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 the international environment in which business operates;
• exploring contemporary issues in financial accounting.

Content

• The conceptual framework in financial accounting.
• Accounting standards setting and enforcement.
• Limitations of financial accounting and possibile extensions.
• Accounting for business combinations, to include subsidiaries, associated companies and mergers.
• Off-balance sheet issues.
• International accouting differences and the classification of accounting systems.
• The ongoing effort towards global financial reporting and its obstacles.
• Financial reporting and information technology.
• Ethics and acounting.
• Environmental and social reporting and accounting.
• Other contemporary issues in financial accounting, including corporate governance, international auditing 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 diversity of international accounting practices and of the move towards the harmonization/convergence of accounting standards.
• Have developed a critical appreciation of the joint FASB - IASB conceptual framework project.
• 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.
• Have developed the following key skills: written and interpersonal communication; planning and organising; problem solving; numeracy; and computer literacy.

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