ACCF 211 EC

FINANCIAL ACCOUNTING
Faculty of Economic and Management Sciences

MOD compiled by: Mr P Breeschoten and Ms D Da Silva

Copyright © 2025 edition. Review date 2025.
North-West University

No part of this MOD may be reproduced in any form or in any way without the written permission of the publishers.
It all starts here
• Ranked in the top 5% of universities globally by the QS-rankings
• Contributes the second largest number of graduates annually to the labour market

Dit begin alles hier

• As een van die top 5% universiteite wêreldwyd deur die QS-ranglys aangewys
• Lewer jaarliks die tweede meeste graduandi aan die arbeidsmark

Gotlhe go simolola fano

• Re beilwe mo gare ga diyunibesiti tse 5% tse di kwa godimo go ya ka peo ya maemo
ya QS
• Ngwaga le ngwaga go abelwa palo ya bobedi ka bogolo ya badiri mo maketeng ya
badiri
 NORTH-WEST UNIVERSITY

Module information
Module code ACCF 211

Module name Financial Accounting: Financial Reporting

16 credits
Module credits This implies that you must spend a total of 160 hours to master the
outcomes of this module successfully

NQF level 6

Prerequisites ACCF111 and ACCF121 or ACCC112 and ACCC122 (40%)

Additional resources or Interest access for eFundi

requirements to complete
Class attendance
module successfully

Lecturer and contact information for every campus

Mahikeng Potchefstroom Vanderbijlpark

Name of
Refer to each campus’ eFundi site for lecturer information.
lecturer(s)

Office
telephone

E-mail address

Building and
office number

Consulting
Will be announced on eFundi.
hours

Additional
support

1
Introduction
Purpose of the module:
To explore and master the challenging world of IAS (International Accounting Standards) and IFRS
(International financial Reporting Standards).

Rationale for the module:

The overall rationale for the module could be summarised as follows:
God has placed humans in a physical environment with a calling to subject this and to rule over it.
To fulfil this calling, man has to be equipped with knowledge and skills. Humans are granted an
intellect, the ability to think, acquire knowledge, develop science and to apply these in order to:
• rule over nature in accordance with God's commandments,
• transform nature to culture, and
• render outstanding service.
True knowledge is, however, not merely the result of memorising and imitation. It is knowledge that
you are gaining consciously by means of observation, understanding and forming judgments,
calculating and insight, and which remains functional for solving problems facing man every day in
fulfilling his/her God given calling. In presenting ACCF 211, we will thus attempt to achieve the
following:
• recognise creation as the revelation of God's creation,
• gain insight into how reality is constituted, and
• develop a scientifically based view of life and the world with a view to find meaning in this
career and in all of life, and in such a manner that our actions reflect our love and honour for
God.

Module plan:
The module plan will be made available on eFundi.

Module outcomes:
You are already aware of what accounting entails. At the end of this module, you should be able to
demonstrate:
• a detailed knowledge and an understanding of the basic principles of selected International
Financial Reporting Standards (IFRS);
• an ability to evaluate, select and apply methods, procedures and techniques in drafting
financial statements from incomplete records, based on the basic principles of selected
International Financial Reporting Standards (IFRS);
• an ability to present and communicate complex information relating to cashflow statements,
reliably and coherently using appropriate principles and formats;
• an ability to evaluate, present and communicate the nature and scope of selected accounting
principles reliably, accurately and coherently when preparing a set of financial statements; and
• an ability to take responsibility for his/her own decisions, actions and work.

2
Assessment criteria:
You have mastered the outcomes if you have the ability to:
• demonstrate a clear understanding and the ability to apply, analyse and integrate selected
basic IFRS principles;
• distinguish and discuss the difference in the accounting treatment of selected standards in
terms of IFRS;
• identify and apply basic accounting procedures within a defined context of;
• prepare a set of financial statements, including selected disclosures in the notes to the
financial statements, according to the requirements of International Financial Reporting
Standards (IFRS); and
• display the ability to work independently by taking responsibility for your own learning
progress and development.

Assessment:
Assessment plan:
A) Formative assessment:
• Class tests
• Assignments/E-assignments
• Quizzes/E-quizzes
• Semester test
B) Summative assessment:
• Examinations (June)
C) Informal assessment:
• Impromptu class tests
• Class assignments

Calculation of module mark:

A) Participation mark:
• The participation mark is calculated using formal formative assessment activities that
could include, but might not be limited to, the following:
 Class tests, principles tests, assignments, quizzes, e-assignments and/or e-quizzes
(utilising the e-learning platform of NWU) and scheduled tests.
• For detailed information regarding the calculation of the participation mark, see handout
and eFundi announcement.
NB: Students who have valid roster clashes MUST apply for class exemption – see your
lecturer in this regard. The participation mark will contribute 50% to the final module mark.
B) Examination mark:
• The June exam mark will contribute 50% to the final module mark.

Examination requirements:
• Programmable calculators are not allowed to be used for examinations.

3
Calculation of final module mark:
The final module mark is calculated using the following weightings:
Participation mark: 50% of final mark
Examination mark: 50% of final mark
= Total: 100%

Requirements for successful completion of the module:

• Participation mark: minimum of 40% to obtain admission to examination (summative assessment).
Students who do not obtain the required participation mark will not be allowed to write the exam. NO
exceptions will be made.
• Examination sub-minimum: 40%.
You need a final module mark of at least 50% to pass the module and a minimum of 40% to
continue with ACCF 221.

