AC206-Financial Accounting

Module Provider: International Business and Strategy
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn / Summer term module
Pre-requisites: AC101 Introduction to Accounting
Non-modular pre-requisites:
Modules excluded: AC202 Corporate Financial Reporting
Module version for: 2016/7

Module Convenor: Dr Ronita Ram


Summary module description:
This module builds on the knowledge acquired in AC101, Introduction to Accounting, with regards to the preparation of financial statements for single entities and introduces students to the preparation of group financial statements.

This module aims to enable students to prepare a complete set of financial statements for single entities and for groups in conformity with International Financial Reporting Standards.

Assessable learning outcomes:
By the end of the module it is expected that students will be able to:
1.Explain the contribution and inherent limitations of financial statements in meeting stakeholders’ needs for financial information.
2.Apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting.
3.Prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS.
4.Identify the circumstances in which entities are required to present consolidated financial statements and prepare and present them in conformity with IFRS.

Additional outcomes:
The module also aims to encourage the development of oral communication skills and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:
•Conceptual and regulatory framework
•Presentation of financial statements
•Reporting financial performance
•Property, plant and equipment
•Intangible assets
•Revenue and inventories
•Provisions and contingencies
•Consolidated statement of financial position
•Consolidated income statement

Brief description of teaching and learning methods:
Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Workshops will focus on numerical practice and discussion of examination style questions.

Contact hours:
  Autumn Spring Summer
Lectures 20 12
Tutorials 18
Guided independent study 150
Total hours by term 188.00 12.00
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 60
Written assignment including essay 20
Class test administered by School 20

Other information on summative assessment:

Formative assessment methods:
Formative assessments are available in the textbook for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at:
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One 2.5 hour closed book unseen written exam in the Summer term.

    Requirements for a pass:
    A minimum mark of 40% is required for a University pass.

    Reassessment arrangements:
    Reassessment is by examination only in August / September of the same year.

    Additional Costs (specified where applicable):
    1) Required text books: ICAEW Study Manual and Question Bank professional Level Financial Accounting and Reporting 2016 £45.00 (2015-16 price)
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding:
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 21 December 2016

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