Paper 04: Principles of Accounting and Taxation

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About Course

The Professional courses are administered at Foundation, Intermediate and Advanced Levels. Each level requires an average of one year, though candidates are advised to provide for an additional one year to meet requirements for internship/ practical experience.

A student must book for a minimum of three papers in a level in any order unless is exempted or has credits.

This course is aimed at persons who wish to qualify and work or practice as corporate secretaries, policy formulators, and consultants in governance, governance and compliance auditors and administrators at county and national levels and in the private sector.

Course Content

1. Introduction to Accounting
1.1 The nature and purpose of accounting 1.2 Users of accounting information and their respective needs 1.3 Accounting Standards and their purposes (IFRS, IASs, IPSAS) 1.4 Regulatory framework (ICPAK, IASB, IAESB, IPSASB), the Companies Act 1.5 Professional ethics 1.6 Principles, concepts and conventions underlying the preparation of accounting statements

  • Draft Lesson
  • 2
  • part 3
  • part 3
  • part 4

2. Accounting Procedures and Techniques
2.1 Accounting Cycle 2.2 Double entry book-keeping 2.3 Books of original entry (journals, ledgers, cashbooks) 2.4 Balancing accounts and preparing the trial balance 2.5 Depreciation of non-current assets including their disposal (by part exchange; ordinary sale; accident) 2.6 Preparation of movement of property, plant equipment (as per International Financial Reporting Standards) 2.7 Trade receivables, bad debts write-offs and provision for bad and doubtful debts 2.8 Accruals, prepayments, reserves and provisions necessary adjustments in statements of financial performance 2.9 Introduction to simple statements of financial performance 2.10 Statements of financial position 2.11 Final accounting statements of a sole trader 2.12 Financial statements of a partnership business reflecting changes in partnerships such as admission, retirement and dissolution

3. Introduction to Simple Company Accounts
3.1 Company Formation - Documents 3.2 Share capital and reserves 3.3 Issue of shares at par; premium; discount 3.4 Over and under subscriptions 3.5 Allotment and calls on shares, forfeiture of shares 3.6 Preparation of statements of financial performance and appropriation account and the statement of financial position 3.7 Published accounts: Components of a complete set of published financial statements only

4. Accounting for Non-Profit Making Organisations
4.1 Features of Non-profit making organisations 4.2 Types of funds and their accounting treatment 4.3 Income and expenditure account 4.4 Statement of financial position 4.5 Public Sector Accounting and Financial System 4.6 Features of public sector entities (as compared to private sector) 4.7 Structure of the public sector (National and county governments, State Corporations, Departments and Agencies) 4.8 Regulation and oversight [International Public Sector Accounting Standards Board, Director of Accounting Services, National Treasury, Parliamentary Committees, Accounting Officers at national and county levels, Current PFM Acts 4.9 Objectives of public sector financial statements and Standards (IPSAS) 4.10 Accounting techniques in public sector such as budgeting, cash, accrual, commitment and fund accounting) (Preparation of financial statements excluded)

5. Introduction to Taxation
5.1 History of taxation 5.2 Types of taxation 5.3 Principles of an optimal tax system 5.4 Single versus multiple tax systems 5.5 Classification of tax systems 5.6 Tax shifting 5.7 Factors that determine tax shifting 5.8 Tax evasion and tax avoidance 5.9 Taxable capacity 5.10 Fiscal policies 5.11 The Revenue Authority; history, structure and mandate

6. Investment Allowances
6.1 Rationale for investment allowances 6.2 Investment allowance: Ordinary manufacturers 6.3 Industrial building deductions 6.4 Wear and tear allowances 6.5 Farm works deductions 6.6 Shipping investment deduction 6.7 Other deductions

7. Customs Taxes and Excise Taxes
7.1 Customs procedure 7.2 Import and export duties 7.3 Prohibitions and restriction measures 7.4 Transit goods and bond securities 7.5 Purposes of customs and excise duties 7.6 Goods subject to customs control 7.7 Import declaration form, pre-shipment inspection, clean report of findings 7.8 Excisable goods and services 7.9 Application for excise duty (licensing) 7.10 Use of excise stamps 7.11 Offences and penalties 7.12 Excisable goods management system

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