Financial Accounting 1
Run by Bangor Business School
10 Credits or 5 ECTS Credits
Organiser: Mr Colin Bradley
Overall aims and purpose
NOTE: If you are registered for BA/BSc Accounting and Finance, you must achieve a grade of at least 40% in this module in order to proceed to Year 3.
To provide advanced coverage of financial accounting and financial reporting, by examining the objectives and contents of selected key international accounting and financial reporting standards. The focus will be on the presentation of financial statements for publication, consolidated financial statements for groups of companies, equity accounting for associated companies, and tangible and intangible non-current and current assets. In each case current international accounting standards will be critically examined in the context of the range of accounting methods available.
Presentation of financial statements under international accounting standards; accounting for inventory; property, plant & equipment, including investment property; government grants; borrowing costs; intangible assets; impairment of assets; legal requirements of group accounting and preparation of financial statements for groups; accounting for associated companies.
D- to D+ Basic techniques of accounting or financial statement preparation are shown but significant errors are made in accounting or in the final financial statements. Conceptual issues are covered in a superficial way with only limited additional material shown beyond the lecture content.
B- to B+ Techniques used in accounting and financial statement preparation are fully shown but with some errors made in the detail of the computation. Final accounts and financial statements are substantially correct, but may contain a few errors. Conceptual awareness is shown beyond the basic level with evidence of some reading and development of ideas outside lecture material, but still with some misunderstanding not of a fundamental nature.
C- to C+
C- to C+ A sound grasp of the techniques of accounting or financial statement preparation are shown but some errors are made in accounting or in the final financial statements. Conceptual issues are covered well, but with some misunderstanding, with use of additional material shown beyond the lecture content.
A- to A* Accounting and financial statement preparation shows full competence at the technical level, with correct or substantially correct accounts, disclosures and financial statements. There is demonstration of reading and thorough understanding at the conceptual level, with very few examples of misunderstanding.
Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.
Understand the objective, development and application of international accounting and financial reporting standards in relation to the presentation of financial statements, non-current assets, and inventory.
Understand the different types of relationships that can exist when a company invests in another company, including associates and subsidiaries, and apply the appropriate accounting methods.
Prepare consolidated financial statements, including associates, in accordance with international accounting and financial reporting standards.
|ESSAY||Critical analysis of accounting standards.||
The essay will involve critical analysis of the development and application of a selected accounting or financial reporting standard.
|EXAM||S1 Examination 2hrs||70|
Teaching and Learning Strategy
Computational workshops, using pre-set examples.
Guidance to appropriate reading, and the use of computational examples to practice accounting and financial reporting.
Classroom lectures, including the use of worked examples to demonstrate accounting computations.
- Literacy - Proficiency in reading and writing through a variety of media
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- 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.
- 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 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).
- Ability to work with people from a range of cultures.
- Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
- Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.
Resource implications for students
Students are advised to purchase the core textbook for the course.
Core textbook: Elliott, B. & Elliott, J. 2015. Financial Accounting and Reporting.Harlow, Pearson.
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- NN45: BA Accounting and Banking year 2 (BA/AB)
- NN36: BA Accounting and Banking with International Experience year 2 (BA/ABIE)
- N400: BA Accounting and Finance year 2 (BA/AF)
- N401: BA Accounting & Finance (with International Experience) year 2 (BA/AFIE)
- NR43: BA Accounting/Italian year 2 (BA/AIT)
- NR44: BA Accounting/Spanish year 2 (BA/ASP)
- NN13: BA Business Studies and Finance year 2 (BA/BSF)
- NN14: BA Business Stud & Finance (with International Experience) year 2 (BA/BSFIE)
- LN14: BA Economics/Accounting year 2 (BA/ECA)
- LN15: BA Accounting & Economics (with International Experience) year 2 (BA/ECAIE)
- NR41: BA French/Accounting year 2 (BA/FRA)
- NR42: BA German/Accounting year 2 (BA/GA)
- N2N4: BA Management with Accounting year 2 (BA/MAF)
- NN44: BSc Accounting and Banking with International Experience year 2 (BSC/ABIE)
- NN43: BSc Accounting and Banking year 2 (BSC/ACCB)
- NL41: BSc Accounting and Economics year 2 (BSC/ACCEC)
- NN4H: BSc Accounting and Finance year 2 (BSC/ACCFIN)
- N402: BSc Accounting & Finance (with International Experience) year 2 (BSC/ACCFINIE)
- NL42: BSc Accounting and Economics with International Experience year 2 (BSC/AEIE)
- NN1H: BSc Business Studies and Finance year 2 (BSC/BSFIN)
- N2NK: BSc Management with Accounting year 2 (BSC/MWACC)
- M1N4: LLB Law with Acc and Finance year 2 (LLB/LAF)
Optional in courses:
- NG10: BA Business and Computer Information Systems year 2 (BA/BCIS)
- N322: BA Banking and Finance year 2 (BA/BIF)
- NR33: BA Banking/Italian year 2 (BA/BIT)
- N1R1: BA Bus Stud with French year 2 (BA/BSFR)
- N1R2: BA Business Studies with German year 2 (BA/BSGER)
- N1R3: BA Business Studies with Italian year 2 (BA/BSIT)
- NN15: BA Business Studies and Marketing year 2 (BA/BSM)
- NR34: BA Banking/Spanish year 2 (BA/BSP)
- N1R4: BA Business Studies with Spanish year 2 (BA/BSSP)
- NM11: BA Business and Law year 2 (BA/BUSALAW)
- N1T1: BA Business Studies and Chinese year 2 (BA/BUSCH)
- N100: BA Business Studies year 2 (BA/BUSS)
- NR1C: BA Business Studies/French year 2 (BA/BUSSF)
- NR1F: BA Business Studies and German year 2 (BA/BUSSG)
- NR1H: BA Business Studies and Italian year 2 (BA/BUSSI)
- N102: BA Business Studies (with International Experience) year 2 (BA/BUSSIE)
- NR1K: BA Business Studies and Spanish year 2 (BA/BUSSS)
- R1NC: BA French with Business Studies year 2 (BA/FBS)
- NR31: BA French/Banking year 2 (BA/FRB)
- NR32: BA German/Banking year 2 (BA/GB)
- R2NC: BA German with Business Studies year 2 (BA/GBS)
- N500: BA Marketing year 2 (BA/MK)
- N5R3: BA Marketing with Italian year 2 (BA/MKITAL)
- N5R1: BA Marketing with French year 2 (BA/MKTFR)
- NR51: BA Marketing and French (4 year) year 2 (BA/MKTFR#)
- N5R2: BA Marketing with German year 2 (BA/MKTGER)
- NR52: BA Marketing and German (4 year) year 2 (BA/MKTGER4)
- NR53: BA Marketing and Italian (4 year) year 2 (BA/MKTITAL)
- NR54: BA Marketing and Spanish (4 year) year 2 (BA/MKTSP)
- N5R4: BA Marketing with Spanish year 2 (BA/MKTSP#)
- R4N1: BA Spanish with Business Studies year 2 (BA/SPBS)
- L190: BSc Business Economics year 2 (BSC/BEC)
- N391: BSc Banking and Finance year 2 (BSC/BFIN)
- N101: BSc Business Studies year 2 (BSC/BS)
- NNM1: BSc Business Studies & Marketing with Intl Experience year 2 (BSC/BSMIE)
- NN1M: BSc Business Studies and Marketing year 2 (BSC/BSMKT)
- L111: BSc Financial Economics year 2 (BSC/FINEC)
- N501: BSc Marketing year 2 (BSC/MKT)