Module BUSS2071: CORPORATE FINANCIAL REPORTING AND TAXATION

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

BUSS2071: CORPORATE FINANCIAL REPORTING AND TAXATION

Prerequisites

• ECOS1081, Introduction to Accounting.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To develop the technical skills introduced at level one. The module addresses the preparation of financial statements for a single company, including the application of relevant International Financial Reporting Standards.
• To develop an understanding of the range of taxes which impinge upon incorporated businesses in the UK.

Content

• Double entry book-keeping.
• Accruals basis of accounting.
• The IFRS framework.
• Preparation of the Income Statement, Balance Sheet and Cashflow statement for a single company.
• Accounting for tangible assets (current and non current).
• Supplementary disclosure.
• Earnings Per Share (EPS)
• Provisions.
• Deferred Taxation.
• Corporation Tax.
• International aspects of taxation.
• Collection of taxation by companies (VAT & PAYE).
• Administrative requirements and compliance.

Learning Outcomes

• Understand the underpinning concepts which govern the preparation of financial statements.
• Understand the fundamentals of taxation as applicable to an incorporated UK business.

• Be able to prepare a basic set of accounts for a single company.
• Be able to complete stages within a basic corporation tax computation.

• Written communication and numeracy through the examination and summative assignment.

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

• Lecture delivery will cover the technical material underpinning the course as preparation for seminars which will enable students to develop the skills of accounts preparation and interpretation.
• The formative assessment seeks to ensure basic technical outcomes are achieved early in the module to enable the development of interpretative skills in later sessions.
• The summative assignment seeks to assess the learning outcomes related to the practical application of the skills to 'live' corporate data.
• The examination addresses the students understanding of the key concepts introduced in the module.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

End of term exercise involving preparation of accounts.

■ 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