Accounting
Approved course information last updated: 2 weeks, 6 days ago
Pre-requisites: ACC 202
Lab Session:
A continuation of the comprehensive and in-depth study of financial reporting theory and practices with focus upon advanced accounting topics such as accounting for investment, revenue recognition problems, accounting for leases, income taxes and pensions, accounting changes and cash flows reporting. pronouncements of financial reporting standards by fasb and iasb and their application in the local environment are emphasized.
- Lo 1: to discuss and explain the criteria for revenue recognition and the methods used to recognized revenue in different industries (merchandising, service, construction contracts, franchises)
- Lo 2: to explain and illustrate ways to report cash flows under us and international gaap.
- Lo 3: to examine the different types of leases and the accounting method used for each according to the substance of the lease contract.
- Lo 4: to examine the main causes of differences between net income and taxable income and how to account and report the tax consequences of these differences.
- Lo 5: to explain the accounting problems of measuring pension liabilities and pension expense under different types of pension plans.
- Lo 6: to examine the most recent changes in accounting and reporting for accounting changes and error correction
- Lo 7: to discuss major issues specific to corporate financial reporting in kuwait.
- Lo 8: to explain the most recent issues related to accounting for investment and hedging activities