SUPERIOR UNIVERSITY LAHORE

FACULTY OF ECONOMICS AND COMMERCE

COURSE OUTLINE
Course Course Title Advanced Corporate and Financial Reporting
Information
Course ID ECW704330 Course Type University Core
Credit hours 3.00 Hours per week 3-0
Programs MS Accounting and Finance Semester 2nd
Date April 06, 2025 Version 3rd
Instructor Prof. Dr. Salman Masood Sheikh TA / Lab Engineer N/A
Course
The module aims to provide students with a thorough understanding of the substantial financial
Description
accounting techniques and gain an appreciation of the regulatory and social environment within
which financial reporting takes place. They will also be able to analyze corporate financial
statement information and to make performance evaluations and investment decisions.
This course is designed to focus on preparing, analyzing financial statements, and developing
reports thereon, for management decisions. The students are expected to use knowledge and
understanding of more advanced financial accounting, and for preparing and interpreting
financial statements in context of practice.

Course
Objectives To provide students with in-depth knowledge of corporate reporting enabling them to:

No. Objective Relation with

Program
Objectives
Analyze and interpret financial statements and prepare financial
1. PEO – 1
reports

Provide information that’s useful to investors and creditors and

other users in making rational investment, credit, and similar
2. PEO – 2
decisions. The information should be useful to both, the present
and potential investors.

Explain how financial measures of corporate performance are

3. PEO – 2
calculated and used to assess credit worthiness of a business.
Course
At the end of this course students will be able to;
Learning
Outcomes No. Outcome Blooms Relation with
(CLO) Taxonomy Program
Level Learning
Outcomes
Develop the accounting policies, segmental Cognitive
1. PLO – 1
financial reports, and their disclosure requirements. Level – 5
Demonstrate Non-Current Assets, impairment of
Psychomotor
2. assets, leases, Borrowing costs and Cash flow PLO – 3
Level – 4
analysis and reporting.
Assume responsibility to provide solutions to
accounting and reporting problems and completion
Affective
3. of accounting assignments and projects that require PLO – 2
Level - 3
analysis of the multiple functional areas of the
reporting function
Teaching Didactic Classroom
Pedagogies Lecture delivery and students learning through listening
Flip the Classroom
In a flipped classroom students review lecture material at home and work on projects and
assignments in the classroom.
Personalized Learning
Personalized learning adapts what, when, and how we are teaching each student. Instead of
selecting a singular method or strategy to teach the whole class, teachers adapt to the strengths
of each student to help them succeed.
Project-Based Learning (PBL)
Project-based learning is identifying a real-world problem then develop a solution.
Jigsaws
Jigsaws introduce the opportunity for students to teach other students.
Ask Open-Ended Questions
Students need to learn to communicate and collaborate by asking open-ended questions,
teachers encourage vibrant in-class conversations.
Peer Learning
With peer learning, students learn skills such as independent group study, presentation skills,
group projects, and confidence.
Blended Learning
Blended learning combines physical and online learning experiences (Videos, Reporting
Debates etc.) that give students more control over the time, place, path, and pace of instruction.
Prerequisites This course has no prerequisite course and is independently offered
Follow up
This course has no follow-up course as well
Courses
Textbooks Title Authors Publisher
Financial Accounting and
Study text 2021 Edition ICMA Pakistan
Corporate Reporting
Intermediate Accounting Donald E. Kieso / Jerry J. Weygandt
John Willey & Sons.
& Terry D. Warfield
References Edition Cathryune Sowden -
Gripping: IFRS Pakistan ICAP / Lexis Nexis
Service
IFRSs/IASs IASB IFRS Foundation
Assessment Used to Used to
Criteria (100%) Assessment Weight Assessment Weight
attain CLO attain CLO
Stock Quiz
Exchange 20% CLO – 1 N/A N/A

Quiz N/A N/A Term Paper 20% CLO – 3

Attendance N/A N/A Presentation 10% CLO – 3
Industry Final Term
Analysis 10% CLO – 2 Examination 40% CLO – 1, 2

