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AC.F212: Principles of Financial Accounting


Department: Accounting and Finance NCF Level: FHEQ/QCF/NQF5//RQF5
Study Level: Part II (any yr) Credit Points: 15.0
Start Date: 15-01-2018 End Date: 11-05-2018
Available for Online Enrolment?: Y Enrolment Restriction: Fully available to all students
Module Convenor: Dr JPO Gore

CMod description

  • This module examines the main features of financial reporting by UK companies as well as the regulatory requirements and conceptual bases associated with these, with attention given to the UK Companies Acts and international accounting standards. Time will be devoted to problem areas and to specific reporting topics of current interest and concern.

Curriculum Design: Outline Syllabus

  • Lecture 1: Introduction to AcF 212 – Review of Course Outline - Recap of AcF 100/111/261 or other equivalent introductory course coverage of the basics – Accounting for sole traders – The Extended Trial Balance to Final Accounts

    What does AcF 212 cover?  How does AcF 212 differ from AcF 100/111/261 or other equivalent introductory course ? The topics it is assumed that you already know. The ‘Rules of the House’!

    Lecture 2: Accounting for Partnerships

    The growing business – sole trader to partnership – what are the accounting issues? - How do partnership accounts differ from those of a sole trader?

    Lecture 3: Cash Flow Statements 1

    Lecture 4: Cash Flow Statements 2

    Purpose of cash flow statements – developments - formats – preparation - interpretation - IAS 7

    Lecture 5: The Regulation of Financial Reporting – Theory and The law

    The Economics of Accounting Information – Regulation: do we need it? - Regulation in reality – UK Sources of Regulation - Company Law: Developments & Characteristics

    Lecture 6: The Regulation of Financial Reporting – Practice: the accounting profession and others

    UK and International Accounting rules and bodies – developments – structure – procedures - auditing

    Lecture 7: Regulation of Financial Reporting - Theoretical bases for Practical Rules - Conceptual Frameworks – the FASB’s CF, the IASB's Framework for the Preparation and Presentation of Financial Statements

    Why do we need a Conceptual Framework? – Who has produced a CF? – What is a CF? – CF: Objectives – Qualitative Characteristics – Elements (including Conceptual Primacy)

    Lecture 8: Regulation of Financial Reporting - Theoretical bases for Practical Rules - Conceptual Frameworks – FASB’s CF & IASB's Framework for the Preparation and Presentation of Financial Statements

    CF: Recognition

    Lecture 9: Regulation of Financial Reporting - Theoretical bases for Practical Rules - Conceptual Frameworks – FASB’s CF & IASB's Framework for the Preparation and Presentation of Financial Statements

    CF: Measurement – CPP – CCA - Criticisms of CFs

    Lecture 10: Share capital & creditor protection

    Capital maintenance  - Types of share capital – distributable and non-distributable reserves – capital reduction

    Lecture 11: Property, Plant & Equipment (PPE)

    Accounting for PPE & Investment Property - definitions, initial recognition and measurement, elements of cost, measurement after recognition, depreciation methods and issues

    Lecture 12: Intangible Assets, R&D, and Brands

    Accounting for Intangible Assets, R&D, and Brands – definitions - initial recognition and measurement - subsequent measurement – amortisation – impact on the usefulness of accounting information.

    Lecture 13: Impairment of Assets

    Assets impairments – definitions, indications of impairment, measurement methods and issues

    Lecture 14: Inventories

    Accounting for Inventories – definitions – flow assumptions - measurement – valuation methods.

    Lecture 15: Revenue from contracts with customers

    Accounting for Construction Contracts – definitions – measurement – valuation methods.

    Lecture 16: Reporting Financial Performance

    How, in practice, should we report financial performance? Where, in practice, should we report financial performance? – Comprehensive income concept - IAS 1, FRS 3

    Lecture 17: Earnings Management

    The nature and motives for earnings management (and creative accounting) and current research into the area.

    Lecture 18: Earnings per share Earnings per share

    The importance and use of Earnings Per Share - Computing EPS

    Lecture 19: Published Accounts of Companies 1

    Lecture 20: Published Accounts of Companies 2

    Users & information requirements - General versus special purpose - Income statement, Balance sheet, Statement of Changes in Equity – criteria for information included in financial statements – formats - recent developments

     

     

     

     

     

     

     

     

     

     

     

  • 75% Exam
  • 25% Coursework

Educational Aims: Subject Specific: Knowledge, Understanding and Skills

  • This half-unit course is designed to extend students' knowledge of the environment within which companies in the U.K. conduct their financial accounting and reporting, introduce selected issues relating its regulation and monitoring and aspects of the theory and practice relating to such reporting. Whilst the course examines certain technical aspects of the accounting process, it aims to broaden students' perspectives to enable them to appreciate the principles guiding the regulation of
    financial reporting, and the role of external financial reporting in the efficient allocation of economic resources. Forming part of the Department's financial accounting stream, the course requires the prior study of introductory financial accounting (AcF 100 or AcF 111/261 at Lancaster or equivalent) and leads on to advanced courses such as AcF 301 and 311.

Learning Outcomes: Subject Specific: Knowledge, Understanding and Skills

  • After following the course students should, relating to the areas covered in the course:
    - be aware of and understand relevant practitioner and academic literature on financial reporting;
    - be aware of the accounting methods available; be able, using underlying concepts, to analyse why particular methods might be more appropriate than the alternatives; and thus be able to suggest appropriate reporting methods, in given reporting situations;
    - be able to view accounting information in relation to the financial environment and financial markets in which companies operate and to appreciate the limitations of such accounting information.
    - be aware of the key requirements of the International Accounting and Financial Reporting Standards relating to the specific issues covered in the course;
    - know of and be able to utilise accounting reporting principles and accounting techniques appropriate to a range of specific situations examined in the course; and
    - be able to present reasoned arguments relating to the above, both oral (in tutorial discussions) and written (CWA and examination)

Contact Information

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