ADVANCED ACCOUNTING THEORY AND PRACTICE
Run by Bangor Business School - (Changsha)
20.000 Credits or 10.000 ECTS Credits
Semester 1 & 2
Organiser: Ms Wendy Ashurst
Overall aims and purpose
If you register for this module, you cannot also register for ASB-3107 Marketing of Services or ASB-3113 Marketing Communication.
You should be able to critically evaluate the various theories in accounting; and to understand how accounting theories can be used to explain the behaviour of preparers, users and regulators of accounting information; develop knowledge and skills in understanding and applying selected accounting standards and the theoretical framework in the preparation of financial statements; prepare financial statements in accordance with international accounting standards.
One semester of this module focuses on advanced accounting practice. We commence by examining the conceptual framework for financial reporting developed by the IASB and by considering the regulatory framework for financial reporting at national and international levels. We move on to consider accounting standards and current professional debates in specific accounting areas. The areas we will be covering this year are financial instruments, the presentation of financial statements, liabilities, employee benefits & share-based payments, taxation, leases, and accounting for carbon emissions.
The other semester of this module provides a discussion of the various theories of financial accounting and explores their relevance to the study, practice, and regulation of accounting. It covers the measurement of various elements of accounting, the underlying reasons for organizations to provide certain types of accounting information, the underlying reasons for individuals and groups to engage in lobbying for specific accounting methods, the impact of the adoption of different accounting methods on organizations, the reasons for capital market reactions to specific types of accounting information, and alternative measures of income.
Normative theories of accounting; Positive accounting theories; Behavioural accounting theories; Systems-oriented theories; Critical accounting theories; Conceptual frameworks for financial reporting; A regulatory framework for financial reporting; Presentation of financial statements; Specific issues, including financial instruments, leases, liabilities, employee benefits, share-based payments, taxation.
C- to C+
C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
A- to A+ (70%+): Outstanding Performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
Critically evaluate the strengths and weaknesses of various accounting theories.
Analyse the development and intellectual underpinning of rival theories that seek to explain accounting behaviour.
Prepare an entity's financial statements in accordance with international accounting standards.
Discuss and apply a conceptual framework for financial reporting.
Discuss a regulatory framework for financial reporting.
|Multiple Choice Test||20.00|
Teaching and Learning Strategy
One 2-hour lecture per week.
- 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
- 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
- Leadership - Able to lead and manage, develop action plans and objectives, offer guidance and direction to others, and cope with the related pressures such authority can result in
Pre- and Co-requisite Modules
Courses including this module
Compulsory in courses:
- N405: BSc Accounting & Finance (Bangor College, China) year 3 (BSC/AFBC)