Course Title

Intermediate Financial Accounting (IFA)

Course Total
Knowledge Pillar Level Course Title
Code Marks
Financial Accounting & Intermediate Intermediate Financial FR222 100
Corporate Reporting [FACR] level I Accounting (IFA)

Syllabus Structure
The syllabus comprises the following main topics with the relative study weightings:
Segment Segment Title Weight
A Conceptual framework for financial accounting 5%
B Preparation of financial statements 50%
C Accounting for Assets and Liabilities 35%
D Accounting for revenue and taxes 10%

Course Description
Intermediate Financial Accounting is the second of three courses designed for the Financial
Accounting and Corporate Reporting (FACR) pillar. It is designed to discuss the reporting
framework and ethics, basic issues related to measurement, reporting of financial statements and
disclosure issues related to financial statements in conformity with IFRS. Also, the course
provides information relating to revenue recognition and accounting for income tax.

Course Objectives
The objective of the course is to provide students with a depth understanding of financial
accounting issues. The course is designed to enable students to exercise appropriate judgment in
selecting and presenting accounting information and provide students with an in-depth
understanding of emerging financial accounting issues.

Course Learning Outcomes

On successful completion of this course, the student will be able to:
1. understand the accounting framework accommodating the ethical codes set by the IFAC for
professional accountants;
2. describe the provisions and the underlying principles of different accounting standards;
3. account for assets and liabilities following the conceptual framework and the accounting
standards;
4. select and present information relating to revenue recognition;
5. demonstrate accounting for income taxes;
6. prepare and present information on the financial statements in conformity with accounting
standards; and
7. develop a reasoned argument for the familiar and unfamiliar problems relevant to financial
statements.
 DETAILED CONTENTS
Level of Learning
Probable
Parts Topics study Subtopics outcomes of
weight
required topics
Upon successful
A. Conceptual A1. Financial U Purpose of Financial completion, students 30%
framework for Reporting and Statements; shall be able to:
financial Accounting 1. explain the
Standard Setting
objectives of
accounting Standards Organizations; financial
(5 Marks) Financial Reporting reporting
Challenges. 2. discuss the
challenges
facing
financial
reporting.

A2. Conceptual U, AP Conceptual 3. describe the 70%

framework and Framework; implication of
Ethical issues Fundamental different parts
Concepts; of the
Elements of conceptual
Financial Statements; framework for
Assumptions; financial
Measurement, accounting
Recognition and 4. demonstrate
Disclosure Concepts; the ethical
and
Ethical and
professional
Professional Issues.
issues for a
professional
accountant

B. Preparation B1. Set of U, AP General Features of 5. explain the 40%

of financial financial IAS 1; purpose and
statements statements Structure and detail principles
(50 Marks) contents of financial underlying
statements; IAS 1;
Statement of 6. prepare and
Financial Position; present the
Statement of Profit financial
or Loss and Other statements of
Comprehensive an entity
Income; according to
Statement of its accounting
Changes in Equity; policies and
appropriate
Presentation, notes,
IFRSs.
and disclosure to the
financial statements.

B2. Cash Flow U, AP, E Cash Flow Statement 7. explain the 20%
Statement under direct and purpose and
indirect methods; principle of
Cash Flow Statement IAS 7;
using the direct 8. prepare a
method; statement of
 Level of Learning
Probable
Parts Topics study Subtopics outcomes of
weight
required topics

Special problems in cash flows;

preparing a 9. evaluate
statement of cash special issues
flows; in preparing a
Interpretation of statement of
Cash Flows cash flows.
Statement.

B3. Reporting U, AP Types of accounting 10. describe 30%

Financial changes; treatment for
Performance and Changes in accounting
Related accounting policies; changes;
Information changes in estimates; 11. explain the
Related Party purpose and
Disclosures; disclosure
Non-Current assets provisions of
held for sale and IAS 8, IAS 24,
discontinued IAS 33, IFRS
operations; 5 and IFRS 8;
12. compute
Operating Segments;
earnings per
Earnings per share.
share.

B4. Other U, AP, E Recognition, 13. apply the 10%

Reporting measurement and accounting
disclosure of and disclosure
provisions; requirements
Contingent assets; of IAS 10 and
Contingent liabilities; IAS 37;
Events after the 14. contrast
Reporting Period. between
events after
the reporting
period that
require
adjustment
and those that
require
disclosure
only.

C. Accounting for C1. Current U, AP, AN Reporting of cash 15. discuss how 10%
Assets and Assets and and cash equivalents; to report cash
Liabilities Current Recognition and and related
(35 Marks) Liabilities valuation of items;
receivable; 16. explain the
Nature of Current valuation and
Liabilities; reporting of
Valuation and receivables
reporting of Current and current
Liabilities. liabilities.
 Level of Learning
Probable
Parts Topics study Subtopics outcomes of
weight
required topics

C2. Inventories U, AP Definition and 17. apply the 20%

measurement of main
Inventories; provisions of
Inventory valuation IAS 2.
method;
Net realizable value;
Recognition as
expense;
Disclosure.

