Lecture Notes On Intermediate Financial Accounting 2

4 INTRODUCTION You are holding in your hand the course guide to ACC312 (Financial Accounting). The purpose of the course guide is to relate to you the basic structure of the course material you are expected to study as an Accounting Student in National Open University of Nigeria. Like the name course guide implies, it is to guide you on what to expect from the course material and at the end of studying the course material. COURSE CONTENT The course content consists basically of the treatment of transactions according to the provisions of accounting standards. More specifically, the accounting standards as provided by standard setting bodies are the content of this course material such as Statement of Accounting Standards (SAS), International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), and other related standards provided by standard setting bodies. COURSE AIM The aim of the course is to bring to your cognizance the conceptual and regulatory framework that provides the basis for the treatment and presentation of financial transactions. COURSE OBJECTIVES At the end of studying the course material, among other objectives, you should be able to: 1. Explain the accounting method for oil and gas, farmers, estate agencies and property