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Module

ACC2005 : Intermediate Financial Accounting

  • Offered for Year: 2021/22
  • Module Leader(s): Miss Melis Besen
  • Lecturer: Mrs Gill Holden, Dr Ekaete Efretuei, Mrs Karen Boyd
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

Aims

1. To examine current financial reporting practice and how it impacts upon companies
2. To enable students to develop accounts preparation and interpretation skills
3. To provide an introduction to group accounts preparation

This is an intermediate financial reporting module. Most of the examples relate to companies reporting to shareholders. We shall consider how to account for a range of situations, including accounting for provisions, contingent liabilities and contingent assets, financial instruments and consolidation of group companies with reference to international accounting standards. The module will provide an introduction to the regulatory and IASB frameworks governing the production of financial statements.

Outline Of Syllabus

1. Company Financial Statements

2. The Frameworks of Financial Reporting            

3. Preparation of consolidated Group Accounts

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials91:009:00N/A
Scheduled Learning And Teaching ActivitiesLecture181:0018:00PiP
Guided Independent StudyAssessment preparation and completion160:0060:00N/A
Guided Independent StudyDirected research and reading166:0066:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00PiP
Structured Guided LearningStructured non-synchronous discussion20:301:00N/A
Guided Independent StudyIndependent study138:0038:00N/A
Scheduled Learning And Teaching ActivitiesScheduled on-line contact time21:002:00N/A
Total200:00
Teaching Rationale And Relationship

Lecture material introduces the course material to students, and concentrates upon some of the more challenging aspects of financial reporting. Students are given a programme of required reading to supplement the lecture materials and are encouraged to attempt questions as well as reading around subjects as widely as possible. The synchronous sessions consolidate the course material by allowing students to tackle problems in a small group environment, where the seminar leader is available to provide explanations and give extra help as required. The practice questions set will help students to develop problem-solving, numeracy and written-communication skills. The synchronous sessions are designed to encourage discussion by probing the implications of alternative accounting policy choices and trends in financial reporting. Students are required to attend synchronous seminar sessions with their attempts at set questions ready to discuss these with the rest of the group.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
PC Examination601A25N/A
Written Examination1202A75N/A
Exam Pairings
Module Code Module Title Semester Comment
LAC2005Intermediate Financial Accounting2N/A
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions provided
Prob solv exercises2MPractice questions provided
Computer assessment1MFormative multiple choice examination to consolidate learning by end of semester 1.
Assessment Rationale And Relationship

The semester 2 written examination tests the students' intended knowledge and skills outcomes, in particular their ability to write succinct essays and solve numerical problems, covering content from both semesters. The semester 1 MCQ examination will provide an assessment of students' core knowledge of IFRS standards covered in semester 1.

In the case of an alternative semester 2 assessment (worth 75% of the overall module mark) being necessary due to circumstances, the module leader will in the first instance consult with the DPD as to the requirements of the professional accrediting body to discuss possible acceptable alternatives. In 2020/21 this alternative was a 24 hour take home exam delivered online, and it is envisioned that if circumstances do not allow a present-in-person timed exam at the end of semester 2, and the professional body agrees, than this may well be an example of the type of alternative assessment which could be put in place.

Reading Lists

Timetable