Advanced Financial Accounting
MODULE CODE
CREDIT VALUE
Module Aims
Aim 1
The module aims to develop students’ problem solving skills in respect of more complex problems in financial accounting, and to develop the ability to critically appraise financial accounting solutions to real world problems. Students will gain an understanding of the advanced financial reporting environment and a thorough grasp of a broad range of specific accounting issues.
Module Content
Accounting Theory: the nature of accounting theory, its history and methodology.
Income and Value measurement: Further developments of the concepts of income and value and the consideration of in-depth accounting models.
Further developments of accounting for changing price levels and its incorporation into accounting models.
Corporate Reporting: the past, present and future process of setting accounting standards and the need or otherwise for a search for a conceptual framework.
The objectives, use and usefulness of different types of financial statements and their future development. The impact of these developments on accounting method and disclosure.
Selective study of particular accounting issues, including the theories, methods and standard
setting attempts of such topics as:-
The ASB’s Statement of Principles for Financial Reporting
Consolidated financial statements
Accounting for goodwill and other intangibles
Accounting for fixed assets; impairment of fixed assets, provisions
Earnings per share
Discontinued operations
Investment and financing
Liabilities
Accounting for Pensions
Ethics & Creative Accounting
Corporate Governance
Environmental Reporting
Social Reporting
‘Not-for-profit’ Reporting
Analysis and interpretation of Financial Statements
Learning Outcomes
On successful completion of this module, a student will be able to:
Teaching Methods
Material will be introduced in the one lecture per week and followed up by directed reading and discussion. There will also be one group session each week comprising work on case material in seminars. Coursework assignments are designed to promote student centred learning. As an example, a group of students might be asked to select an accounting topic of their choice, research it, and make a joint presentation. Work by students should include guided reading and problem solving. Several textbooks are recommended as is additional reading
The teaching strategy supports this in introducing in lectures discussion of assumptions and raising questions of applicability and validity. Group sessions not only develop technical problem-solving skills (in areas that are new to the students) but also encourage students to develop their critical skills.
The assignment will cover the evaluation of the financial performance of a real-world company. The assignment accounts for 30% of the total marks. The assignment will involve some literature review work. Students should show an ability to apply theoretical knowledge to complex real-world situations.
The end of year unseen 3-hour examination accounts for 70% of the total marks. This may contain problem solving questions, commentaries on problem solving situations or discussion essays that demand a critical appraisal of a technique or its application. A choice of questions will normally be given.
Students will draw on and enhance graduate attributes of planning, communication, literacy and analysis and develop confidence and expand their intellectual ability through constructing argument and exploring perspectives. This will aid employability with the accounting profession and careers in general business management. Against this background, the assessment criterion is designed to meet the professional exemption criteria. Formative feedback on seminar and practice questions is provided to students on a weekly basis, with additional support available in the timetabled Technical Support Workshops.
Assessment Methods
This module is assessed through a report (30%) and a written examination (70%).
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Compulsory
