Advanced Financial Reporting and Regulation
Run by Bangor Business School
15.000 Credits or 7.500 ECTS Credits
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.
The content may include but will not be limited to; 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.
C- to C+
C- to C+; Broad and sound understanding of key concepts and analytical techniques.
D- to D+; Basic understanding of key concepts and analytical techniques.
B- to B+; Good understanding of key concepts and good analytical skills.
A- to A*; Comprehensive and creative understanding of concepts and analytical techniques.
Explain the relationship between accounting information and capital markets and evaluate this relationship with reference to empirical evidence.
Analyse, summarise and synthesise independently researched academic and professional studies of financial reporting and regulation.
Analyse the development and intellectual underpinning of key financial reporting standards.
Understand and explain the options and strategies of accounting regulators, in particular in relation to the evolution of international GAAP and the conceptual framework.
2,000 word individual assignment in the form of a report.
|EXAM||End of Semester Exam||
A 2 hour closed-book exam at the end of semester 2.
Teaching and Learning Strategy
2 hours of lectures per week.
|Practical classes and workshops||
Advanced seminars and workshops (one hour per week).
Reading relevant chapters and papers; preparing tutorial questions and exams
- 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.
Talis Reading listhttp://readinglists.bangor.ac.uk/modules/asb-4419.html
Alexander, D., Britton, A. & Jorissen, A., International Financial Reporting and Analysis, 6th ed., Cengage. Rankin, Stanton, McGowan, Ferlauto &Tilling (2012) Contemporary Issues in Accounting, 1st ed. Wiley
Courses including this module
Compulsory in courses:
- N4AK: MSc Accounting and Banking year 1 (MSC/ACB)
- N4AN: MSc Accounting and Banking (with Incorporated Pre-Masters) year 1 (MSC/ACB1)
- N4AJ: MSc Accounting year 1 (MSC/ACC)
- N4AM: MSc Accounting (with Incorporated Pre-Masters) year 1 (MSC/ACC1)
- N4AP: MSc Accounting and Finance (with Incorporated Pre-Masters) year 1 (MSC/ACCF1)
- N4AG: MSc Accounting and Finance year 1 (MSC/ACCFIN)