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Module

ACC3057 : Financial Accounting and Reporting

  • Offered for Year: 2020/21
  • Module Leader(s): Dr Andrew Holden
  • Lecturer: Miss Melis Besen
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 15
Semester 2 Credit Value: 10
ECTS Credits: 13.0

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

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials232:0046:00N/A
Guided Independent StudyAssessment preparation and completion381:0038:00N/A
Structured Guided LearningAcademic skills activities231:0023:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00N/A
Scheduled Learning And Teaching ActivitiesDrop-in/surgery41:004:00N/A
Guided Independent StudyIndependent study1321:00132:00N/A
Scheduled Learning And Teaching ActivitiesModule talk11:001:00N/A
Total250:00
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.

Assessment Methods

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

Exams
Description Length Semester When Set Percentage Comment
Written Examination1802A100Organised in house by NUBS in BAF Assessment Period. Open Book Exam
Formative Assessments
Description Semester When Set Comment
Written Examination2MMock Exam (Optional - 180 minutes)
Written exercise1MStudents prepare written answers to discuss in seminars
Written exercise2MStudents prepare written answers to discuss in seminars
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.

Reading Lists

Timetable