Module Information

Module Identifier
Module Title
Academic Year
Semester 2 (Taught over 2 semesters)

Course Delivery

Delivery Type Delivery length / details
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 Assessment Class Test - Set in Semester 1  30%
Semester Exam 3 Hours   Set in Semester 2  70%
Supplementary Exam 3 Hours   100%

Learning Outcomes

On 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.

Brief description

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.

Reading List

Recommended Text
B Elliot and J Elliot (2004) Financial Reporting and Accounting 8th edition Prentice Hall Primo search
Supplementary Text
D Alexander and A Britton (2004) Financial Reporting 7th edition Thomson Primo search Ernst and Young (2001) UK GAAP (NB New edition at the end of September 2004) 7th edition Butterworths Tolley Primo search PricewaterhouseCoopers (1999) Manual of Accounting 2000 Gee Primo search R Lewis and D Pendrill (2004) Advanced Financial Accounting 7th edition Prentice Hall Primo search


This module is at CQFW Level 6