Term1, Course 2- Fundamentals of Financial Accounting.
Duration– 3 weeks
I am trying to: balance the intangible assets in the balance sheet of life
My current state of mind: falling in love with accounting standards under IFRS, the economic and political effects of accounting
In Term1, we have a total of 6 subjects: Decision Analysis, Fundamentals of Financial Accounting, Marketing Fundamentals, Managerial Accounting, Corporate Finance and Macroeconomics for Open Economics. 54 of us, with backgrounds as diverse as Engineering, Marketing, Information Technology, Banking and Finance are currently sweating it out with Financial Accounting.
Among others, the overall syllabus comprises of:
1. Understanding the IFRS standards and how they apply to companies that record their annual statements (Balance Sheet, P&L Account, etc.) under IFRS,
2. A detailed understanding of the key standards and the economic significance of the same; beyond the technical accounting effects.
3. Grasping how to record entries in the financial statements and their significance, and
4. Understanding how to analyze Company Annual Reports qualitatively and from a management perspective.
The interesting part of the lecture is point2; the key words being ‘beyond the technical accounting effects’. We have gained a lot of understanding on the spiraling effects that can take place by seemingly insignificant accounting entries. So, the next time, we see an intangible asset or a financial instrument, for sure, we’ll, for sure, look at them very differently.
The course comprises of several group assignments, where we work on case-studies and analyze them in terms of the effects of accounting in the real world. The class, in itself, is an enthusiastic bunch of us, so there is never a dull moment. And, even though, not all of us have had a degree/ work-experience in Accounting, the practical-oriented, real-life approach of our Professor makes sure that we are able to keep up.
Tomorrow is the last class of Financial Accounting. The final exam will be held next week; and that’ll round it all off, in a good way, we hope.
Our Professor, in Class1, 3 weeks back, had hoped that some of us get interested enough to fall in love with the Fundamentals of Financial Accounting. I think a lot of us are close to getting there. 🙂
Keep your life balanced; till later,