AC6067 - Accounting Theory and Regulations (2023/24)
| Module specification | Module approved to run in 2023/24 | |||||||||||||||
| Module title | Accounting Theory and Regulations | |||||||||||||||
| Module level | Honours (06) | |||||||||||||||
| Credit rating for module | 15 | |||||||||||||||
| School | Guildhall School of Business and Law | |||||||||||||||
| Total study hours | 150 | |||||||||||||||
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| Assessment components |
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| Running in 2023/24(Please note that module timeslots are subject to change) |
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Module summary
Students will be able to demonstrate appropriate and well-developed skills in researching, communication, including presenting quantitative and qualitative information, together with analysis, argument and commentary.
Module aims:
To understand the theoretical context of accounting and critically evaluate how this has influenced financial reporting in practice.
To critically examine the impact of global and local developments on corporate reporting.
To analyse presentation and disclosure issues in published financial statements.
To evaluate the accounting requirements for not-for-profit sector entities.
Syllabus
- Impact of legal and cultural frameworks on the development of accounting theory and practice. - LO1
- Contribution of contemporary theories, empirical evidence and approaches to accounting - LO2
- Regulatory framework of accounting in the UK and internationally - LO2
- Recent developments in corporate reporting including accounting regulation, narrative reporting, CSR, corporate governance etc. - LO3
- Accounting requirements for not-for-profit and public sector entities. - LO4
Balance of independent study and scheduled teaching activity
Scheduled teaching activity is a weekly 2-hour lecture and a 1-hour seminar. Independent study is supported by practice questions, case studies, published academic and professional articles. Online resources will be widely used in the teaching and learning of the module.
Learning outcomes
On completing the module, students will be able to:
LO1: Discuss contemporary theories, empirical evidence and approaches concerning the operation and effects of accounting and be able to critically evaluate such theories, evidence etc.
LO2: Critically evaluate the regulatory framework of accounting in the UK and internationally
LO3: To analyse recent developments in financial reporting, including regulation, corporate social responsibility and corporate governance.
LO4: Examine the issues that arise in financial reporting by non-profit sector entities and interpret the financial statements of such entities
Assessment strategy
Formative assessment will be provided throughout the whole study period and ongoing feedback will be provided accordingly to help students identify their strengths and weaknesses and target areas that need more work.
Summative assessment will comprise an Individual report (2,000 words) on investigation and analysis of the effects of current or recent developments on topics including corporate reporting; and examining the issues in the financial reporting of a not-for-profit entity.
on investigation and analysis of the effects of current or recent developments on corporate reporting (LO3); or examining the issues in the financial reporting of a not-for-profit entity (LO4)
Bibliography
Essential reading
Alexander et al (2017) International Financial Reporting and Analysis, 7th ed. Cengage Learning (AL) (Online Version available through University Library)
Recommended readings
Deegan C. and Unerman J. (2013) Financial Accounting Theory, McGraw Hill (DU)
Elliot & Elliot (2017) Financial Accounting, Reporting and Analysis 18th ed. Prentice Hall (EE)
Hofstede G, Hofstede G.J, Minkov M (2010) Cultures and Organizations MCGraw-Hill (HH)
Lee T. (2006) Financial Reporting & Corporate Governance, Wiley and Sons (LT)
Mallin C. (2015) Corporate Governance 5th Ed, Oxford University Press (MC)
Nobes and Parker (2016) Comparative International Accounting, 13th ed. Pearson (NP)
Scott W (2015) Financial Accounting Theory, Pearson 7th ed. (WS)
Solomon J. (2013) Corporate Governance and Accountability, 4th Ed, John Wiley & Sons (SJ)
Stolowy, Lebas & Ding (2013) Financial Accounting and Reporting: a global perspective, Cengage Learning, 4th ed. (SLD)
Professional journals and financial press
Websites
Accountancy Magazine – www.accountancymagazine.com
ACCA Student Newsletter – www.accaglobal.com
CIMA Student – www.cimaglobal.com
Financial Reporting Council – www.frc.org.uk
International Accounting Standards Board Council – www.ifrs.org
ICAEW www.icaew.com
ACCA www.accaglobal.com
ICAEW online journal www.accountancymagazine.com
Accountancy Age www.accountanyage.com
Financial Times www.ft.com
Electronic Databases: FAME