AC5021: Financial Accounting

Please note this module descriptor is indicative of the structure of this course and may be subject to change.

AC5021: Financial Accounting

Module Title Financial Accounting
Module Code AC5021
Module Tutor Archan Mehta
School School of Business and Technology
CAT Points 15
Level of Study 5
Brief Description
Indicative Syllabus

The syllabus includes:

  • Review of the regulatory framework established by the International Accounting Standards Board (IASB) and associated bodies;
  • Evaluation of fundamental accounting concepts and underlying assumptions included in the Statement of Principles adopted by the IASB;

Discussion and practical application of key International Accounting Standards used in the preparation of Financial Statements.

Learning Outcomes

A student passing this module should be able to:

  1. Understand some of the contexts in which financial accounting operates – for example, the legal, ethical, and social environment; the accountancy profession; the regulatory bodies; the capital markets; and the public sector; (PLO1)
  2. Be familiar with the technical language and practices of financial accounting – for example, the meaning and practice of the concepts of materiality, going concern, and accruals in the preparation of financial statements; (PLO2)
  3. Display skills in recording, summarising and interpreting economic transactions and events – for example, through learning to prepare financial statements in accordance with IAS 1, and analyse them using vertical and horizontal analysis; (PLO3)
  4. Understand the contemporary theories and empirical evidence concerning the origin and history of international financial accounting standards – for example, the development of legislation and accounting standards as a direct response to accounting scandals and corporate failures, and the impact of this on society and the financial sustainability of companies globally;  (PLO4)
  5. Manage their learning independently, including being able to find, extract and analyse data, draw reasoned conclusions from many different sources, and acknowledge and reference these appropriately; (PLO6)

Display communication and numerical skills, including the ability to use information technology, including spreadsheets and online databases, to present quantitative information in a form which will be understood by its intended audience.(PLO8)

Learning and Teaching Activities Scheduled Contact Hours: 30
Independent Learning Hours: 120
Assessment (For further details see the Module Guide) 001: 50% Coursework: Individual, portfolio: 1500 words or equivalent
002: 50% Written Exam: End of module, unseen, closed book: 2.00 hours
Special Assessment Requirements
Indicative Resources The current reading list can be found in the Module Guide, which your lecturer should make available via Moodle.

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