Fourth Year -Accounting Specialization

Curriculum of the Fourth Year

Fourth Year -Accounting Specialization

In Semesters I and II of the fourth year, the students can select one course unit per semester as elective courses from the list offered by the Department for the purpose of further specialisation in the subject areas concerned. The elective courses offered by the Department are revised periodically in keeping with current developments in accounting and market demand. Currently, the Department is planning to offer the elective course units listed below.

List of Elective Course Units

List of Elective Course Units

*Students who have selected ‘Research Report in Accounting’ in Semester I, will continue to work on the same in the in Semester II as well. Hence, this elective course, as it is equivalent to two course units.

BUS 4320: Strategic Management

The objective of this advanced course is to deliver a holistic understanding of corporate and business strategy that ties previous disciplines together at a strategic level in determining the strategic direction of organizations in the context of the broad general and immediate competitive environment and how successfully strategies could be executed to ensure long term business survival and growth. The following areas are covered in the course; introduction to strategy and strategic management; strategic thinking; industry foresight, setting the future direction; strategic analysis; stakeholder interests, corporate governance and CSR; strategy formulation; strategy implementation and strategy review and control.

FIN 4321: Business Valuation Theory and Applications

This is an advanced course in the theory and practice of valuation of business and equities. The major areas of coverage include free cash flow valuation, dividend discount model, price multiple methods including Price Earnings ratio, Price to Sales ratio and Price to Book Value ratio, economic profit valuation model, adjusted present value model, valuation of acquisitions and takeovers and special cases of valuation.

FIN 4322:  International Financial Management

This is a specialized course that deals with issues related to international financial management. This course provides an understanding of international financial systems, balance of payments, foreign exchange markets, theories of exchange rate determination, international parity conditions, managing foreign exchange exposure, international cost of capital and financial structure, multinational capital budgeting, international equity and debt markets, interest rate risk management, political risk management, international portfolio investments and international working capital management.

ACC 4320: Research Methodology

This course introduces the students to basic concepts, principles, methods and techniques of accounting research. The course emphasizes an applied research approach and focuses on organizational problems, in particular. The following study areas are covered: introduction to research methodology; positivistic (mainstream), interpretive and critical research in accounting; literature review; research methods used in accounting studies; and developing a research proposal.

ACC 4321: Skill Development of Intern Accountants – III

This course, third of the four units conducted under the Skill Development Programme of Intern Accountants, emphasises on the development of Accounting and Financial Management Skills, Management and Personal Capacity Skills, and Knowledge Seeking and Learning to Learn (KSLL) Skills. These skills are developed through the Internship Programme in Accounting and Financial Management, compilation of a learning portfolio on skills development, and research based KSLL sessions.

ACC 4322: Advanced Accounting Theory

This course provides students with a sound understanding of accounting theories that are integral to accounting practice and thereby enables them to appraise implications of these theories on the accounting practice. The following study areas are covered: the concepts of theory and accounting theory; evolution of accounting theory; accounting theory construction; financial reporting environment; international accounting; normative theories of accounting – accounting for changing prices and conceptual framework for financial reporting; Positive Accounting Theory (PAT); system oriented theories – political economy theory, legitimacy theory, stakeholder theory and institutional theory; capital market research in accounting; behavioural research in accounting; extended systems of accounting – the incorporation of social and environmental factors within external reporting; and critical perspectives of accounting.

ACC 4323: Financial Statement Analysis

This course provides students with a framework to analyze financial and non-financial information of a firm to evaluate its operations and to predict its future prospects leading towards the valuation of the organization. In this course, the students are made to appreciate and understand the connections between strategies of a firm and its operating, investing and financing activities in the broad socio-economic context, and thereby to develop the ability to analyze and interpret financial and non-financial information of a firm to gain further insights into its performance from an analyst’s point of view. The following study areas are covered: business analysis and its role in financial statement analysis; accounting analysis covering the analysis of investment, financial and operating activities of a firm; financial analysis covering profitability credit, equity, cash flow and risk of a firm; prospective analysis and company valuation; and analysis of non-financial information and value drivers covering social and environmental effects of a firm’s operations.

ACC 4324: Strategic Management Accounting

This course familiarizes the students with the discourse ‘Strategic Management Accounting’ (SMA) within the business organization and the role of the management accounting professional in business. The following study areas are covered: evolution of SMA; diffusion of management accounting practices; management accounting practices used in the strategy formulation process; management accounting practices used in the strategy implementation process; evolving role of the management accountant in the changing business environment; performance measurement in decentralized business organizations; strategic risk management; project management; quantitative/deductive and the qualitative/inductive approaches in doing research relevant to the management accounting practice.

ACC 4325: Skill Development of Intern Accountants – IV

This course, fourth of the four units conducted under the Skill Development Programme of Intern Accountants, emphasises on the development of Accounting and Financial Management Skills, and Knowledge and Seeking and Learning to Learn (KSLL) Skills. These skills are developed through the Internship Programme in Accounting and Financial Management, and KSLL research project and presentation.