Methods of
Evaluation Practical Assignments, Industry Projects, Presentation, and Final Term Examination
Lecture Contents (Week Wise)

Week Lecture Teaching Relation

Topic Lecture Contents
No. No. Pedagogies with CLO
W1. The Regulatory 1&2 Fair presentation and compliance with IFRS, CLO – 1
Framework structure and objectives of the International Didactic
Financial Reporting Standards (IFRS), IASB’s Classroom
standard-setting process
W2. The Conceptual 3&4 What is meant by a conceptual framework? CLO – 1
Framework IASB’s conceptual framework, alternative Didactic
system to a conceptual framework, Classroom
fundamental qualitative characteristics
W3. Presentation of 5&6 Prepare an entity’s financial statements in CLO – 1
Financial accordance with prescribed structure and Flip the
Statements content according to IAS – 1. Accounting Classroom
elements and assumptions
W4. Presentation of 7&8 Prepare and explain the contents and purpose CLO – 1
Flip the
Financial of the statement of changes in equity, and
Classroom
Statements prepare a statement of changes in equity
W5. Accounting 9 & 10 Distinguish between an accounting policy and CLO – 1
Policies an accounting estimate and distinguish Didactic
between a change in accounting policy and a Classroom
change in accounting estimate
W6. Changes in 11 & 12 Describe how IAS 8 applies the principle of CLO – 1
Accounting comparability where an entity changes its
Didactic
Policies accounting policies, account for a change in
Classroom
accounting policy, recognize a prior period
error, and going concern concept.
W7. Revenue 13 & 14 Discuss the issues relating to the recognition CLO – 1
Recognition of revenue, understand the 5-step approach
with regards to the recognition of revenue, Ask Open-
record revenue in relation to contracts satisfied Ended
at a point in time, discuss how progress is Questions
recorded in relation to contracts satisfied over
time.
W8. Related Parties 15 & 16 Determine the parties considered to be related CLO – 1
Disclosures to an entity and identify the implications of
Jigsaws
related party relationships and the need for
disclosure.
W9. Segmental 17 & 18 Determine the nature and extent of reportable CLO – 1
Reporting segments and specify and discuss the nature Jigsaws
of segment information to be disclosed.
W10. IAS – 2 19 & 20 Explain the principles of IAS 2 about the CLO – 2
Inventories valuation of inventory and apply the principles Jigsaws
of IAS 2 about the valuation of inventory
W11. Provisions, 21 & 22 Distinguish between legal and constructive CLO – 2
Contingent obligations, explain in what circumstances a
Liabilities and provision may be made, show how provisions
Blended
Contingent are accounted for, define contingent liabilities
Learning
Assets and contingent assets, explain the accounting
treatment of contingent liabilities and
contingent assets
W12. Tangible Non- 23 & 24 Calculate the initial cost measurement of a CLO – 2
Current Assets non-current asset, identify the subsequent
expenditure that may be capitalized, explain
the requirements of IAS 16 in relation to the
revaluation of non-current assets, calculate Personalized
depreciation based on the cost model, Learning
calculate depreciation based on the
revaluation model, calculate depreciation on
assets that have two or more significant parts
(complex assets)
W13. Impairment of 25 & 26 Account an impairment loss, list the CLO – 2
Assets circumstances which may indicate
impairments to assets, describe a cash
generating unit (CGU), explain the basis on Personalized
which impairment losses should be allocated, Learning
allocate an impairment loss to goodwill and the
other assets of a CGU.
W14. Leases 27 & 28 Account for right-of-use assets and lease Project- CLO – 3
Structures liabilities in the records of the lessee, explain Based
the exemption from the recognition criteria for Learning
leases in the records of the lessee, account for (PBL)
sale and leaseback agreements
W15. Borrowing 29 & 30 Explain the treatment of borrowing costs as Blended CLO – 3
Costs per IAS 23 Learning
W16. Cash Flow 31 & 32 Prepare a statement of cash flows for a single CLO – 3
Statement entity using the indirect method in accordance Project-
with IAS 7, interpret a statement of cash flows Based
to assess the performance and financial Learning
position of an entity (PBL)
 Annexure – 1:

