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AC.F311: Financial Accounting II


Department: Accounting and Finance NCF Level: FHEQ/QCF/NQF6//RQF6
Study Level: Part II (final year) 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: Mrs CB Pilkington

Syllabus Rules and Pre-requisites

  • The student must take 1 modules from the following group:

CMod description

  • This module develops your ability to critically evaluate advanced financial accounting issues, placing this within the international accounting context.  It focuses on International Financial Reporting Standards (IFRS), with appropriate and relevant comparisons to US GAAP.

    Other topics covered include the accounting treatments of taxation, leases, pensions, provisions and contingent liabilities. The module also looks at empirical research on issues of relevance to accounting practitioners and accounting regulators.

Curriculum Design: Outline Syllabus

  • Part I - Reporting and measurement issues

    The course will focus on International Financial Reporting Standards (IFRS) with appropriate and brief but relevant comparisons to US GAAP and new UK GAAP.

    1. Introduction to course -

    2. Accounting for current tax and deferred tax

    3. Reporting the substance of transactions; Off balance sheet financing; Accounting for leases

    4. Pension accounting; Accounting treatment and terminology

    5. Provisions and contingent liabilities; Post-balance sheet events; Related parties

    6. Accounting for sharebased payments

    7. Accounting for financial instruments

    8. Fair value measurement
     - Fair value vs. historical cost
     - Mixed measurement attributes in financial assets
     - Economic consequences of accounting choice

    9. Earnings per share and complex financial instruments

    10. Summary and future directions

  • 75% Exam
  • 25% Coursework

Educational Aims: Subject Specific: Knowledge, Understanding and Skills

  • This module is compulsory for single honours Accounting and Finance, Accounting and Economics, Accounting, Finance and Mathematics and Accounting, Finance and Computer Science students and optional for other AcF and LUMS degrees.  Its objective is to develop students’ critical evaluation of advanced financial accounting issues, and to place this within the international accounting context.

Learning Outcomes: Subject Specific: Knowledge, Understanding and Skills

  • After following the course students should be able to:
    • Formulate and evaluate accounting and reporting policies appropriate to a range of scenarios examined on the course.
    • Explain how different methods of recognising and measuring assets and liabilities can affect reported financial performance.
    • understand how different bases for recognising, measuring and classifying financial assets and financial liabilities can impact upon reported performance and position.
    • explain how different methods of providing remuneration for employees may impact upon reported performance and position.
    • apply, explain and appraise accounting standards that relate to employee remuneration including: different forms of short-term and long-term employee compensation; retirement benefits; and share-based payment.
    • understand how current and deferred tax is recognised and appraise accounting standards that relate to current tax and deferred tax.
    • explain the impact of accounting principles and bases on measurement in corporate reporting including fair value measurement.
    • evaluate alternative accounting treatments, using relevant accounting concepts to analyse choices in accounting methods.
    • communicate their understanding of the academic perspectives of reporting issues covered on the course.

Contact Information

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