AC206-Financial Accounting

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn term module
Pre-requisites: AC101 Introduction to Accounting or AC110 Introduction to Accounting
Non-modular pre-requisites:
Modules excluded: AC216 International Corporate Financial Reporting
Current from: 2021/2

Module Convenor: Mrs Helen De Felice

Type of module:

Summary module description:

This module builds on the knowledge acquired in AC101 or AC110, Introduction to Accounting, with regards to the preparation of financial statements for single entities and introduces students to various International Financial Reporting Standards (IFRS) in the preparation of financial statements. 


This module aims to enable students to prepare a complete set of financial statements for single entities in conformity with IFRS. 

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 cor porate or in other forms, 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

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:      
    Wider reading (independent) 10
    Wider reading (directed) 30 10
    Exam revision/preparation 65
    Preparation for tutorials 10
    Completion of formative assessment tasks 20
    Reflection 5
Total hours by term 113 0 87
Total hours for module 200

Summative Assessment Methods:
Method Percentage
Written exam 70
Written assignment including essay 20
Set exercise 10

Summative assessment- Examinations:

One 2 hour closed book unseen written exam in the Summer term.

Summative assessment- Coursework and in-class tests:

Group assessment which may include an essay submission and a reflective piece during week 9 of the Autumn Term. 

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 Convener 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. 


Assessment requirements for a pass:

A minimum mark of 50% is required for a pass.

Reassessment arrangements:

Reassessment is by examination only in August of the same year.

Additional Costs (specified where applicable):

Required text books - 

Financial accounting and Reporting IFRS approx £48

IFRS Standards approx £79

Postage approx - £5.00

Calculator  - £15 (Casio FX-83GTX or Casio FX-85GTX)

Last updated: 7 July 2021


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