The aim of this module is to present a critical review of major developments in the theory and practice of financial accounting.

A     Knowledge and Understanding:

• identify and account for different levels of investments in a company e.g. holding companies, subsidiary companies and other investments
• display knowledge of different theoretical and practical conventions for the preparation of financial statements
• comprehend the fundamentals of professional ethics
• be aware of current issues in financial reporting

B     Intellectual Skills:

• identify and search for relevant information
• systematically obtain, verify and retrieve information from a variety of sources
• analyse and draw reasoned conclusion from a set of data

C     Discipline Specific Skills:

• gather and construct financial information and build a narrative around it
• account for different levels of investments in a company e.g. holding companies, subsidiary companies and other investments
• describe and implement the consequences of corporate evolution as reflected in accounting statements: reconstruction and liquidation
• examine and critically evaluate current topics in financial accounting and reporting
• prepare accounts that comply with their requirements of selected accounting standards, analyse alternative accounting policies and critically examine the standard setters’ preferred treatments

D     Transferable Skills:

• communicate ideas, principles and theories effectively by written examination
• exercise initiative, self-reliance and time management skills and work independently
• appreciate alternative viewpoints
• exercise numeracy, problem-solving and IT skills
• access and utilise information in a variety of research resources both traditional and IT

The module will be delivered through a mix of large & small group face-to-face sessions, including, where relevant, supporting digital learning activities and/or recordings

The individual essay requires students to evidence critical and analytical skills. The examination contains a range of questions designed to cover the learning outcomes for the module and to test skill development. It aims to test knowledge and comprehension of topics in the syllabus as well as testing students’ ability to apply such knowledge in particular contexts. Questions require written answers and test students’ development of intellectual, communication, numeric and reasoning skills, as well as subject-specific knowledge.

Informal assessment is provided through class questions which stimulate independent learning, develop students’ analytical skills and provide an ongoing mechanism for assessing the extent to which students are meeting the module’s learning outcomes. Student problems are dealt with by the lecturer/tutor in classes or on a one-to one basis and all students are encouraged to submit queries either in the class or afterwards.

A critical examination of the following aspects of accounting theory and practice: cost or value; the substance over form debate; retirement benefits; foreign currency transactions and translations. Accounting for company evolution and failure. Accounting for groups of companies; definitions; identification; valuation; goodwill; accounting for associates. Aspects of professional ethics and other relevant current issues in financial reporting.