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Module

ACC3001 : Financial Accounting

  • Offered for Year: 2021/22
  • Module Leader(s): Dr Teng Li
  • Lecturer: Mr Philip Morey
  • 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 the preparation of single
company and consolidated financial statements. Propose and justify the most appropriate accounting
treatment for given scenarios.

2. Identify and critically evaluate the choices that specific international financial reporting
standards make available and the potential misuse of such choices for earnings management
purposes.

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

4. Identify ethical threats and evaluate appropriate actions and safeguards to mitigate those threats.

5. Describe and critically evaluate the benefits and implications of integrated reporting and
sustainability accounting within a corporate accountability framework.

Outline Of Syllabus

Semester 1:
Preparation of single company and consolidated financial statements:                                    
Revenue from the contract with customers;
Leasing;
Deferred taxation;
Foreign currency transactions;
Farnings per share (EPS);
Consolidations - further issues;
Interpretation of (group) financial statements - further issues;

Semester 2:
Accounting choices and earnings management;
Ethical frameworks for accounting professionals;
Corporate accountability issues;
The UK Corporate Governance Code;
Integrated reporting and sustainability accounting;

Teaching Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

Teaching Activities
Category Activity Number Length Student Hours Comment
Scheduled Learning And Teaching ActivitiesLecture181:0018:00PiP lecture
Structured Guided LearningLecture materials61:006:00Pre-recorded lecture
Guided Independent StudyAssessment preparation and completion160:0060:00N/A
Guided Independent StudyDirected research and reading130:0030:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00PiP seminars
Scheduled Learning And Teaching ActivitiesDrop-in/surgery41:004:00Q&A, pre-assessment clinic, whole cohort
Guided Independent StudyIndependent study174:0074:00N/A
Scheduled Learning And Teaching ActivitiesModule talk21:002:00Synchronous online, whole cohort
Total200:00
Teaching Rationale And Relationship

Lecture materials introduce the course material to students. Students are given a programme of required reading to supplement the lecture materials and are also encouraged to read round the subject as widely as possible.

Students also receive individual question practice and discussion topics to be completed prior to the synchronous small group seminars. The small group 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.

Synchronous drop-ins and surgeries provide opportunity for the whole cohort to participate in synchronous Q&A sessions and revision sessions to prepare for the exam.

Discussion boards provide students with the opportunity to share queries with the rest of the cohort and to discuss and explore areas of mutual interest related to the subject matter and module objectives.

Assessment Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

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.
In the case of an alternative semester 2 assessment (worth 100% 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