|| AC32920 |
|| FINANCIAL ACCOUNTING 2 |
|| 2007/2008 |
|| Dr Teerooven Soobaroyen |
|| Semester 2 (Taught over 2 semesters) |
|| Ms Megan R Williams |
|| AC10120 OR AC11020 |
| Course delivery
|| Seminars / Tutorials || 16 Hours. 7 1-hour tutorials in semester 1, 9 1-hour tutorials in semester 2 |
|| Lecture || 36 Hours. 18 1-hour lectures per semester |
|Assessment Type||Assessment Length/Details||Proportion|
|Semester Exam||3 Hours Set in Semester 2||70%|
|Semester Assessment|| Class Test - Set in Semester 1||30%|
|Supplementary Exam||3 Hours ||100%|
Learning outcomesOn successful completion of this module students should be able to:
Prepare and present financial statements in accordance with the regulatory framework.
Explain, discuss, evaluate and calculate the effect of SSAP9/IAS 11/FRED 28 - stock, work in progress and long-term contracts.
Explain, discuss, evaluate and calculate the effect of SSAP13/IAS9 - research and development.
Explain, discuss, evaluate and calculate the effect of SSAP4 - government grants.
Discuss, analyse and calculate economic and accounting income.
Explain, discuss, evaluate and calculate the effect of FRS4/IAS32 - long term liabilities.
Explain, discuss, evaluate and calculate the effect of SSAP24/FRS17/IAS19 - pensions.
Explain, discuss, evaluate and calculate the effect of SSAP21/IAS17 - leases.
Explain, discuss, evaluate and calculate the effect of FRS11/FRS15/IAS39 - asset valuation issues.
This module aims to build upon the foundations of financial accounting established in AC11020. The module will deepen and extend knowledge of theoretical and practical issues which are currently debated in financial accounting.
This module is concerned with the preparation of company accounts, and of the calculation of particular items included within those accounts. It provides an introduction to the layout of company accounts and an appreciation of some of the contentious issues relating to their preparation - for example valuation methods and the accurate measurement of resources. The module will cover various theoretical attempts to measure income and wealth and relates these to current financial reporting practices with respect to asset valuation and profit measurements.
The preparation and presentation of company accounts.
The regulation framework which governs the format and content of company accounts. This includes the statutory requirement of the Comapnies Acts and those of the national and international accounting standard setters.
The application of specific accounting standards, including those relating to stock and work in progress, research and development, and government grants.
UK GAAP, Conceptual Frameworks and the Alternative Accounting Rules.
Economic and Accounting Approaches to Income and Capital Measurement.
Accounting for Long Term Liabilities - FRS4/IAS32.
Accounting for Pensions - SSAP24/FRS17IAS19.
Accounting for Leases - SSAP21/IAS17.
Asset valuation issues - FRS11/FRS15/IAS39/IAS36/IAS16/IAS23.
Conceptual Frameworks Revisited and Reporting Financial Performance.
** Recommended Text
B Elliot and J Elliot (2004) Financial Reporting and Accounting
8th edition. Prentice Hall
** Supplementary Text
D Alexander and A Britton (2004) Financial Reporting
7th edition. Thomson
Ernst and Young (2001) UK GAAP
7th edition. Butterworths Tolley
PricewaterhouseCoopers (1999) Manual of Accounting 2000
R Lewis and D Pendrill (2004) Advanced Financial Accounting
7th edition. Prentice Hall
This module is at CQFW Level 6