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ACC3057 : Financial Accounting and Reporting

  • Offered for Year: 2024/25
  • Module Leader(s):
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus

Your programme is made up of credits, the total differs on programme to programme.

Semester 1 Credit Value: 15
Semester 2 Credit Value: 10
ECTS Credits: 13.0
European Credit Transfer System


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
Scheduled Learning And Teaching ActivitiesLecture242:0048:00PIP Lectures
Scheduled Learning And Teaching ActivitiesLecture13:003:00Mock exam - 3 hour PIP
Guided Independent StudyAssessment preparation and completion681:0068:00N/A
Guided Independent StudyDirected research and reading650:000:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00PIP seminars
Guided Independent StudyIndependent study651:0065:00N/A
Guided Independent StudyIndependent study601:0060:00N/A
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

Description Length Semester When Set Percentage Comment
Digital Examination1802A100Organised in house by NUBS in BAF Assessment Period. Open Book Exam - one text book allowed
Formative Assessments

Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.

Description Semester When Set Comment
Written Examination2MMock Exam (Optional - 180 minutes)
Prob solv exercises2MPractice questions to answer and discuss
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.

There are no alternative assessments. Accreditation requires in-person invigilated assessments by virtue of this module forming part of the ICAEW "Golden Four" assessments.

Reading Lists