The course builds on the knowledge attained in Financial Accounting I. It affords a student a deep understanding of partnership formation and dissolution, Accounting for Equity and debt security, Accounting for Corporate income taxes. A detailed approach to classification and determination of income and expenses under situations such as contingencies and events occurring after the Balance sheet date, discontinued operations and accounting changes are also covered in this course. Emphasis is again placed on working out Financials statements in accordance to International Accounting Standards.