Compulsory study material:

1. CL SERVICE – “GG”
Gripping GAAP – Latest edition (LexisNexis)
2. DL KOLITZ & CL SERVICE – “GQ”
GAAP Graded Questions – Latest edition (LexisNexis)
3. The Conceptual Framework and International Accounting Reporting Standards –
[Link]

Action verbs:
The action verb list categorises the student’s expected performance according to the nature of the
cognitive requirements for mastering the outcomes of every study unit. They start with the lower
order cognitive requirements necessary for the demonstration of knowledge, understanding and
contextual application to the higher order cognitive requirements of evaluation and creative
problem solving and synthesising.

Warning against plagiarism

Plagiarism is a serious offence and you should familiarise yourself with the plagiarism policy of the
NWU. [Link]
Please refer to the Policy on Academic Integrity which is found on the following website:
[Link]
2.4.3.2_Academic%20integrity_e.pdf

4
Study units
This is only an overview of the themes/topics with their outcomes, activities/assessment and study
material.

1 Standard-setting process, Conceptual framework, Presentation

of financial statements (IAS 1)
Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of the Conceptual Framework and IAS 1;
• Analyse facts and argue as to what the most suitable accounting treatment of the elements in
the financial statements would be, based on the underlying assumptions and qualitative
characteristics of financial statements, as well as the identification of the elements concerned
and the recognition and measurement thereof;
• Demonstrate the concept of capital and capital maintenance;
• Compile a set of financial statements in order to comply with IFRS – this includes the use of
the correct classification, presentation and disclosure of elements in the financial statements
and notes thereto, based on the overall considerations in the compiling of financial statements;
• Explain the standard-setting process in South Africa; and
• Integrate any of the above outcomes with other learning outcomes in this module as soon as
the latter have been addressed.

Study material:
• GG – Chapters 1, 2 and 3
• The Conceptual Framework
• IAS 1 – Presentation of financial statements

2 Inventories and Manufacturing entities (IAS 2)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 2;
• Discuss the key concepts with regard to inventories and apply these in a practical situation;
• Initially recognise and measure inventories in the separate financial statements;
• Subsequently measure inventories in the separate financial statements;
• Present and/or and disclose inventories in the separate financial statements;
• Discuss the accounting treatment of inventories in the separate statements; and

5
 • Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 13
• IAS 2 – Inventory

3 Borrowing costs (IAS 23)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 23;
• Discuss the key concepts with regard to borrowing costs and apply these in a practical
situation;
• Identify, discuss and apply when borrowing costs may be capitalised and when the
capitalisation of borrowing costs should be discontinued.
• Initially recognise and measure borrowing costs in the separate financial statements;
• Present and/or disclose borrowing costs in the separate financial statements;
• Discuss the accounting treatment of borrowing costs in the separate financial statements; and
• Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 14
• IAS 23 – Borrowing costs

4 Property, plant and equipment (IAS 16)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 16;
• Discuss the key concepts with regard to property, plant and equipment and dismantling,
restoration and environmental provisions and apply these in a practical situation;
• Initially recognise and measure property, plant and equipment and dismantling, restoration and
environmental provisions in the separate financial statements;
• Subsequently measure property, plant and equipment and dismantling, restoration and
environmental provisions in the separate financial statements;

6
 • Present and/or and disclose property, plant and equipment and dismantling, restoration and
environmental provisions in the separate financial statements;
• Discuss the accounting treatment of property, plant and equipment and dismantling,
restoration and environmental provisions in the separate financial statements; and
• Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 7 and chapter 8
• IAS 16 – Property, plant and equipment

5 Impairment of assets (IAS 36)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 36;
• Discuss the key concepts with regard to the impairment of individual assets and apply these in
a practical situation;
• Initially recognise and measure the impairment of individual assets in the separate financial
statements;
• Subsequently measure the impairment of individual assets in the separate financial
statements;
• Present and/or and disclose the impairment of individual assets in the separate financial
statements;
• Discuss the accounting treatment of the impairment of individual assets in the separate
financial statements; and
• Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 11 and chapter 7
• IAS 36 – Impairment of assets

6 Intangible assets (IAS 38)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 38;

7
 • Discuss the key concepts with regard to acquired intangible assets and apply these in a
practical situation;
• Initially recognise and measure acquired intangible assets in the separate financial
statements;
• Subsequently measure acquired intangible assets in the separate financial statements;
• Present and/or and disclose acquired intangible assets in the separate financial statements;
• Discuss the accounting treatment of acquired intangible assets in the separate financial
statements; and
• Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 9
• IAS 38 – Intangible assets

7 Investment properties (IAS 40)

Recommended time to master this study unit outcome:
Refer to the semester programme for the time that you would need to devote to this study unit.

Learning outcomes
On completion of this study unit, you should be able to:
• Explain and apply the scope of IAS 40;
• Discuss the key concepts with regard to investment properties and apply these in a practical
situation;
• Initially recognise and measure investment properties in the separate financial statements;
• Subsequently measure investment properties in the separate financial statements;
• Present and/or and disclose investment properties in the separate financial statements;
• Discuss the accounting treatment of investment properties in the separate financial
statements; and
• Integrate any of the above learning outcomes with other learning outcomes in this module as
soon as the latter learning outcomes have been addressed.

Study material:
• GG – Chapter 10
• IAS 40 – Investment properties