SS3 Third Term Financial Account Lesson Note and Scheme of Work

Third Term: Financial Accounting Lesson Note and Scheme of Work

Week 1: Revision and Introduction to New Topics

Brief review of key concepts from previous terms

Introducing new topics for the third term

Diagnostic assessment to gauge overall understanding

Week 2: International Financial Reporting Standards (IFRS)

Overview of IFRS and its importance in global financial reporting

Key IFRS principles and standards

Comparative analysis: IFRS vs. local accounting standards

Week 3: Consolidated Financial Statements

Understanding consolidated financial statements

Consolidation methods and procedures

Practical exercises: Preparing consolidated financial statements

Week 4: Forensic Accounting

Introduction to forensic accounting

Role of forensic accountants in fraud detection and investigation

Case studies: Analyzing financial fraud scenarios

Week 5: Government Accounting

Basics of government accounting

Fund accounting and its principles

Accounting for public funds and expenditures

Classroom discussion: Challenges in government accounting

Week 6: Nonprofit Organization Accounting

Accounting principles for nonprofit organizations

Revenue recognition and fund accounting for nonprofits

Group project: Creating financial statements for a nonprofit organization

Week 7: Ethics in Financial Accounting

Importance of ethical behavior in accounting

Code of ethics for accountants

Ethical dilemmas in financial reporting

Class debate: Ethical considerations in accounting practices

Week 8: Emerging Trends in Financial Accounting

Exploration of current trends in financial accounting

Technology’s impact on accounting (e.g., blockchain, AI)

Future outlook for the accounting profession

Guest speaker session: Industry expert discussing emerging trends

Week 9: Risk Management and Internal Control

Importance of risk management in financial accounting

Internal control systems and their components

Practical exercises: Evaluating and improving internal controls

Week 10: Environmental Accounting

Introduction to environmental accounting

Accounting for environmental costs and liabilities

Corporate social responsibility reporting

Case study: Assessing a company’s environmental accounting practices

Week 11: Revision Week

Comprehensive review of the third term’s topics

Clarification of doubts and questions

Practice tests and quizzes to reinforce understanding

Week 12: Examination Week

Conducting final examinations for the term

Strict adherence to exam conditions and monitoring

Collecting and grading exam papers

Week 13: School Dismissal Week

Reflecting on the entire academic year

Providing feedback and recommendations for improvement

Wishing students a successful future in their academic and professional endeavors.