Financial accounting is largely required in most countries under the law and firms are bound to prepare financial accounts as per local taxation and other reporting regulations. This bar-code number lets you verify that you’re getting exactly the right version or edition of a book. The large amount of details overwhelm the big picture, and the book does not aim to make you a clear minded reader of financial statements. They have frequent new edition of the book, which does not add much content, but just reshuffles the layout and page design. The course may also be taken by MSc students who have not previously studied accounting subjects to a significant extent. Students on the MSc Accounting and Finance programme are not permitted to enrol in this course or in AC490. The course covers the preparation of key financial statements and the frameworks of accounting regulation.
This course cannot be taken in conjunction with AC414 Financial Reporting, Capital Markets and Business Combinations or AC420 Financial Reporting in Capital Markets. This course provides students with an introduction to financial accounting, and highlights aspects of reporting that are important to users of financial information. Students are expected to produce several pieces of written work, including accounting exercises and essays.
The course will also cover accounting issues related to depreciation, goodwill, intangible assets, equity, debt, leases, deferred taxes, and consolidation. Students will be introduced to financial statement analysis and research on the use of accounting information in financial markets. All companies incorporated under the Companies Act are required to maintain books of accounts that sufficiently explain the transactions and financial position of the company. Before we look at accounting entries we need to understand the accounting equation.
If the books are maintained outside Singapore, sufficient records must be maintained in Singapore to facilitate the preparation and/or audit of financial statements that reflect accurately the company’s financial position. The principal source of accounting principles in Singapore, namely Statements of Accounting Standards (SAS) and Interpretation of Statements of Accounting Standards (INT), are issued by ICPAS. FRS are essentially adopted from International Financial Reporting Standards (IFRS).
Compliance with IASC standards are not mandatory, but the institute supports the IASC objectives of formulating and publishing standards for observance during presentation of audited financial statements and promoting worldwide acceptance of such standards. Cost Accounting is an internal reporting system for an organization’s own management for decision making.