LAC3001 : Financial Accounting

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


1. To provide an overview of the various approaches to accounting theory and to analyse their impact on financial reporting.
2. To frame the modern institution of financial accounting in its historical and environmental context.
3. To provide an in-depth understanding of consolidated accounting.
4. To consider recent developments in financial reporting, especially the work of the IASB.

Outline Of Syllabus

Approaches to accounting theory
The conceptual framework
The regulation of financial accounting
Income measurement
Capital maintenance and price-level adjustments
Critical perspectives on accounting
Extended systems of accounting (social, environmental and sustainability accounting)
Introduction, Cons SofP revision                  
Cons IS revision: inter-company transactions, Goodwill, non-controlling interests, reserves      
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 ActivitiesLecture331:0033:00N/A
Guided Independent StudyAssessment preparation and completion164:0064:00N/A
Guided Independent StudyDirected research and reading150:0050:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching31:003:00N/A
Guided Independent StudyIndependent study150:0050:00N/A
Jointly Taught With
Code Title
ACC3023Accounting Theory
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 Accounting1Newcastle 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