Module Identifier AC32920  
Academic Year 2006/2007  
Co-ordinator Professor Kevin M P Holland  
Semester Semester 2 (Taught over 2 semesters)  
Other staff Ms Megan R Williams  
Pre-Requisite AC11020 , AC10120  
Course delivery Lecture   36 Hours. 18 1-hour lectures per semester  
  Seminars / Tutorials   16 Hours. 7 1-hour tutorials in semester 1, 9 1-hour tutorials in semester 2  
Assessment TypeAssessment Length/DetailsProportion
Semester Exam3 Hours Set in Semester 270%
Semester Assessment Class Test - Set in Semester 130%
Supplementary Exam3 Hours  100%

Learning outcomes

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


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 Lists

** 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 Gee
R Lewis and D Pendrill (2004) Advanced Financial Accounting 7th edition. Prentice Hall


This module is at CQFW Level 6