module specification

AC6006 - Advanced Financial Accounting (2020/21)

Module specification Module approved to run in 2020/21
Module title Advanced Financial Accounting
Module level Honours (06)
Credit rating for module 30
School Guildhall School of Business and Law
Total study hours 300
 
210 hours Guided independent study
90 hours Scheduled learning & teaching activities
Assessment components
Type Weighting Qualifying mark Description
Coursework 20% 35 1 hour in-class test containing a mixture of multiple choice, computational and short answer questions
Coursework 30% 35 Group presentation and individual write-up (up to 1,500 words) on a research topic on the theoretical context of account
Unseen Examination 50% 35 3-hours closed book exam comprising computational and discursive questions
Running in 2020/21
Period Campus Day Time Module Leader
Year North Monday Afternoon
Year North Monday Morning

Module summary

To develop advanced knowledge and skills in understanding and applying accounting standards and other regulations and the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.

If students pass both AC5005 and this module, they will gain exemption from ACCA Paper F7.

Module aims :

1. To account for specialised transactions in accordance with international accounting standards
2. To discuss the theoretical context of accounting and critically evaluate how this  has influenced financial reporting in practice.
3. To analyse recent developments in international financial reporting, including regulation and corporate governance

Syllabus

1. Accounting for specialised transactions including financial instruments, leasing, foreign currency transactions, employee benefits; substance over form  LO1
2. Analysing and interpreting the financial statements of single entities and groups  LO2
3. Preparation of consolidated financial statements including an associate  LO2
4. Contribution of contemporary theories, empirical evidence, concepts and approaches to accounting  LO3
5. Impact of legal and cultural frameworks on the development of accounting practice.  LO3
6. Effects of recent developments on corporate reporting including accounting regulation, narrative reporting, corporate governance etc.  LO4

Balance of independent study and scheduled teaching activity

Scheduled teaching activity is a weekly 1.5-hour lecture and a 1.5-hour seminar. Independent study is supported by practice questions, case studies, past exam questions and published academic and professional articles

Learning outcomes

On completing the module students will be able to:

1. develop critical advanced skills for accounting for specialised transactions
2.  prepare and present financial statements for business combinations; critically analyse and interpret financial statements
3. discuss contemporary theories, empirical evidence, concepts and approaches concerning the operation and effects of accounting and be able to critically evaluate such theories, evidence etc.
4. critically examine the impact of global and local developments on corporate reporting

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.
Formal summative assessment will comprise: 1 hour in-class test containing a mixture of multiple choice, computational and short answer questions (20%); Group presentation and individual write-up (up to 1,500 words) on a research topic (30%); and 3 hours closed book exam comprising computational and discursive questions (50%)

The module overall pass mark is 40%.

Bibliography

Essential Reading

Alexander et al (2017) International Financial Reporting and Analysis, 7th ed. Cengage Learning   (AL)   

Additional Reading
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