C3. Property, U, AP, AN, C Recognition of PPE; 18. discuss the 20%
Plant and Measurement and accounting
Equipment recognition; standards
(PPE) Borrowing costs; applicable for
Measurement of PPE PPE;
after initial 19. argue for cost
recognition; or revaluation
Accounting for model;
revaluation; 20. conduct
impairment
Impairment of assets;
test.
De-recognition of
PPE;
Disclosure.

C4. Intangible U, AP, AN Characteristics of 21. explain the 10%

assets intangible assets; accounting
Recognition and treatment for
measurement of various
intangible assets; intangible
Internally generated assets as per
assets; IAS 38;
Disposal and 22. illustrate the
disclosure; accounting
Goodwill. issues for
recording
goodwill.

C5. Leases U, AP Types of lease; 23. understand 20%

Accounting for a the purpose
finance lease; and principles
Allocation and underlying
calculation of IFRS 16;
finance charges; 24. apply
Disclosure and other accounting
issues; requirements
Operating lease; for lease by
leasee and
Accounting for lease
lessor.
by leasee and lessor.
 Level of Learning
Probable
Parts Topics study Subtopics outcomes of
weight
required topics

C6. Non-Current U, AP, AN Bonds payable; 25. explain the 10%

Liabilities Long-term notes accounting for
payable; and
Extinguishment of extinguishme
non-current nt of non-
liabilities; current
Presentation and liabilities;
analysis. 26. present and
analyze non-
current
liabilities.

C7. Financial U, AP Financial 27. prepare and 10%

Instruments Instruments present
recognition and extracts of
measurement; financial
Financial statements in
Instruments light of IAS
presentation; 32, IAS 39,
Financial and IFRS 7.
Instrument
disclosure.

D. Accounting for D1. Revenue U, AP Fundamentals of 28. recognize and 50%

revenue and taxes Recognition Revenue recognition; measure
(10 Marks) The Five-Step revenue
Process of revenue following
recognition; IFRS 15;
Accounting for 29. describe
Revenue presentation
Recognition Issues; and disclosure
Presentation and regarding
Disclosure; revenue.
Long-Term
Construction
Contracts;
Revenue
Recognition Over
Time.

D2. Accounting U, A Fundamentals of 30. compute the 50%

for taxation Accounting for current tax
Income Taxes; and deferred
Current tax; tax;
Deferred tax; 31. disclose tax in
Financial Statement the financial
presentation. statements.

Here, R = Remembering; U = Understanding; AP = Applying; AN = Analyzing; E = Evaluating; C = Creating; D =

Decision making; are the seven levels of learning developed based on the Bloom’s Taxonomy.
Recommended Books and Learning Materials
Primary Textbook
1. ICMAB. (2021). ICMAB Learning Manual for Intermediate Financial Accounting.

Recommended Textbook (Latest Edition)

1. Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate accounting: IFRS
edition. (4th ed.). John Wiley & Sons, Inc.
2. Spiceland, D., Nelson, M., Thomas, T., (2020). Intermediate accounting. (10th ed.). McGraw
Hill Education.
Reference Books/Other Learning Materials (Latest Edition)
1. Stice , J. D. Stice, E. K., (2013). Intermediate accounting. (19th ed.). South-Western College
Pub.
2. Beechy, T. H., Conrod, J. E., & Farrell, E. (2019). Intermediate Accounting. (7th ed.).
McGraw-Hill.
3. Stice , K. S., Stice, J. D., (2014). Intermediate accounting. (19th ed.). Cengage Learning .

IFA Course Mapping

PrOs POs POs CLOs CLOs TLOs
PrO1 5 PO1 1 CLO1 1, 3, 4
PrO2 1, 4 PO2 1 CLO2 5, 7, 9, 11, 13, 18, 23, 27
PrO3 2 PO3 3, 4, 5 CLO3 10, 15, 16, 17, 18, 19, 20, 21, 22, 23, 25
PrO4 - PO4 2, 3, 4, 5, 6 CLO4 28, 29
PrO5 3, 5 PO5 6 CLO5 30, 31
PrO6 - PO6 - CLO6 6, 8, 10, 13, 17, 23, 26, 27, 28, 29, 31
PrO7 7 PO7 7 CLO7 1, 2, 3, 4, 9, 12, 14, 22, 28
Here, PrOs = Program Objectives; POs = Pillar Objectives; CLOs = Course Learning Outcomes; TLOs = Topic Learning
Outcomes
IFA Content Mapping
A1. Financial Reporting A2. Conceptual framework
and Accounting Standards and Ethical issues

B1. Set of financial statements [IAS 1]

Statement of Financial Position

Statement of Profit or Loss and

Other Comprehensive Income

Statement of Changes in Equity

B3. Reporting Financial
B4. Other B2. Cash Flow Statement[IAS 7] Performance and Related
Reporting[IAS 10, IAS 37] Information[IAS 8, IAS 24,
Presentation, notes and disclosure IAS 33, IFRS 5, IFRS 8]
to the financial statements

C1. Current Assets and Current Liabilities

C2.Inventories[IAS2] C6. Non-Current Liabilities

C3. Property, Plant and C7. Financial Instruments[IAS 32,

Equipment[IAS 16, IAS, 23, IAS 36] IAS 39, IFRS 7]
C4. Intangible assets[IAS 38]
C5.Leases[IFRS 16]

D1. Revenue Recognition[IFRS 15]

D2. Accounting for taxation[IAS 12]