ACC3057 : Financial Accounting and Reporting

Semester 1 Credit Value: 15
Semester 2 Credit Value: 10
ECTS Credits: 13.0


To enable candidates 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).

Candidates 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 and to non-specialised profit-oriented entities.

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
•       International Public Sector Accounting Standards (IPSASs)
•       equity of a not-for-profit entity

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 ActivitiesLecture222:0044:00N/A
Guided Independent StudyAssessment preparation and completion621:0062:00N/A
Guided Independent StudyDirected research and reading651:0065:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00N/A
Scheduled Learning And Teaching ActivitiesDrop-in/surgery42:008:00N/A
Guided Independent StudyIndependent study651:0065:00N/A
Teaching Rationale And Relationship

Lectures are used to provide the basic framework, demonstrate techniques and explain concepts and theory. Some lectures will involve worked examples to develop problem-solving and technical skills which students can then practise. These are supported by small group seminars, student reading of texts and directed learning where students can practise 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
Written Examination1802A100Organised in house by NUBS in BAF Assessment Period. Open Book Exam
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.

Reading Lists