No# of Pages:
6 pages (1,500 words)
Academic Level:
Under Graduate
Subject Area:
Accounting
Paper Style:
Harvard
No# of Sources Required:
7
Language:
English (U.K)
Details:
Financial Accounting module. Please find attached files. everything is explained.
Section One: ABOUT THE MODULE
1 Module title Financial Accounting
2 Module code FIN 2010
3 Module level and credit rating Level 5 20
4 Faculty Business School
5 School/Subject Discipline Accounting & Business Law
6 Teaching site(s) for course:
L
7 Teaching period 12 weeks
8 Pattern of attendance Block, Full Time, Part Time
9 Required prior learning
10 Module description
The Financial Accounting module FIN 2010 is offered in combination with Managerial Accounting FIN 2020. The module is designed on a topic based approach to offer students a holistic perspective on International Financial Reporting Standards, the rationales and principles guiding the preparation of financial statements and the preparation of financial statements. Although this is a level 5 module, there are no pre-requisite modules; however, prior learning is required from the level 4 modules
11 Module aims
The aims of this module are hinged on teaching students the principles guiding the preparation of financial statements and how to prepare financial statements. It aims to develop in the students fundamental skills required to prepare the financial statements through active participation and activities and understanding the rationale and principles through application to companies. It also deals with evaluating and analysing firm performance and considers the varying needs of the different information users to keep students at the forefront of their future careers in business and accounting
12 Module learning outcomes
At the end of this module, student should be able to:
1. Prepare financial statements using complete and incomplete data which have to be transformed to allow for the preparation
2. Explain the key accounting concepts in financial accounting and discuss their application to financial accounting
3. Critically analyse and evaluate financial statements to explain company performance and position based on company annual reports
4. Critique main points in the company’s annual reports
13 Indicative syllabus
1. The Framework of Financial Reporting: Introduction to Financial Accounting, Key Accounting Concepts,
2. Financial position (Balance Sheet) and financial performance (Income Statement); An Overall View of the Bolts and Nuts
3. Preparation of financial statements: How to record transactions and prepare financial reports for a single enterprise
4. Measuring and reporting cash flows
5. Analysis and Interpretation of Financial Statements
14 Indicative bibliography and key on-line resources
Core Text:
Atrill P. Mclaney E. (2001) Accounting and Finance for Non-specialists 3rd. Edition Prentice Hall, Harlow
Britton A. Waterston C. (1999) Financial Accounting 2nd Edition Longman Harlow
Recommended Text:
Kimmel, P. Financial Accounting: Tools for Business Decision Making, International Student Version, 6th Edition, Wiley Publishing
Journals;
Journal of Business Finance & Accounting
Accounting and Society Journal
Journal of Finance and Accountancy
15 Learning and Teaching strategy for the module including approach to blended learning, students’ study responsibilities and opportunities for reflective learning/pdp
Learning and Teaching strategy
The learning and teaching strategy is designed to engage students actively with their acquisition of the language and skills of basic finance. The module creates a context whereby students learn the fundamental rules of finance and then apply these rules to solving technical and analytical problems. It is generally accepted that in finance students learn the application of finance skills most effectively when working at their own pace and in their own time. Therefore, once the core skills have been explained and demonstrated in lectures and tutorials, students will be provided with module-specific resources to practice and develop their skills in a controlled and progressive manner. Students will be aided in the acquisition of the generic skills of finance by using industry relevant examples to illustrate key points.
Financial accounting is also known as "statutory accounting" in recognition that the subject is regulated by the Companies Act which determines how financial transactions should be recorded and how the summaries of such transactions should be presented. This factual component of the course is best delivered by traditional style lectures and tutorials.
16 Indicative learning and teaching hours for the module. Learning hours comprise face-to-face and virtual contact hours plus self-managed and directed learning and time spent on placements (where relevant).
Method Description and percentage of learning hours
Scheduled learning and teaching activities 50 (25%) including Lectures, Seminars, Examination, Revision.
Guided independent study 150 (75%) including Seminar preparation and guided reading, preparation for Coursework tests, Learning from feedback, Examination Preparation.
Placement/study abroad
TOTAL LEARNING HOURS FOR THE MODULE 200
17 Assessment strategy
Assessment methods:
• Individual coursework (1500 words) 50% LO2 and 4
• Examination ( 1.5 hours) 50% LO 1 and 3
18 Arrangements for formative and summative feedback
12 weeks block teaching term period with the following arrangements for providing feedback:
• Individual course work will be worth (50%) and designed to be both summative and formative to allow for improvements in examination. LOS 3 and 4
• An examination will be worth (50%) and will test the learning outcomes covered previously in the individual course work and lectures and of the overall grade. Feedback in this instance will be summative of the students overall performance in this component of the assessment. LOS 1 and 2
There will be weekly general feedback on student’s progression through material in the form of seminars/tutorials. The first assessment will be opportunity for detailed feedback.
In all instances feedback will be provided in three working weeks
19 Description of assessment items
Assessment Method Description of Item % weighting Week Due If not pass on aggregate, explain what is required to pass the module
Coursework Individual coursework (1500 words) 50 6
Written Exam Examination (1.5 hours) 50 12
Section Two: FACULTY USE
20 Nominated External Examiner
21 Nominated Module Leader at time of approval
22 Courses to which this module contributes and whether Core or Option
Section Three: OFFICIAL USE AND CODES – responsibility for completion is as indicated
23 Original date of approval (QEU)
24 Module approved to run from (QEU)
25 Revision date (specify cohort) (QEU)
26 Module specification version number (QEU)
27 SITS Mark Scheme (Academic Registry)
28 Subject Standards Board Name (Academic Registry)
Instructions: All Questions Are COMPULSORY
Question 1
a) The IASB’s Conceptual Framework for the Preparation and Presentation of Financial Statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts. Five of these in widespread use are:
– Matching/accruals
– Substance over form
– Prudence
– Comparability
– Materiality
Required:
Briefly explain the meaning of each of the above concepts/assumptions.
(25 marks, 350 words)
b) For most entities, applying the appropriate concepts/assumptions in accounting for inventories is an important element in preparing their financial statements.
Required:
Illustrate with examples how each of the concepts/assumptions in (a) may be applied to accounting for inventory. (25 marks, 350 words)
Question 2
At a recent international meeting of business leaders, Rob Whiteman said that multi-jurisdictional attempts to regulate corporate governance were futile because of differences in national culture. He drew particular attention to the Organisation for Economic Co-operation and Development (OECD) and International Corporate Governance Network (ICGN) codes, saying that they were, ‘silly attempts to harmonise practice’. He said that in some countries, for example, there were ‘family reasons’ for making the chairman and chief executive the same person. In other countries, he said, the separation of these roles seemed to work.
Another delegate, Alison Sweeting, said that the roles of chief executive and chairman should always be separated because of what she called ‘accountability to shareholders’.
One delegate, Vincent Vladi, said that the right approach was to allow each country to set up its own corporate governance provisions. He said that it was suitable for some countries to produce and abide by their own ‘very structured’ corporate governance provisions, but in some other parts of the world, the local culture was to allow what he called, ‘local interpretation of the rules’. He said that some cultures valued highly structured governance systems while others do not care as much.
a) Explain the roles of the chairman in corporate governance. (12 marks)
b) Assess the benefits of the separation of the roles of chief executive and chairman that Alison Sweeting argued for and explain her belief that ‘accountability to shareholders’ is increased by the separation of these roles. (25 marks)
c) Critically evaluate Vincent Vladi’s view that corporate governance provisions should vary by country. (13 marks)
(50 Marks and 800 words)