Industry Based Analysis

40 Marks, Weightage 10%

1. Project Title FINANCIAL ANALYSIS OF A COMPANY AND COMAPRISON WITH INDUSTRY

2. Project In this project students must select a company and conduct a detailed cross-sectional
Description analysis of the company for the past 2 years
3. Learning At the end of this project, the successful students will be able to:
Outcomes (LO) • Understand the responsibilities that corporate managers have, to their
stockholders and society.
• Explain the fundamental concept of financial reporting
• Describe and analyze financial statements
• Perform liquidity, profitability, and market analysis.
• Conduct horizontal and vertical analysis.
• Comprehensive cross-sectional analysis and comparison of financial statements
4. Time Duration 2 weeks
5. Size of team Individual
6. Description of Tasks Timeline LO Evidence
In the pre-stage of the project, students will be given a week to select a company of their own choice and get it
registered from the class representative.
6.1. Study the annual report of your selected company.
The students must study the complete report of their selected company
1 weeks LO 1, LO 2 Report
and have to note down company’s last year’s performance and discuss
it with instructor.
6.3. Debt analysis
In this week students have to conduct the debt analysis of the company.
1 weeks LO 3, LO 4 Report
They have to make comments and prepare a detailed report on the debt
and solvency position of the organization
6.3. Profitability and market analysis
In this week students have to conduct the profitability and market analysis
of the company. 1 week LO 3, LO 4 Report
They have to make comments and prepare a detailed report on the
profitability of the organization
6.4. Cross sectional, horizontal and vertical analysis
Students have to conduct the detailed horizontal and vertical analysis of 1 week LO 5, LO 6 Report
the company along with industry.
6.5 Finalize your report.
The report should be written using the format of a business or
professional report.
Formatting of the document
Font Size (12)
Heading (14 + Bold) 1 week LO 1- LO 9 Report
Sub-Heading (12 + Bold)
Font Style (Times New Roman)
Line Spacing (Single)
Alignment (Justified)
Spelling and Grammatical Accuracy
7. Total marks 40 on Financial Report Submission
 Annexure – 2:

Research Report on Stock Exchange

50 Marks, Weightage 20%

Stock Exchange Understanding and Working

1) Know Your Brokers/Agents and Their Registered Branches
2) Opening of Account in Own Name
3) Filling of Standardized Account Opening Form
4) Provision of Mandatory Tariff Structure to Customers
5) Placement of Trading Orders/Instructions
6) Online Trading
7) Obligation of Customers to Deposit Margins
8) Modes of Payments /Receipts
9) Right to Obtain Ledger Details Showing Cash and Securities Positions
10) Mandatory Provision of Quarterly Account Statements by SE Brokers
11) Prescribed Risk Disclosure Document

Initial Public Offerings

1) Why list on the Stock Exchange?
2) Reasons to do an IPO (Initial Public Offering)
3) What are the requirements for an Initial Public Offering?
4) What are the procedures of an Initial Public Offering?
a) Techniques of distribution of securities
b) The procedures of the first listing
c) The procedure of direct registration
d) The procedure of Fixed Price Offer
e) The procedure of Open Price Offer
f) The procedure of Minimum Price Offer
5) Who does an Initial Public Offering?
 Annexure – 3:

Final Project (Literature Based)

100 Marks, Weightage 20%

In the [Link] Accounting and Finance program the subject corporate finance is considered as very vital and is
basedon research on the financial systems of the companies. Such companies may be related to any sector
such as,banking, insurance, textile, beverages, cement, agriculture etc. this final project is also based on the
nominal research for any of sectors dealing in manufacturing or service cadre. The project is based on the study
of financial sector and economics sector of any country. You have to make an analysis of country wise financial
andeconomic conditions and situation of financial setups of the country.

Guidelines for the Final Project:

(i) You must select a country except Pakistan, India, Bangladesh, and Nepal & Sri Lanka.
(ii) Get registered with your class representative become on student can select only one country and no
repetition is allowed in country selection.
(iii) After selecting the country, you must work on the banking and economics financially systems of that
country. You must analyze the followings and must prepare a derail report on the findings.

