Singapore University of Social Sciences

Advanced Financial Accounting

Applications Open: To be confirmed

Applications Close: To be confirmed

Next Available Intake: To be confirmed

Schemes: To be confirmed

Language: English

Duration: 6 months

Fees: To be confirmed

Area of Interest: To be confirmed


ACC301 expands the skill, knowledge and understanding students have gained in ACC201 Financial Accounting, ACC205 Financial Reporting and Analysis and ACC207 Corporate Accounting and Financial Statement Analysis. The aim of the course is to provide a good understanding of accounting for long-term equity investments, business combinations, accounting for subsidiaries and associates. It covers issues and accounting standards relating to inter-company transactions and consolidation; deferred taxation; and financial instruments, derivatives and hedge accounting. The practical skill acquired will be the ability to determine the balances of a deferred tax liability and a deferred tax asset, illustrate the consolidation process, explain the categories of classification of financial assets and liabilities, account for derivatives and illustrate hedge accounting.

Level: 3
Credit Units: 5
Presentation Pattern: Every semester


  • Accounting for Income Taxes
  • Accounting for Group I – Concepts and Context
  • Accounting for Group II – Acquisition Method under FRS 103
  • Accounting for Group III – Consolidation under FRS27 on Intragroup Transactions
  • Accounting for Group IV – Equity Accounting under FRS28
  • Translation of Foreign Currency Financial Statements
  • Financial Instruments: Classification, Recognition and Measurement
  • Accounting of Derivatives and Hedge Accounting

Learning Outcome

  • Examine the rationale for group reporting and the impact on financial reporting
  • Test the concept of control and significant influence and the determination of the relationships in business combinations
  • Appraise the theories relating to consolidation
  • Discuss the significance of the acquisition method and its implications for consolidation
  • Compare the differences between the cost and equity method of accounting for associates
  • Distinguish whether a financial instrument is debt or equity, and separate compound financial instruments into debt and equity components
  • Examine the concept of temporary differences and tax base of an asset and tax base of a liability
  • Prepare the balance sheet approach in determining the balances of a deferred tax liability and a deferred tax asset
  • Demonstrate the presentation and disclosures requirements of income tax
  • Prepare the accounting for business combinations
  • Apply the principles underlying the elimination of intragroup balances and transactions in consolidation
  • Discuss the primary difference between a single entity and consolidated cash flow statement and statement of changes in equity
  • Demonstrate the different accounting policies for investment in an associate as reflected in an investor’s separate financial statements and the consolidated financial statements
  • Illustrate the application of equity method in accounting for investment in an associate in the consolidated financial statements
  • Demonstrate the accounting treatment of foreign currency transactions
  • Apply the requirements for the disclosure, recognition and measurement of financial instruments
  • Appraise hedge accounting, its rationale and the conditions for applying hedge accounting
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