ACC 4626: Research Report in Accounting

This course provides the students with a thorough grounding in empirical research in accounting, and develops their understanding of the research process and the key elements of a sound research design. They are required to carry out a research study in accounting and write a research report based on their study under the guidance of a research supervisor appointed by the Department.

ACC 4327: Sustainability Management Accounting

This course provides students with a sound understanding of concepts, techniques and approaches related to the three dimensions of sustainability; planet, people and profit, and the application of the concept of sustainability in the local and global arena. The following study areas are covered: new developments in management accounting towards sustainability; environmental management accounting (scope, techniques, applications, drivers and roadblocks, capital budgeting analysis, accounting for ecological and carbon foot-printing, cleaner production, life cycle analysis, environmental audit, material flow cost accounting, waste management); accounting for the social dimension in sustainability; integration of three pillars discussed in sustainability; frameworks available for reporting sustainability; theories in sustainability management accounting; and sustainability management accounting practices of Sri Lankan organisations.

ACC 4328: Artificial Neural Networks in Accounting and Finance

This course imparts students with skills required to make models for prediction of corporate failure, detection of management frauds using published financial data, prediction of earnings using financial statement information and relative costs of financial distress by using computer-based mathematical modelling. The following study areas are covered: classification of multivariate techniques, guidelines for multivariate analysis and interpretation; multiple regression analysis and model building; neural computing; neural computing applications, and advanced intelligent systems and applications; bivariate statistics; parametric test using SPSS and SAS; computational applications: soft computing and ANN capabilities; ANN architecture; bankruptcy prediction, mergers/acquisitions prediction, credit rating, derivative pricing, stock return prediction, portfolio management, testing market efficiency, market segmentation; and modelling issues.

ACC 4329: Advanced Taxation

This course develops the technical and conceptual skills of the students in relation to taxation in Sri Lanka. The following areas are covered: administration of income tax (administrative structure, officers and responsibilities, returns, assessments & refunds); the self-assessment system; taxation of companies (types of companies and tax implications, different components of income tax payable by companies, human resource endowment fund contribution, dividend tax, remittance of tax, social responsibility levy, economic service charges and nation building tax); taxation of partnerships; taxation of other entities (charitable institutions, clubs and trade associations); appeal procedures; tax law; tax incentives, and VAT. This course also covers tax planning and international taxation at an advanced level.

ACC 4330: Contemporary Issues in Management Accounting

This course provides students with knowledge pertaining to critical issues relate to the use of management accounting in organizations. This course addresses some of the problems, controversies and ambiguities arise in practicing management accounting and necessary measures required to address such issues. The following study areas are covered: management accounting change; the changing role of management accountants; management accounting and changing operations management; budgeting and beyond budgeting; activity-based costing and management systems; performance measurement systems: the balanced scorecard; understanding the management control systems and strategy; harmonizing with environment: environmental management accounting; performance measurement in divisionalized organizational structures; performance measurement in multinational organizations.

ACC 4331: Advanced Risk Based Auditing and Assurance

This course provides students with a sound conceptual understating of key topics in governance, risk and modern risk based auditing, and equips students with the skill of applying International Standards on Auditing (ISAs) in auditing a set of IFRS compliant financial statements. The following study areas are covered: governance, risk and controls; accountability and audit; ethical issues; current and emerging trends that has reshaped auditing professions; audit quality and practice management; integrated internal control framework; risk based audit planning; formulating testing strategies; audit of complex areas; and audit reporting. In the delivery of the course, the case study analysis is also adopted.

ACC 4332: Public Sector Accounting and Finance

This course enables students to understand concepts and techniques used in public sector accounting and finance. This course consists of two modules – Module 1: constitutional provisions and functions of the Ministry of Finance, Sri Lanka and Module 2: financial planning, budgeting, and government accounting practised in Sri Lanka. The following study areas are covered in relation to the Democratic Socialist Republic of Sri Lanka: constitutional provision and parliamentary control; Finance Act; executive power of the President; treasury control and supervision; the consolidated fund; accountability; delegation of authority; treasury minutes; parliamentary control cycle; the objectives and functions of the Ministry of Finance and the Treasury; authority for expenditure; financial planning and budgeting; foreign aid and accounting; government expenditure; government accounting; delegation of financial functions; procurement procedure; responsibilities of accounting officers and chief accounting officers; and the role of the Auditor General.

ACC 4333: Control Strategy and Governance

This course enables students to understand concepts and issues relating to corporate governance and controls, risk management, and ethics, and the interrelationships of these in the context of overall business strategy. The following study areas are covered: relationship between governance and management; theories and philosophies of corporate governance; models of corporate governance; the regulatory framework on governance; the types and sources of risk and risk management; mechanisms of corporate governance and their impact on different financial accounting dimensions; functions of the board of directors; internal control systems; professional ethics and resolution of ethical conflicts; risks and controls in information systems; and auditing as a control mechanism.

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