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Module

ACC2066 : Financial Accounting for Business

  • Offered for Year: 2021/22
  • Module Leader(s): Mr Aidan Beck
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 5
ECTS Credits: 8.0

Aims

1. To introduce the IASB Framework in Accounting
2. To examine current financial reporting practice and how it impacts upon companies
3. To enable students to further develop accounts preparation and interpretation skills
4. To provide an introduction to consolidated accounts

This is an intermediate financial accounting module where financial statements for a range of business transactions will be considered, including accounting for leasing; tangible and intangible non-current assets with revaluation issues; provisions, contingent liabilities and contingent assets; accounting for foreign currency translation and consolidation of companies with reference to international accounting standards. We shall examine the regulatory and IASB frameworks governing the production of financial statements and how these interact with International Accounting Standards.

Outline Of Syllabus

1. IASB Framework in Accounting
2. Financial accounting and reporting concepts
3. Preparation of (single) company financial statements
4. Introduction to consolidated accounts

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials91:009:00Lecture content pre-recorded
Scheduled Learning And Teaching ActivitiesLecture141:0014:00Whole group lecture sessions
Guided Independent StudyAssessment preparation and completion301:0030:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching81:008:00Question practice/ feedback
Structured Guided LearningStructured research and reading activities431:0043:00N/A
Guided Independent StudyIndependent study301:0030:00N/A
Scheduled Learning And Teaching ActivitiesScheduled on-line contact time151:0015:00Synchronous online sessions
Scheduled Learning And Teaching ActivitiesScheduled on-line contact time20:301:00Online discussion- pre exam clinic
Total150:00
Teaching Rationale And Relationship

The syllabus requires students to master a wide range of accounting principles, rules and techniques, and then to apply them to given accounting scenarios. Helping students acquire this competence is best achieved by examples, supported by significant reading and practice as independent study. Progress tests for self marking and practice questions will help students to structure their studies and receive formative feedback on progress.

Assessment Methods

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

Exams
Description Length Semester When Set Percentage Comment
PC Examination601A25Online MCQ exam
Written Examination1202A75N/A
Formative Assessments
Description Semester When Set Comment
Written exercise1MProgress Test for self marking
Written Examination2MProgress Test/mock for self marking and practice questions via small group sessions
Assessment Rationale And Relationship

1 x 1 hour unseen MCQ examination at the end of S1 to check students are progressing and have the knowledge in place to build on in Semester 2.

1 x 2 hour unseen written examination at the end of Semester Two required to ensure students are prepared for stage 3 professional level exam requirements. It is also an appropriate way of assessing knowledge and application of basic principles.

Online alternatives to a formal exam hall sitting of the paper could be considered if necessary, as was undertaken in 2019/20 and 2020/21.

Reading Lists

Timetable