ACC3057 : Financial Accounting and Reporting
ACC3057 : Financial Accounting and Reporting
- Offered for Year: 2024/25
- Module Leader(s): Mrs Joanne Parker
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
Semesters
Your programme is made up of credits, the total differs on programme to programme.
| Semester 1 Credit Value: | 15 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 13.0 |
| European Credit Transfer System | |
Pre-requisite
Modules you must have done previously to study this module
Pre Requisite Comment
Available to students on NN14/NN49 only.
Co-Requisite
Modules you need to take at the same time
Co Requisite Comment
N/A
Aims
To enable students to prepare complete single entity and consolidated financial statements, and
extracts from those financial statements, covering a wide range of International Financial Reporting
Standards (IFRS).
Students will also be required to explain accounting and reporting concepts and ethical issues,
and the application of IFRS to specified single entity or group scenarios.
Outline Of Syllabus
Accounting and reporting concepts and ethics (10%)
• standard-setting process
• objectives and inherent limitations of financial statements
• qualitative characteristics of financial information
• IASB Conceptual Framework
• "true and fair view" and "fair presentation"
• accrual basis, cash accounting and break-up basis
• bases of measurement, capital and capital maintenance
• ethical and professional issues
Single entity financial statements (60%)
• laws and regulations
• prepare and present the financial statements according to IFRS
• explain the application of IFRS
• UK GAAP differences
• distributable profits
Consolidated financial statements (30%)
• laws and regulations
• subsidiaries and associates
• discontinuing interests
• prepare and present the consolidated financial statements
• explain the application of IFRS to specified group scenarios
• UK GAAP differences
Learning Outcomes
Intended Knowledge Outcomes
On completion of this module, students will be able to:
• explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues
• explain the application of IFRS to specified single entity scenarios
• explain the application of IFRS to specified group scenarios.
Intended Skill Outcomes
On completion of this module, students will be able to:
• prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS
• identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS.
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 1 | 3:00 | 3:00 | Mock exam - 3 hour PIP |
| Guided Independent Study | Assessment preparation and completion | 68 | 1:00 | 68:00 | N/A |
| Scheduled Learning And Teaching Activities | Lecture | 24 | 2:00 | 48:00 | PIP Lectures |
| Guided Independent Study | Directed research and reading | 65 | 0:00 | 0:00 | N/A |
| Scheduled Learning And Teaching Activities | Small group teaching | 6 | 1:00 | 6:00 | PIP seminars |
| Guided Independent Study | Independent study | 65 | 1:00 | 65:00 | N/A |
| Guided Independent Study | Independent study | 60 | 1:00 | 60:00 | N/A |
| Total | 250:00 |
Teaching Rationale And Relationship
structured lecture material is used to provide the basic framework, demonstrate techniques and explain concepts and theory. Some lectures will include worked examples to develop problem-solving and technical skills which students can then practice. These are supported by small group seminars, student reading of texts and directed learning where students can practice questions to help them prepare for the final assessment.
Reading Lists
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Digital Examination | 180 | 2 | A | 100 | Organised in house by NUBS in BAF Assessment Period. Open Book Exam - one text book allowed |
Formative Assessments
Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Written Examination | 2 | M | Mock Exam (Optional - 180 minutes) |
| Prob solv exercises | 2 | M | Practice questions to answer and discuss |
Assessment Rationale And Relationship
The only summative assessment for this module will be an end of year examination. An unseen examination provides the most satisfactory and reliable way of testing technical accounting knowledge, understanding and application. It also meets the ICAEW’s requirements for recognition.
Students will have the opportunity to gain feedback on progress through undertaking worked examples in class, for homework and in seminars.
There are no alternative assessments. Accreditation requires in-person invigilated assessments by virtue of this module forming part of the ICAEW "Golden Four" assessments.
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACC3057's Timetable
Past Exam Papers
- Exam Papers Online : www.ncl.ac.uk/exam.papers/
- ACC3057's past Exam Papers
General Notes
N/A
Welcome to Newcastle University Module Catalogue
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Disclaimer
The information contained within the Module Catalogue relates to the 2024 academic year.
In accordance with University Terms and Conditions, the University makes all reasonable efforts to deliver the modules as described.
Modules may be amended on an annual basis to take account of changing staff expertise, developments in the discipline, the requirements of external bodies and partners, and student feedback. Module information for the 2025/26 entry will be published here in early-April 2025. Queries about information in the Module Catalogue should in the first instance be addressed to your School Office.