SS1 Second Term Financial Account Lesson Note and Scheme of Work

Week 1: Review of Previous Term and Introduction to New Topics

Lesson Note: Recap key concepts from the previous term. Introduce new topics for the second term, emphasizing their connection to first-term knowledge.

Scheme of Work: Review financial statements and ratios. Introduce advanced topics like accounting for income taxes and fair value accounting. Engage students in discussions about the continuity of concepts.

Week 2: Accounting for Income Taxes

Lesson Note: Dive into the complexities of accounting for income taxes, covering deferred tax assets and liabilities.

Scheme of Work: Explain the difference between book and tax accounting. Use case studies to illustrate the impact of income taxes on financial statements. Assign exercises for practice.

Week 3: Fair Value Accounting

Lesson Note: Explore fair value accounting principles and its application in financial reporting.

Scheme of Work: Discuss fair value measurement, disclosure requirements, and the impact on financial statements. Analyze real-world scenarios involving fair value adjustments.

Week 4: Consolidated Financial Statements

Lesson Note: Introduce the preparation of consolidated financial statements for groups of companies.

Scheme of Work: Cover the consolidation process, including the elimination of intercompany transactions and balances. Conduct exercises on consolidated financial statement preparation.

Week 5: Accounting for Nonprofit Organizations

Lesson Note: Shift focus to accounting for nonprofit organizations, emphasizing fund accounting principles.

Scheme of Work: Discuss restricted and unrestricted funds, revenue recognition in nonprofits, and financial reporting for nonprofits. Assign projects related to nonprofit financial statements.

Week 6: Governmental Accounting

Lesson Note: Discuss the unique aspects of governmental accounting, including budgeting and fund accounting for government entities.

Scheme of Work: Explore government fund types, budgetary accounting, and financial reporting for governmental entities. Use real-life examples from public sector financial statements.

Week 7: International Financial Reporting Standards (IFRS)

Lesson Note: Introduce students to IFRS, highlighting the global accounting standards and their importance.

Scheme of Work: Compare IFRS with Generally Accepted Accounting Principles (GAAP). Discuss the convergence of accounting standards globally. Assign exercises on IFRS application.

Week 8: Forensic Accounting

Lesson Note: Explore the field of forensic accounting, focusing on fraud detection, investigation, and prevention.

Scheme of Work: Cover forensic accounting techniques, ethical considerations, and the role of forensic accountants. Engage students in case studies related to financial fraud.

Week 9: Emerging Issues in Financial Accounting

Lesson Note: Discuss current trends and emerging issues in financial accounting, such as sustainability reporting and digital transformation.

Scheme of Work: Explore topics like integrated reporting, ESG disclosures, and the impact of technology on financial reporting. Assign research projects on emerging accounting issues.

Week 10: Auditing Principles and Practices

Lesson Note: Introduce the principles and practices of auditing, emphasizing the importance of independent verification.

Scheme of Work: Cover audit planning, risk assessment, and audit procedures. Discuss the role of auditors in ensuring financial statement reliability. Conduct mock audit exercises.

Week 11: Revision Week

Lesson Note: Review key concepts covered in the second term, focusing on challenging 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 the application of knowledge to practical scenarios.

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 term by summarizing key takeaways, celebrating achievements, and encouraging further exploration of accounting concepts.

Scheme of Work: Reflect on the term’s successes and challenges. Provide guidance on continued learning during the break and share relevant resources for self-improvement.