S. No Topics Marks
1 Financial Market & Types of the selected country 10
2 Stock Exchange Discussion of the country 10
3 Introduction to Financial system of the country 05
4 Financial Instruments used in the country 05
5 Foreign Exchange Market in that country 05
6 Reasons for Financial Crises in the country (if any) 05
7 Investment and Investment patterns in the country 05
8 Introduction to Banks 10
9 Banking System of Pakistan 10
10 Commercial Banking in that country 05
11 Structure of Assets and Liabilities of Banks 05
12 Risk Management 05
13 Basel II Accord 05
14 Challenges facing by banks of that country 05
15 Corporate Governance of Banks in that company 05
16 Trading Process of Banking Systems 05
17 References ----

The total marks for the project will be of 100 marks but the weight age in examination will be 20%

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 Annexure – 4:

MS Accounting and Finance (MSAF)

Program Objectives and Outcomes

Sr. # Program Educational Objectives

1 Apply theoretical and practical knowledge in the domain of accounting and finance.
Inculcate in the students necessary technical and analytical skills required to understand and solve
2
financial management and accounting issues
Prepare students for professional careers and advanced studies in the diverse areas of accounting
3
and finance.

Sr. # Program Learning Outcomes

An ability to use tools and techniques of accounting and finance and disseminate the applied
1
knowledge regarding strategy of professional world
An ability to Investigate complex business problems and propose real time solutions in the form of
2
articulate research reports.
An ability to analyze how corporate governance systems guide to the allocation of capital and its
3
influence on firm performance.
 Annexure – 5:

Web Links and Magazines & Journals

Advanced Corporate and Financial Reporting

Informative Magazines:
▪ The Financial times
▪ Business Week
▪ The Wall Street Journal
▪ The Economist
▪ Pakistan and Gulf Economist (PAGE)
▪ Accountant

Web sites:
[Link]/corporate-governance/corporate-governance/
[Link]
[Link]
[Link]
[Link]
[Link]
[Link]
[Link]
 Annexure – 6:

THE SUPERIOR UNIVERSITY LAHORE

MS Accounting and Finance
dd
Final - Term Exam
Semester II
Department: Economics and Commerce
Subject: Advance Corporate and Financial Reporting Marks Obtained:
Instructor: Prof. Dr. Salman Masood Sheikh Total Marks: 100

Name:
Instructions:
Roll No: Muhammad Hassan 1. Attempt any four of the following questions. The marks for each question
Instructor: are specified separately. Total Marks: 50
Date: 2. Time management is the key of success.
3. No extra time shall be given
Time Allowed: 02 Hrs, 15 Min.

ATTEMPT ANY FOUR QUESTIONS. EACH QUESTION CARRY EQUAL MARKS

Q. No. 1: The Income Statement and comparative Balance Sheet of Ahmad Textile Mills Limited are given hereunder.
You are required to prepare the Cash Flow Statement for the year.
Income Statement
For the year ended 31 December 2022
Sales --------------------------------------------- 3,400,000
Less: Cost of Goods Sold --------------------------------------------- 2,000,000
Gross Profit --------------------------------------------- 1,400,000
Less: Operating Expenses
Selling Expenses --------------------------------------------- 140,000
Administrative Expenses --------------------------------------------- 240,000
Lease expenses --------------------------------------------- 80,000
Depreciation Expenses --------------------------------------------- 200,000
Total operating expenses --------------------------------------------- 660,000
Earnings bef. interest & taxes --------------------------------------------- 740,000
Less: Interest expenses --------------------------------------------- 140,000
Net profit before taxes --------------------------------------------- 600,000
Less: Income taxes --------------------------------------------- 240,000
Net Profit after taxes --------------------------------------------- 360,000
Balance Sheet
For the year ended 31 December 2022 2021
Assets
Current Assets
Cash --------------------------------- 800,000 600,000
Marketable Securities --------------------------------- 1,200,000 400,000
Accounts Receivable --------------------------------- 800,000 1,000,000
Inventories --------------------------------- 1,200,000 1,800,000
Total Current Assets --------------------------------- 4,000,000 3,800,000
Gross Fixed Assets
 Annexure – 7:
Land & Buildings --------------------------------- 2,400,000 2,100,000
Equipment --------------------------------- 1,700,000 1,600,000
Furniture and Fixture --------------------------------- 600,000 440,000
Vehicles --------------------------------- 200,000 160,000
Others (incl. leases) --------------------------------- 100,000 100,000
Total G. Fixed Assets --------------------------------- 5,000,000 4,400,000
Less: Accumulated Depreciation -------------------- 2,600,000 2,400,000
Net Fixed Assets --------------------------------- 2,400,000 2,000,000
Total Assets --------------------------------- 6,400,000 5,800,000

