SS2 Third Term Financial Account Lesson Note and Scheme of Work
Week 1-4: Advanced Financial Reporting
Week 1:
Objective: Introduce advanced financial reporting concepts.
Activities:
Comprehensive review of financial statements
Introduction to International Financial Reporting Standards (IFRS)
Practical exercises on IFRS application
Week 2:
Objective: Explore consolidated financial statements.
Activities:
Understanding the consolidation process
Preparation of consolidated balance sheets and income statements
Case studies on group accounting
Week 3:
Objective: Teach accounting for associates and joint ventures.
Activities:
Definition and characteristics of associates and joint ventures
Equity accounting method
Practical exercises on accounting for associates
Week 4:
Objective: Assess students’ understanding of advanced financial reporting.
Activities:
Group projects on complex financial reporting scenarios
Review and discussion of project outcomes
Quiz on advanced financial reporting concepts
Week 5-8: Taxation in Financial Accounting
Week 5:
Objective: Introduce the basics of taxation in financial accounting.
Activities:
Types of taxes and their implications
Preparation of tax computations
Practical exercises on tax accounting
Week 6:
Objective: Explore Value Added Tax (VAT) and its accounting treatment.
Activities:
Definition and application of VAT
VAT calculations and recording transactions
Case studies on VAT accounting
Week 7:
Objective: Teach students about corporate income tax.
Activities:
Understanding corporate income tax regulations
Taxable income determination
Practical exercises on corporate income tax
Week 8:
Objective: Assess students’ understanding of taxation in financial accounting.
Activities:
Quiz on taxation principles
Review and discussion of quiz results
Group projects related to real-life tax scenarios
Week 9-11: Auditing and Assurance
Week 9:
Objective: Introduce the fundamentals of auditing.
Activities:
Definition and importance of auditing
Types of audits and auditors
Practical exercises on audit planning
Week 10:
Objective: Explore internal and external audit procedures.
Activities:
Internal control systems
Audit evidence and documentation
Case studies on audit procedures
Week 11:
Objective: Revision and reinforcement of auditing concepts.
Activities:
Comprehensive review of auditing topics covered
Group discussions and problem-solving sessions
Practice tests in preparation for examinations
Week 12: Examination Week
Week 12:
Objective: Conduct end-of-term examinations.
Activities:
Written examinations on all topics covered
Practical tests on application of advanced financial reporting, taxation, and auditing principles
Review of examination guidelines and expectations
Week 13: School Dismissal Week
Week 13:
Objective: Wrap up the term and provide guidance for further studies.
Activities:
Distribution of report cards
Individual feedback sessions with students
Recommendations for additional resources and self-study during the break
This outline serves as a general guide. Please ensure that it aligns with the specific curriculum and objectives set by the educational authorities. Adjustments may be needed based on the actual curriculum requirements.
