Yakili | Lowersixth Commercial Acc & TIMS International Financial Accounting

Course / Course Details

Lowersixth Commercial Acc & TIMS International Financial Accounting

By - Michael Rolex
0 students
166 Hours 40 Min
(0)

Course Requirements

The course for Cameroon Lower Sixth Commercial Accounting and Techniques Informatiques et Managériales et de Secrétariat (TIMS) International Financial Accounting on the Yakili app must prepare students for a global accounting environment by introducing the principles of International Financial Reporting Standards (IFRS), which complement the locally used OHADA system. This ensures a comprehensive, internationally relevant foundation.

The syllabus focuses on the core accounting cycle, but with an emphasis on how these principles are applied internationally, compared to the local OHADA rules.

Core Modules for Lower Sixth International Financial Accounting

Module	Key Topics (Examples)	IFRS/Global Application
1. Conceptual Framework & IFRS	Objectives and qualitative characteristics of financial reporting (relevance, faithful representation, etc.). Introduction to the International Accounting Standards Board (IASB) and the importance of IFRS.	Understanding the global standards that govern large multinational companies.
2. Review of Double Entry & Books	Consolidation of double-entry rules, Ledgers, and Trial Balance. Focus on terminology differences between OHADA and IFRS (e.g., Owner's Equity vs. Capital).	Ensuring the fundamental mechanics are transferable to any system.
3. Non-Current Assets (IAS 16)	Initial recognition and subsequent measurement of Property, Plant, and Equipment (PPE). Different Depreciation Methods (straight-line, reducing balance, units of production). Disposal of non-current assets.	Applying specific IFRS rules for tangible assets.
4. Inventory (IAS 2)	Methods of inventory valuation: FIFO (First-In, First-Out) and Weighted Average Cost (WAC). Application of the Lower of Cost and Net Realizable Value (LCNRV) rule.	Valuing stock in a globally standardized manner.
5. Receivables (IFRS 9)	Allowance for Doubtful Debts and recognizing expected credit losses. Handling Bad Debts Written Off.	Managing trade receivables and associated risks.
6. Final Accounts (IFRS Presentation)	Preparation of the Statement of Comprehensive Income (Income Statement) and the Statement of Financial Position (Balance Sheet) for a sole proprietorship, focusing on the IFRS presentation format (compared to OHADA).	Preparing internationally recognized financial statements.

The course needs to highlight the differences and similarities between local (OHADA) and international (IFRS) practices.

Comparative Analysis Tools: Integrate interactive tables or diagrams that explicitly compare how a specific item (e.g., depreciation presentation, inventory valuation rule) is handled under OHADA versus IFRS.
IFRS Scenario Practice: Use complex, non-routine transactions to test understanding of specific IFRS rules (e.g., a scenario requiring an impairment test, or a complex disposal).
IFRS Terminology Glossary: A dynamic glossary detailing IFRS-specific terminology is crucial, as the professional language differs slightly from local usage (e.g., "Non-Current Assets" vs. "Fixed Assets").
TIMS/Spreadsheet Skills: Reinforce the TIMS component by providing tutorials on using spreadsheets to perform more complex calculations like depreciation schedules or LCNRV tests.
Format Templates: Provide downloadable templates for the Statement of Comprehensive Income and Statement of Financial Position, explicitly following the IFRS structure.

Course Description

This Yakili online course, developed for the Cameroon GCE Advanced Level Commercial stream Accounting and TIMS syllabus, provides students with a crucial introduction to International Financial Reporting Standards (IFRS), positioning their accounting knowledge within a global context. The curriculum reinforces the core concepts of the accounting cycle (like the double-entry system and Trial Balance) while specifically focusing on the application of major IFRS principles, which complement the local OHADA system. Key areas covered include the IFRS Conceptual Framework, detailed accounting for Non-Current Assets (IAS 16), accurate Inventory Valuation (IAS 2) using methods like FIFO, and the international treatment of Receivables (IFRS 9). Crucially, the course culminates in the preparation of the Statement of Comprehensive Income and the Statement of Financial Position for a sole proprietorship, strictly adhering to IFRS presentation formats. By integrating IT skills (TIMS) through spreadsheet tutorials and actively comparing local and international practices, this course ensures students are equipped with globally transferable and highly marketable accounting competencies.

Course Outcomes

Upon completion, the student will be able to:

IFRS Concepts: $\checkmark$ Explain and apply the foundational IFRS Conceptual Framework and the main objectives and qualitative characteristics of international financial reporting.
Asset Accounting: $\checkmark$ Apply IFRS rules (IAS 16 and IAS 2) to correctly calculate depreciation, record the disposal of non-current assets, and value inventory using the FIFO and WAC methods, applying the LCNRV rule.
Receivables Management: $\checkmark$ Accurately calculate and record allowances for doubtful debts and bad debts written off in accordance with international standards.
Financial Statement Preparation: $\checkmark$ Prepare the basic Statement of Comprehensive Income and Statement of Financial Position for a sole proprietorship, adhering to the structure and classification required under IFRS presentation.
Global Comparison: $\checkmark$ Identify and articulate the key differences between the local OHADA accounting principles and the global IFRS standards.