interpret the Standards.

The 2018 revised Conceptual Framework sets out:

  • the objective of general-purpose financial reporting;
  • the qualitative characteristics of useful financial information;
  • a description of the reporting entity and its boundary;
  • definitions of an asset, a liability, equity, income and expenses and guidance supporting these definitions;
  • criteria for including assets and liabilities in financial statements (recognition) and guidance on when to remove them (derecognition);
  • measurement bases and guidance on when to use them;
  • concepts and guidance on presentation and disclosure; and
  • concepts relating to capital and capital maintenance.

4.Explain The Uses And Limitations Of Financial Statements.

The financial statements of a company perform several important functions. Firstly, they reflect the true state of affairs of the company. Also, they help in taking important financial information. From shareholders and investors to government and creditors, many people use them. Now, Let’s understand some uses of financial statements.

Uses of Financial Statements

  • Financial statements reflect the financial performance of a company. 
  • Also, Financial statements play a vital role in lending credibility. Since, they show liabilities, debts, and profits, investors can use them to make informed decisions.
  • Investors also extensively use financial statements to assess their finances. Also, helps them figure out how the solvency will be in the longer term.
  • Governmental policies of corporates depend heavily on financial statements. However, this dependency is because these statements depict how companies are functioning in general.

Limitations of Financial Statements

  • Not a reflection of the present Financial Position
  • Possibility of Bias
  • The Absence of Vital Information
  • Lack of Qualitative Information and Details

5.Identify The International Financial Reporting Environment And The Due Process Of Standard-Setting Of The Iasb And The Fasb.

The Rules of Procedure describe the FASB’s operating procedures, including the due process activities that are open to public participation or observation to provide transparency into the standards-setting process. Moreover, in particular, the Rules of Procedure describe:

  • The organization in which the FASB operates.
  • The FASB mission, how the mission will accomplish, and related principles that guide the standards-setting activities of the Board.
  • The operating procedures of the FASB, including the responsibilities of the Chairman, the composition of the FASB technical staff, the role of advisory groups, the Emerging Issues Task Force, and public forums in our due process
  • Our various forms of communications, including the form and content of Accounting Standards Updates, Exposure Drafts, and Concepts Statements
  • Protocols for meetings of the FASB and voting requirements
  • Rules governing public announcements and the kinds of information made broadly available to the public.

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