AC206-Financial Accounting

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Autumn term module
Pre-requisites: AC110 Introduction to Accounting
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Mrs Helen De Felice
Email: helen.defelice@henley.ac.uk

Type of module:

Summary module description:

This module builds on the knowledge acquired in AC110, Introduction to Accounting, with regards to the preparation of financial statements for single entities, it introduces students to various International Financial Reporting Standards (IFRS) in the preparation of financial statements. It also introduces the preparation of consolidation of financial statements.

This module is also delivered at the University of Reading Malaysia.

Aims:

This module aims to enable students to prepare a statement of financial position, statement of profit or loss and other comprehensive income and statement of change in equity for single entities in conformity with IFRS. It also aims to enable students to prepare consolidated financial statements in conformity with IFRS.

Assessable learning outcomes:

By the end of the module it is expected that students will be able to:

1. Describe, explain and discuss aspects of the regulatory framework affecting the preparation and presentation of financial statements.


2. Describe, explain and apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting.


3. Describe, explain, apply and discuss the contents of a number of selected International Financial Reporting Standards (IFRSs).


4. Prepare and present financial statements, namely Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income and Statement of Change in Equity, from accounting data for single entities, in conformity with IFRS and explain the applicable IFRS to specified single entity scenarios.


5. Identify the circumstances in which entities are required to present consolidated financial statements, prepare and present consolidated statement of financial position in conformity with IFRS and explain the application to specified group scenarios.


6. Demonstrate a critical understanding and awareness of the key debates in modern financial accounting and reporting.

Additional outcomes:

The module also aims to encourage the students’ effectiveness at participating in group situations and self-reflecting on the learning from this task. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:

• Conceptual and regulatory framework


• Presentation of single entity financial statements


• Reporting financial performance


• Property, plant and equipment


• Intangible assets


• Provisions and contingencies


• Group accounts: Basic principles


• Consolidated Statements of Financial Position

Brief description of teaching and learning methods:

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Workshops will focus on numerical practice and discussion of examination style questions.

Summative assessment- Examinations:

One 2 and a half hour closed book unseen written exam in the Summer term.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

Group assessment of an essay submission and a reflective piece during week 9 of the Autumn Term for the Autumn term course.

Formative assessment methods:

Formative assessments are available in the digital workbook and question bank for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:

The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy. 

•  where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;

•  where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A minimum mark of 50% is required for a pass for students who are on the Accounting and Business programme.

A minimum mark of 40% is required for a pass for students who are on other programmes.

Reassessment arrangements:

Reassessment is by examination only in August of the same year.

Additional Costs (specified where applicable):

Required digital text books £48

?Students are allowed to use any non-programmable calculator in exams, both online and in person.

Last updated: 4 July 2023