Module BUSS3051: CONTEMPORARY ISSUES IN FINANCIAL ACCOUNTING

Department: Economics, Finance and Business (Business) [Queen's Campus, Stockton]

BUSS3051: CONTEMPORARY ISSUES IN FINANCIAL ACCOUNTING

Prerequisites

• Corporate Financial Reporting (BUSS2071).

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• The module builds on the core module Corporate Financial Reporting by : Developing students' appreciation of the key principles of financial accounting and the associated frameworks; Developing students' appreciation of the limitations of financial accounting and of the possible extensions to the accounting framework; Applying financial accounting skills developed at level 2 to accounting for business combinations; Exploring contemporary issues in financial accounting.

Content

• Statutory and regulatory frameworks.
• The conceptual framework.
• The International perspective.
• Limitations of financial accounting.
• Possible extensions to the accounting framework.
• Income and asset measurement systems.
• Liability and asset measurement and disclosure, with specific reference to substance over form and intangible assets.
• Accounting for business combinations, to include subsidiaries, associated companies and mergers.
• Contemporary issues in financial accounting, including social and environmental accounting, ethics relating to financial accounting and other emerging topics.

Learning Outcomes

• Have developed a critical appreciation of the key principles underpinning financial accounting.
• Have developed a deep understanding of the move towards internationalisation of accounting standards and the evolution of the conceptual framework.
• Have explored possible extensions to the accounting framework.
• Have explored and have an appreciation of recent academic literature in the field of contemporary issues in financial accounting.

• Have the ability to critically evaluate the uses and limitations of financial accounting.
• Be able to critically evaluate a range of asset valuation and profit measurement bases.
• Be able to prepare group financial statements.

• Have demonstrated the ability to undertake, with appropriate guidance, independent investigation of defined topics in the field of financial accounting and to report the findings effectively.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminars, and private study. Formative assessment is through preparation of a financial report. Summative assessment is by means of a written examination and a written assignment.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Preparation of Financial report.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University