Department of Finance & Accounting - NUS - BBA

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Department of Accounting
NUS Business School
National University of Singapore
ACC3601 CORPORATE ACCOUNTING & REPORTING
Semester 1, 2010/2011
Dr Winston Kwok bizkcc@nus.edu.sg
AIMS AND OBJECTIVES
This intermediate course in financial accounting builds on the foundation laid by ACC
1002 Financial Accounting. It is designed to provide a deeper understanding of the
conceptual and theoretical framework for financial accounting, and also to equip
students with a comprehensive understanding of the practical issues pertaining to the
preparation of general purpose financial statements in accordance with the prescribed
accounting standards in Singapore (called Financial Reporting Standards or FRSs).
Students should also acquire the capacity to understand the regulatory environment in
Singapore and the basics of official pronouncements (IFRS/IAS) of the International
Accounting Standards Board (IASB). The course develops a critical thinking approach
to financial accounting and reporting, with an emphasis on developing student’s
understanding of the environment in which financial reporting choices are made.
PREREQUISITE AND SPECIAL REQUIREMENTS
1. Foundation course in financial accounting (ACC1002 or equivalent).
2. Students must show up for the first class, regardless of whether they have been
accepted by the registration system. This is necessary (1) to indicate their interest in
the course, and (2) to take the pre-course test. Pre-course test 1 hour: This will be a
closed-book test so bring calculators and writing materials (pens, pencils and erasers).
All topics covered in your introductory financial accounting course (e.g. ACC1002) will
be examinable.
Each student will then be called upon to expound his/her knowledge of financial
accounting issues. This is necessary to ensure that each student is ready for the
course.
3. Attendance requirement: Any student who misses two or more classes without valid
reasons can be deemed to have failed the course. This is necessary as the learning is
cumulative from week to week.
4. Each student is expected to be proficient in using common office applications
software such as Microsoft Word, Excel and PowerPoint. This is necessary as students
will be analyzing many cases as well as making professional presentations.

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SCHEDULE
Classes commence from Week 1 (week beginning 9 Aug 2010), and the respective
sections and times are:
Section A1 Mon 11am and Thu 11am
Section A2 Mon 2pm and Tue 2pm
Section A3 Tue 11am and Thu 2pm
All classes in room Biz1 2-5
Note: Since Mon 9 Aug is a public holiday, the 1st class with A1 and A2 will be on Thu
12 Aug and Tue 10 Aug respectively.
SYNOPSIS
The course provides a framework for understanding management’s accounting choices
and how accounting affects reported financial statement numbers. It also illustrates the
incentives for managers to manage reported earnings, and how alternatives and
flexibility in accounting principles and standards give managers discretion in the timing
of earnings and in reporting financial results and financial position. It begins with a
discussion of the institutional and regulatory environment and an analysis of the
demand/supply economics of accounting information. The lectures cover IFRS and
FRSs, principles- versus rules-based standards, and some issues in international
financial reporting. Core topics include revenue, segment reporting, EPS, interim
reporting, intangible assets, impairment, liabilities and contingencies, changes in
accounting policies, leases and income taxes.
The course requires some readings from professional articles and the financial press,
and coverage of 14 FRSs for the different topic areas. The careful selection of major
assignments, discussion questions, problems, cases and application of the FRSs is
designed to achieve the optimum balance between the required coverage of content
and stimulating independent learning and critical thinking. The applied and practical
aspects of the course will also be emphasized though discussion of topical issues in
professional journals, business cases and the financial press.
Preparatory reading by the students before class is essential for better understanding of
the course material, active class participation, and optimal learning. The course
assumes that students have already acquired the fundamental accounting knowledge
and the detailed mechanics of accounting procedures, including technical details of
some accounting standards, from the ACC1002 Financial Accounting course. The initial
pace is fast, and students are strongly advised to keep up with the readings and
assignments to maximize their understanding of the subject. Details of the assigned
readings and assignments will be provided in separate handouts.

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SYLLABUS
1. The economic and institutional setting for financial reporting
2. Segment reporting/operating segments
3. Revenue recognition
4. Construction contracts
5. Borrowing costs
6. Changes in accounting policies, accounting estimates and errors
7. Miscellaneous topics (e.g., events after the balance sheet date, earnings
management, role of accounting information in contracting)
8. Topics in accounting for assets (Intangibles, revaluation, impairment, fair value)
9. Earnings per share, interim financial reporting
10. Income taxes
11. Topics in accounting for liabilities, provisions and contingent assets and liabilities
12. Leases
13. Accounting issues relating to financial statements and disclosure (e.g., first-time
adoption of financial reporting standards, discontinued operations).
A detailed reading list for each topic and homework questions will be provided
separately.
LEARNING MODES
Every week will be ‘seminar’ style, similar to a business meeting where everyone has to
be fully prepared before class and participate actively during class.
TEXTS AND READINGS
The following are essential:
1. Singapore Financial Reporting Standards (FRSs) issued by the Accounting
Standards Council. The FRSs are available on the following
website: http://www.asc.gov.sg
2. Dr Winston Kwok’s Powerpoints and other notes, including Harvard cases.
Other texts will be advised in due course.

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ASSESSMENT
(Subject to change, depending on enrolment size)
Individual
Class participation
20%
(You should speak up every class)
Mid-term test 20%
Final Exam 40%
(scheduled by BBA office to be 9am Fri 26 Nov 2010)
Group
Presentation followed by Q&A (business attire) 20%
100%
COURSE WEBSITE
Please check the IVLE regularly for updates.