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Module

ACC3001 : Financial Accounting

  • Offered for Year: 2020/21
  • Module Leader(s): Mr Philip Morey
  • Lecturer: Mrs Gill Holden, 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

The module will allow students to

1.       Apply the requirements of international financial reporting standards to single company and consolidated financial statements.

2.       Identify the choices that specific international financial reporting standards make available.

3.       Describe the main features of Integrated Reporting and the UK Corporate Governance Code.

4.       Identify ethical threats and create appropriate safeguards to mitigate those threats.

5.       Propose and justify the most appropriate accounting treatment for given scenarios.

6.       Prepare financial statements for single and group companies.

7.       Critically evaluate, evaluate the culture of an organisation in the quality of corporate governance and integrated reporting.

8.       Critically evaluate ethical issues within a scenario and conclude their impact on the organisation, selecting appropriate safeguards where threats are determined

Outline Of Syllabus

Approaches to accounting theory
The conceptual framework
The regulation of financial accounting
The need for Corporate Governance
Ethical considerations
Critical perspectives on accounting
Extended systems of accounting (social, environmental and sustainability accounting)
Consolidation and Group Accounting with inter-company trading, fair value adjustments, Associates and Joint Ventures                                          
Financial instruments            
Creative accounting and reporting the substance of transactions
Emerging Issues

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion130:0030:00N/A
Structured Guided LearningLecture materials182:0036:00N/A
Structured Guided LearningAcademic skills activities118:0018:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00Small group seminars
Scheduled Learning And Teaching ActivitiesDrop-in/surgery21:002:00Q&A, pre-assessment clinic. Whole cohort together
Guided Independent StudyIndependent study1107:00107:00N/A
Scheduled Learning And Teaching ActivitiesModule talk11:001:00Whole cohort together
Total200:00
Teaching Rationale And Relationship

Lectures introduce the course material to students. Students are given a programme of required reading to supplement the lectures, and are also encouraged to read round the subject as widely as possible. They also receive a programme of seminar work to be completed prior to the seminars. The seminars serve two functions:
1. To consolidate the numerical part of the course material by allowing students to tackle problems in a small group environment, where the seminar leader is on hand to provide explanations and give extra help as required.
2. To encourage discussion of issues in normative and positive accounting theory. Students are required to discuss these issues in small teams and to present their findings to the rest of the class, thus developing oral communication skills. The programme of seminar work helps students to develop problem-solving, numeracy and written communication skills.

Assessment Methods

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

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A100N/A
Exam Pairings
Module Code Module Title Semester Comment
LAC3001Financial Accounting2N/A
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions provided
Prob solv exercises2MPractice questions provided
Assessment Rationale And Relationship

The formal examination tests students' intended knowledge and skills outcomes, in particular their ability to write succinct essays and solve numerical problems.

Reading Lists

Timetable