LAC3001 : Financial Accounting

Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0


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
Scheduled Learning And Teaching ActivitiesLecture182:0036:00N/A
Guided Independent StudyAssessment preparation and completion156:0056:00N/A
Guided Independent StudyDirected research and reading150:0050:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:00N/A
Scheduled Learning And Teaching ActivitiesDrop-in/surgery12:002:00N/A
Guided Independent StudyIndependent study150:0050:00N/A
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

Description Length Semester When Set Percentage Comment
Written Examination1802A100N/A
Exam Pairings
Module Code Module Title Semester Comment
ACC3001Financial Accounting2Newcastle parent module
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