Advance Course Outline

Wolkite University
Collage of Business and Economics

Department of: Accounting and Finance Program
Course Information
Course Number AcFn3151
Course Title Advanced Financial Accounting
Degree Program BA Degree in Accounting and Finance
Module Advanced Financial Accounting
ETCTS Credits 6
Contact Hours (per 4
week)
Course Objectives & After successfully completing this module, students will be able to:
Competences to be  Deal with accounting for joint ventures in general and accounting for Public
Acquired Enterprises(focusing on public enterprises in Ethiopia)
 Record, analyze and report financial information of enterprises with sales agencies and branches
 Account for business combinations and the preparation of consolidated financial statements
 Differentiate installment and consignment sales from ordinary sales and explain how revenues
are recognized from such sales
 Account for foreign currency transactions and translations and reporting the operating results of
foreign subsidiaries
 Account for segment reporting and interim reporting
Course Description Advanced Accounting gives due attention to the modern advanced financial accounting issues such as
accounting methods and principles for joint venture businesses, accounting principles and methods for
agencies and branches, accounting principles and methods for installment contract sales, accounting and
reporting issues related business combination and foreign transactions. Moreover, in this course, some
accounting issues for public enterprises in Ethiopia and accounting for privatization of public enterprises
(Emphasizing Ethiopian context) are discussed.
WEEKS Course Contents Reading
1, 2 1. Over view of accounting for joint ventures and Public enterprises
1.1. Accounting for joint ventures
1.1.1. Nature of Joint Venture Businesses
1.1.2. Back ground of JVs
1.1.3. Accounting for investment in JV Businesses
1.2. Accounting for public enterprises in Ethiopia
1.2.1. Overview of Proc. No. 25/1992 and other related provisions Agency
problem
1.2.2. Accounting for the Formation
1.2.3. Accounting for the operation, Dissolution and liquidation
1.2.4. Privatization of Public Enterprise
3, 4, 5 2. Accounting for Sales Agencies and principal; Branches and Head office
2.1. Characteristics and principles
2.2. Distinguishing between Agencies, Branches and Divisions
2.3. Accounting for Operation of Branches
2.4. Reciprocal accounts and their reconciliations
2.5. Billing of merchandises to branches
2.6. Transaction between branches
2.7. Combined Financial statements
6 3. Installment and Consignment contracts
3.1. Installment Sales
3.2. Consignment sales
7, 9 4. Business Combinations (Mergers and Acquisitions)
4.1. Introduction
4.1.1. Definitions
4.1.2. Motives
4.1.3. Types of business combinations
4.2. Methods of Arranging business combinations
4.3. Accounting Methods and procedures for Business Combinations
5. Consolidations
5.1. Introduction
5.2. Consolidated Financial Statement :Wholly owned subsidiary
5.3. Consolidated Financial Statement : Partially Owned subsidiary
5.4. Consolidated Financial Statement : Subsequent to data of acquisition:
Test5.4.1. Test Test Subsidiary
Wholly Owned Case Analysis Assignm Final Total
1 5.4.2. 2 Partially 3Owned Subsidiary ent 1
10% 10% 10% 10% 20% 40% 100%
6. Foreign Currency Accounting
6.1. Introduction
6.1.1. Definition of terms
6.1.2. Types of currency-related exposures
6.2. Accounting for Foreign Currency Transaction
6.2.1. Foreign Currency Transaction meaning
6.2.2. Accounting principles and methods for foreign currency
transactions
6.3. Foreign Currency Translations
6.3.1. Rationale for Foreign Currency Translation
6.3.2. Methods and Procedures of Foreign Currency Translation
7. Segment Reporting and Interim Reporting
7.1. Meaning & Computation of Segment Revenue & Operating Profit /Loss
7.2. Information to be disclosed by operating segment
7.3. Interim Reporting Provisions of APB Opinion No. 28
7.4. Disclosure in Interim Financial Data
Teaching & Learning Methods/strategy
The teaching and learning methodology include lecturing, discussions, problem solving, and analysis. Take-home assignment will
be given at the end of each chapter for submission within a week. Solution to the assignments will be given once assignments
are collected. Cases with local relevance will also be given for each chapter for group of students to present in a class room. The
full and active participation of students is highly encouraged.
Assessment/Evaluation
Text and reference books Text Book:

Larson. Advanced Accounting. 11th edition
Reference Books
 Richard E.Baker et al. Advanced Accounting. 7th Edition, FT Prentice Hall- Financial
Times, United Kingdom, 2004
 Hoyle, schaefer, & Doupink. Advanced accounting. 11th Ed
 Public Enterprises Proclamation No. 25/1992

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Wolkite University

Collage of Business and Economics

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