Module Information

Module Identifier
Module Title
Intermediate Financial Accounting
Academic Year
Semester 2 (Taught over 2 semesters)
Other Staff

Course Delivery



Due to Covid-19 students should refer to the module Blackboard pages for assessment details

Assessment Type Assessment length / details Proportion
Semester Assessment 3 Hours   In-class test  30%
Semester Exam 3 Hours   70%
Supplementary Exam 3 Hours   Test  (Students must take elements of assessment equivalent to those that led to failure of the module.)  30%
Supplementary Exam 3 Hours   (Students must take elements of assessment equivalent to those that led to failure of the module.)  70%

Learning Outcomes

On successful completion of this module students should be able to:

1. Prepare and present financial statements in accordance with the regulatory framework.

2. Explain, discuss, evaluate and calculate the effect of stock, work in progress, long-term contracts/construction contracts, government grants relevant to the current IAS’s.

3. Explain, discuss, evaluate and calculate the effect of research and development and other intangible assets in relation to current accounting standards and be able to compare to previous accounting standards if relevant.

4. Explain, discuss, evaluate and calculate the effect of economic and accounting approaches to income and capital measurement, and explain and discuss the conceptual framework for reporting financial performance.

5. Explain, discuss, evaluate and calculate the alternative accounting rules affecting gains and losses on revaluation.

6. Explain, discuss, evaluate and calculate the effect of accounting for pensions in relation to current accounting standards and be able to compare to previous accounting standards if relevant.

Brief description

This module examines 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, including valuation methods and the accurate measurement of resources. The module covers the measurement of income and wealth, in relation to current financial reporting practices with respect to asset valuation and profit measurement.


IASB Framework
• What is the IASB Framework about?
• Review of qualitative characteristics
• Elements of financial statements
• Definition – Recognition – Measurement
• Capital Maintenance concept
• Conceptual framework

Published statements
• Components and structure of financial statements
• Presentation of financial statements
• Statement of changes of equity
• Disclosures

Non-current assets
• What can be recognised as a non-current asset
• Treatment of further expenditure
• Impact of revaluation and relevant accounting treatment of non-current asset
• Non-current assets held for re-sale

Government grants
• Accounting treatment of government grants

Inventories and construction contracts
• What is inventory?
• Inventory disclosure
• Long term contracts
• Accounting treatment

Intangible assets
• Definitions
• Research and development, write off or capitalize?
• Goodwill and branding

Gains and losses on assets / Revaluations
• Impairments
• Revaluations

Topic 9 – Income and Capital Measurement
• What is income?
• Introduction to Hicks
• Ex ante and ex post
• Maintenance of Capital (Versions 1 A and B)
• Income consumption (Versions 2 A and B)
• Comparisons of the alternative versions

• What is a pension?
• Defined contribution and defined benefit
• Accounting for pensions (previously and current)

Module Skills

Skills Type Skills details
Application of Number Develop an easy familiarity with numerical data sources and numerical data. Apply numerical data to problem solving with care and accuracy. Assess the reasonableness of and interpret numerical solutions. Support assertions/arguments with appropriately developed and presented numerical data.
Communication Develop confidence in and clarity of oral communication via example class/tutorial participation. Develop clarity and focus of written communication via development of answers to self study questions. Develop and use appropriate subject-specific vocabulary in oral and written communication.
Improving own Learning and Performance Identify and distil the key issues covered by lectures, tutorials and self study. Identify and use a range of learning resources. Investigate benefits of small group working on self study. Structure study to accommodate intensive learning.
Information Technology Use a variety of electronic web- and library-based resources to review available information and retrieve pertinent information. Use spreadsheet software to complete elements of the self study.
Personal Development and Career planning Preparation for seminar tasks will encourage initiative, independence and self-awareness.
Problem solving Identify the precise problem to be solved. Assess which data are pertinent to the problem. Recognize that alternative solution methods might be available. Select and apply appropriate methods for solving the problem. Assess the reasonableness of problem solutions and interpret those solutions.
Research skills Identify which information sources are available to: - facilitate module study (understanding, wider reading) - provide data which allow application of module learning in a real world context Properly reference/attribute information sources.
Subject Specific Skills Develop competence in understanding and appropriately applying accounting standards and competencies suitable for preparing company reports accounting techniques comparing theory to practice.
Team work Develop experience of team work and develop team working skills via small group working on self study. Group work during seminars.


This module is at CQFW Level 5