In this subject, students will be studying some of the major contemporary issues in financial accounting. Following discussion and evaluation of different theories of accounting, and their implications for accounting practice, consideration will be given to significant accounting issues which impact on reported performance and financial position. Case studies will be used as a basis for critically examining issues surrounding the measurement, definition, and recognition of the elements of financial statements-assets, liabilities, revenues, expenses and owners' equity. Topics covered include accounting for intangible assets, asset revaluation and impairment, provisions and contigent liabilities, employee benefits and leases.

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