Liabilities & Stockholder’s Equity 2022 2021

Current Liabilities
Accounts Payable --------------------------------- 1,400,000 1,000,000
Notes Payable --------------------------------- 1,200,000 1,400,000
Accruals --------------------------------- 200,000 400,000
Total Current Liabilities ------------------------------ 2,800,000 2,800,000
Long Term Debt --------------------------------- 1,200,000 800,000
Total Liabilities --------------------------------- 4,000,000 3,600,000
Stockholder’s Equity
Preferred Stock --------------------------------- 200,000 200,000
Common Stock – Rs. 1.20 par, 100,000 shares ---- 240,000 240,000
Paid-in-Capital in excess of par on common stock 760,000 760,000
Retained Earnings --------------------------------- 1,200,000 1,000,000
Total Stockholder’s Equity --------------------------- 2,400,000 2,200,000
Total Liabilities & Stockholder’s Equity -------------------- 6,400,000 5,800,000

(Marks: 25)
Q. No. 2:
Raner, Harris, & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The
firm has two offices—one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as
variable costs. A contribution format segmented income statement for the company’s most recent year is given below:
Required:

1. By how much would the company’s net operating income increase if Minneapolis increased its sales by $75,000
per year? Assume no change in cost behavior patterns.
2. Refer to the original data. Assume that sales in Chicago increase by $50,000 next year and that sales in
Minneapolis remain unchanged. Assume no change in fixed costs.
 Annexure – 8:
Prepare a new segmented income statement for the company using the above format. Show both
amounts and percentages.
(Marks: 15 + 10)
Q. No. 3 (a):
Inventories shall be measured at the lower of cost and net realizable value. Bonus Ltd. measures its inventories at
lower of cost and NRV. The cost of inventories held by Bonus Ltd. is Rs. 35,000. The estimated selling price of
inventories is Rs. 30,000. The company pays Rs. 5% commission on sales to manager. You are required to calculate
the value at which inventories should appear in balance sheet.

Q. No. 3 (b):
Staedtler Limited owns the following products with details
Items Units Cost per unit (Rs.) NRV per unit (Rs.)
Jelly 400 5,000 6,000
Custard 400 4,500 4,000
Milk 200 400 410
Max 300 600 500
Calculate the value of inventory on items by item basis on lower of cost or market as per the requirements of IAS –
2.
(Marks: 15 + 10)

Q. No. 4: According to International Accounting Standard IAS – 1 explain the following general features of
financial statements.
Accounting from discontinued operations, Offsetting, Comparative Information, Going concern, Fair
presentation, Accrual basis of accounting, Materiality and aggregation, Frequency of reporting,
Disclosure, Consistency of presentation.
(Marks: 2.5 x 10 = 25)

Q. No. 5: Flora Ltd produced cards and sold roses. However, halfway through the year ended 31 March 20X6, the
rose business was closed, and the assets sold off, incurring losses on the disposal of non-current assets of Rs 76,000
and redundancy costs of Rs 37,000. The directors reorganized the continuing business at a cost of Rs 98,000.

Trading results may be summarized as follows: Cards Roses

Revenue 650,000 320,000
Cost of sales 320,000 150,000
Distribution 60,000 90,000
Administration 120,000 110,000

Other trading information (to be allocated to continuing operations) is as follows:

Finance costs 17,000
Taxation 31,000
Required: Draft the income statement for the year ended 31 March 20X6.
(Marks: 25)