SS1 Third Term Financial Account Lesson Note and Scheme of Work

Week 1: Review of Previous Terms and Integration of Concepts

Lesson Note: Begin with a comprehensive review of concepts from the previous terms. Emphasize the interconnectedness of financial accounting topics.

Scheme of Work: Integrate knowledge from the first and second terms. Discuss how various concepts relate to each other. Engage students in discussions and exercises that require cross-term application.

Week 2: Accounting for Derivatives and Hedging

Lesson Note: Explore the accounting treatment of derivatives and hedging activities, focusing on their impact on financial statements.

Scheme of Work: Discuss fair value accounting for derivatives, hedge accounting principles, and disclosure requirements. Use real-world examples to illustrate the complexities. Assign exercises for practical application.

Week 3: Accounting for Employee Benefits

Lesson Note: Introduce the accounting principles related to employee benefits, including pensions, post-employment benefits, and share-based payments.

Scheme of Work: Cover measurement, recognition, and disclosure requirements for various employee benefits. Discuss the impact on financial statements. Engage students in case studies and calculations.

Week 4: Accounting for Business Combinations

Lesson Note: Discuss the accounting treatment of business combinations, covering the acquisition method and consolidation.

Scheme of Work: Explore the steps involved in the acquisition method, fair value adjustments, and preparation of consolidated financial statements. Conduct exercises on business combination accounting.

Week 5: Accounting for Joint Ventures

Lesson Note: Shift focus to accounting for joint ventures, explaining equity method accounting and proportionate consolidation.

Scheme of Work: Cover the classification of joint ventures, accounting for investments in joint ventures, and the preparation of consolidated financial statements. Use case studies for practical understanding.

Week 6: Corporate Governance and Ethics in Accounting

Lesson Note: Explore the importance of corporate governance and ethics in accounting, emphasizing the role of accountants in maintaining integrity.

Scheme of Work: Discuss ethical principles, professional conduct, and the responsibility of accountants in corporate governance. Engage students in ethical dilemma scenarios and group discussions.

Week 7: Accounting Information Systems

Lesson Note: Introduce students to accounting information systems, highlighting the role of technology in modern accounting practices.

Scheme of Work: Cover the components of accounting information systems, internal controls, and the impact of technology on financial reporting. Conduct hands-on exercises using accounting software.

Week 8: International Auditing Standards

Lesson Note: Discuss international auditing standards, focusing on the principles and practices that guide auditors globally.

Scheme of Work: Explore topics such as audit evidence, audit planning, and reporting under international standards. Use case studies for practical application. Assign mock audit scenarios.

Week 9: Forensic Accounting (Advanced Topics)

Lesson Note: Delve deeper into forensic accounting, covering advanced topics such as expert witness testimony and litigation support.

Scheme of Work: Explore the role of forensic accountants in legal proceedings, forensic techniques in investigation, and ethical considerations. Engage students in complex case studies.

Week 10: Accounting for Government Grants and Subsidies

Lesson Note: Discuss the accounting treatment of government grants and subsidies, emphasizing proper recognition and disclosure.

Scheme of Work: Cover topics such as conditions for recognition, measurement, and presentation of government grants. Use real-life examples and scenarios for better understanding.

Week 11: Revision Week

Lesson Note: Review key concepts covered in the third term, focusing on the integration of advanced topics and addressing any remaining questions.

Scheme of Work: Organize comprehensive revision sessions, mock exams, and group discussions. Provide additional resources for self-study.

Week 12: Examination Week

Lesson Note: Prepare students for the final examination, emphasizing critical thinking and application of advanced concepts.

Scheme of Work: Administer mock exams, discuss sample questions, and provide feedback on practice papers. Address any last-minute concerns.

Week 13: School Dismissal Week

Lesson Note: Conclude the academic year by summarizing the entire course, highlighting achievements, and encouraging a continued interest in accounting.

Scheme of Work: Reflect on the year’s successes and challenges. Provide guidance on further studies and share resources for continuous learning. Celebrate students’ accomplishments and wish them well for the future.