Review of ACC 121, Further problems on incomplete records, preparation and presentation of final accounts of non-commercial organizations such as clubs, societies, trade unions, churches, mosques etc. Reserves and provisions, accounting treatment of fixed assets and current assets based on SAS 3, introduction to partnership accounts including the final accounts. Changes in partnership: admission/death/retirement of partners including treatment of goodwill, partnership case laws; dissolution of partnership-piecemeal realization in partnership. Joint Venture Accounts. IASB Framework for the Preparation and Presentation of Financial Statements, IFRS I: First time adoption of IFRSs.

Level of Study: 200 Level