Module ASB-4419:
Advanced Fin Rep & Reg

Module Facts

Run by Bangor Business School

15 Credits or 7.5 ECTS Credits

Semester 2

Organiser: Prof Aziz Jaafar

Overall aims and purpose

To enhance students' understanding of advanced topics in financial reporting and regulation within the context of International Accounting Standards and GAAP, to assess the impact of accounting theory and regulation in resolving key reporting issues, and to examine the importance of relevant academic research to the area.

Course content

Convergence in International Financial Reporting and Regulation; Conceptual Framework; Regulatory environment of financial reporting; Accounting for Financial Instruments; Accounting for intangible assets; Accounting for Foreign Operations; Financial reporting issues and capital markets.

Assessment Criteria

threshold

Work demonstrating an adequate attempt at acquiring and applying knowledge.

Content: 1. Partial identification of the issues; 2. Adequate understanding and use of appropriate conceptual frameworks, experience and facts; some errors; 3. Some evidence of consulting source material; 4. No originality; 5. Insufficient relevance.

Structure 1. Links parts together, but lacks a coherent structure 2. Clear, but limited, objectives 3. Does not always reach a conclusion 4. Weakened by inappropriate or inaccurate use of language

good

Work demonstrating high level of analytical and applied competence on a broad range of factors. Free of major errors.

Content: 1. Clear identification of the issues; 2. High standard of critical analysis using appropriate conceptual frameworks and/or applying relevant experience and facts; 3. Good evaluation and synthesis of source material; 4. Shows some fresh thinking and originality; 5. Substantially relevant.

Structure 1. Clearly structured and logically developed 2. Clear, relevant and attainable objectives 3. Relevant conclusions 4. Supported by an appropriate range and use of language

excellent

Work of excellent quality in every respect. Focused and comprehensive, with critical depth and insight. Representing a model answer at the top end of the range.

Content: 1. Concise and comprehensive identification of the issues; 2. Excellent standard of critical analysis using appropriate conceptual frameworks and/or applying relevant experience and facts; 3. Comprehensive and excellent use, evaluation and synthesis of source material; 4. Shows fresh thinking and originality; 5. Wholly relevant.

Structure 1. Well structured and logically developed 2. Exceptionally clear, relevant and attainable objectives 3. Clearly spelled out and relevant conclusions 4. Supported by a good range and appropriate use of language

Learning outcomes

  1. Understand and explain the options and strategies of accounting regulators, in particular in relation to the evolution of international GAAP and the conceptual framework.

  2. Analyse the development and intellectual underpinning of key financial reporting standards.

  3. Explain the relationship between accounting information and capital markets and evaluate this relationship with reference to empirical evidence.

  4. Analyse, summarise and synthesise independently researched academic and professional studies of financial reporting and regulation.

Assessment Methods

Type Name Description Weight
Individual Essay 25
Exam 75

Teaching and Learning Strategy

Hours
Lecture

2 hours of lectures per week.

20
Practical classes and workshops

Advanced seminars and workshops (one hour per week).

10
Private study

Reading relevant chapters and papers; preparing tutorial questions and exams

120

Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
  • Teamwork - Able to constructively cooperate with others on a common task, and/or be part of a day-to-day working team
  • Management - Able to utilise, coordinate and control resources (human, physical and/or financial)
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
  • Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others

Subject specific skills

  • knowledge of some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector)
  • knowledge of the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socio-economic domain
  • knowledge of some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to control and decision-making)
  • skills in recording and summarising transactions and other economic events; preparation of financial statements; analysis of the operations of business (for example, decision analysis, performance measurement and management control); financial analysis and projections (for example, analysis of financial ratios, discounted cash flow analysis, budgeting, financial risks)
  • knowledge of contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence age
  • An understanding of the relationship between financial theory and empirical testing, and application of this knowledge to the appraisal of the empirical evidence in at least one major theoretical area. The appraisal should involve some recognition of the limitation and evolution of empirical tests and theory (eg the efficient markets hypothesis; anomalies; pricing of derivatives and other securities; bond portfolio management; exchange rates; raising capital and capital structure).
  • An ability to understand financial statements, and a basic appreciation of the limitations of financial reporting practices and procedures (eg financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices).
  • Research: the ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making.

Courses including this module