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Module ASB-2515:
Financial Accounting 1

Module Facts

Run by Bangor Business School

10 Credits or 5 ECTS Credits

Semester 1

Organiser: Dr Sara Closs-Davies

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.

Course content

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.

Assessment Criteria


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.


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.

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.

Learning outcomes

  1. Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.

  2. 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.

  3. Prepare consolidated financial statements, including associates, in accordance with international accounting and financial reporting standards.

  4. 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.

Assessment Methods

Type Name Description Weight
EXAM S1 Examination

End of semester exam which assesses knowledge and skills: in the preparation of group accounts; accounting standards, concepts and conventions; and the preparation of additional notes to the financial statements.


Mid-semester class test which assesses knowledge and skills in: accounting standards, concepts and conventions; and the calculation and preparation of key parts to financial statements.


Teaching and Learning Strategy


Computational workshops, using pre-set examples.

Private study

Self-study, to include: - reading; - preparation towards lectures and tutorials; - practising and working on lecture and tutorial material; - practising and answering additional questions, including past exam papers and class tests, textbooks etc.; and - preparation towards the exam and class test.


Classroom lectures, including the use of worked examples to demonstrate accounting computations.


Transferable skills

  • 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).
  • Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.
  • 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.


Resource implications for students

Students are advised to purchase the core textbook for the course.

Talis Reading list

Reading list

Core textbook: Elliott, B. & Elliott, J. 2019. Financial Accounting and Reporting. 19th Edition, Pearson.

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: