Overview

NOTE: If you are registered for BA/BSc Accounting and Finance, you must achieve a grade of at least 40% in this module in order to proceed to Year 3.

To provide advanced coverage of financial accounting and financial reporting, by examining the objectives and contents of selected key international accounting and financial reporting standards. The focus will be on the presentation of financial statements for publication, consolidated financial statements for groups of companies, equity accounting for associated companies, and tangible and intangible non-current and current assets. In each case current international accounting standards will be critically examined in the context of the range of accounting methods available.

Upon successful completion of this module you should have an knowledge and an understanding of the following topic areas: Presentation of financial statements under international accounting standards; accounting for, and costing, inventory; accounting for property, plant & equipment, including investment property, government grants, intangible assets and impairment of assets; legal requirements of group accounting and preparation of financial statements for groups; accounting for associated companies.

Assessment Strategy

-Threshold D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-Another level C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

-Good B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-Excellent A- to A+ (70%+): Outstanding Performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

Learning Outcomes

• Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.

• Prepare consolidated financial statements, including associates, in accordance with international accounting and financial reporting standards.

• Understand the different types of relationships that can exist when a company invests in another company, including associates and subsidiaries, and apply the appropriate accounting methods.

• Understand the objective, development and application of international accounting and financial reporting standards in relation to the presentation of financial statements, non-current assets, and inventory.