Gwybodaeth Modiwlau
Course Delivery
Delivery Type | Delivery length / details |
---|---|
Lecture | 20 x 2 Hour Lectures |
Lecture | 20 x 1 Hour Lectures |
Seminar | 12 x 1 Hour Seminars |
Assessment
Assessment Type | Assessment length / details | Proportion |
---|---|---|
Semester Exam | 3 Hours Unseen written examination sat in Semester 2 | 70% |
Semester Exam | 3 Hours Class Test Class Test - Sat in Semester 1 examination period | 30% |
Supplementary Exam | 3 Hours Unseen written examination Repeat failed element | 70% |
Supplementary Exam | 3 Hours Test Repeat failed element | 30% |
Learning Outcomes
On successful completion of this module students should be able to:
Prepare and present financial statements (including notes) in accordance with the regulatory framework.
Explain, discuss, evaluate and calculate the presentation in and impact upon accounts of the following, with a comparison of latest versus previous treatment where pertinent:
- government grants
- borrowing costs
- inventories and work in progress
Explain, discuss, evaluate and calculate the presentation in and impact upon accounts of the following, with a comparison of latest versus previous treatment where pertinent:
- long-term contracts/ construction contracts
- research and development
- intangible assets
- gains and losses on revaluation
- long term liabilities
- pensions
- leases
Explain, discuss, evaluate and calculate the effect of economic and accounting approaches to income and capital measurement.
Explain and discuss the conceptual framework upon reporting financial performance.
Aims
This module aims to build upon the foundations of financial accounting established in AC11020. The module will deepen and extend knowledge of theoretical and practical issues which are currently debated in financial accounting.
Brief description
The module will cover various theoretical attempts to measure income and wealth and relates these to current financial reporting practices (International Financial Reporting Standards IFRS) with respect to asset valuation and profit measurements. In addition students are encouraged and introduced to legal and economic ways of thinking about income and value and to relate them to actual and potential accounting practice.
Content
- Regulatory framework
- Definition, recognition and measurement of income and expenses, assets and liabilities
- Capital maintenance concept
- Components, presentation, structure, disclosure and formats of financial statements in accordance with the current regulatory framework
- Reporting company performance in accordance with the current regulatory framework
- Further analysis and requirements of non-current assets in accordance with the current regulatory framework especially in relation to property, plant and equipment (PPE).
- Methods of calculating depreciation and revaluation of PPE in accordance with the current regulatory framework
- Government grants and borrowing costs in relation to current accounting standards
- Stock, work in progress and long-term contracts/ construction contracts in relation to current accounting standards
- research and development and other intangible assets (including goodwill and brands) in relation to current accounting standards
2. INCOME AND CAPITAL MEASUREMENT
- Income measurement
- Economic and Accounting Income
- Hicks (No 1 and No 2 expost and exante)
3. CONCEPTUAL FRAMEWORK
- History of conceptual framework
- Underpinnings of the framework
- Framework issues
- Future of the framework
4. ACCOUNTING FOR PENSIONS
- Types of pensions
- History of accounting for pensions
- Accounting for pensions under current regulation
5. ACCCOUNTING FOR LONG TERM LIABILITIES AND LEASES
- Valuation issues
- Accounting under current regulation
- Why the need for deferred taxation
- Difference between accounting profit and taxable profit
- Regulatory requirements
- Compare and apply the various methods
Module Skills
Skills Type | Skills details |
---|---|
Application of Number | * Develop an easy familiarity with numerical data sources and numerical data * Apply numerical data to problem solving with care and accuracy * Assess the reasonableness of and interpret numerical solutions * Support assertions/arguments with appropriately developed and presented numerical data |
Communication | * Develop confidence in and clarity of oral communication via example class/tutorial participation * Develop clarity and focus of written communication via development of answers to self study questions * Develop and use appropriate subject-specific vocabulary in oral and written communication |
Improving own Learning and Performance | * Identify and distil the key issues covered by lectures, tutorials and self study * Identify and use a range of learning resources * Investigate benefits of small group working on self study * Structure study to accommodate intensive learning |
Information Technology | * Use a variety of electronic web- and library-based resources to review available information and retrieve pertinent information * Use spreadsheet software to complete elements of the self study |
Personal Development and Career planning | * Preparation for seminar tasks will encourage initiative, independence and self-awareness |
Problem solving | * Identify the precise problem to be solved * Assess which data are pertinent to the problem * Recognize that alternative solution methods might be available * Select and apply appropriate methods for solving the problem * Assess the reasonableness of problem solutions and interpret those solutions |
Research skills | * Identify which information sources are available to: * facilitate module study (understanding, wider reading) * provide data which allow application of module learning in a real world context * Properly reference/attribute information sources |
Subject Specific Skills | * Develop competence in interpreting and applying current accounting standards and be able to produce financial reporting standards * Understand that there are areas of further analysis that should be considered when dealing with the issues of valuation. |
Team work | * Develop experience of team work and develop team working skills via small group working on self study * Group work during seminars |
Notes
This module is at CQFW Level 6