School of Management, Unit Catalogue 2009/10 |
MN50318: Financial accounting I |
 Credits:
| 6 |
| Level:
| Masters |
| Period: | Semester 1 |
| Assessment:
| CW 25%, EX 75% |
| Supplementary Assessment: | Like-for-like reassessment (where allowed by programme regulations) |
| Requisites:
| |
| Description: | Aims: The aim of the unit is to equip students with the technical skills to prepare financial statements of listed companies in accordance with the requirements of International Accounting Standards, to analyse them for the purpose of investing and lending decisions and to provide a framework for understanding the role of accounting regulation and for evaluating mandated accounting requirements. Learning Outcomes: At the end of this unit students will be able to: 1. understand the role of financial accounting as a basis for contracting between users and preparers of financial statements; 2. prepare financial statements for listed enterprises in accordance with the requirements of International Accounting Standards and International Financial Reporting Standards; 3. discuss the usefulness and limitations of the information provided in financial statements; 4. interpret the performance of companies using ratio analysis applied to data in published financial statements; 5. Understand the role of audit and the significance of ethics in the accounting profession 6. understand and discuss different methodological approaches to financial accounting research Skills: Intellectual Skills * the ability to appropriately apply a framework of rules, regulations and principles to financial information; TFA * the ability to interpret financial information. TFA Professional Practical Skills * the ability to prepare financial reporting information in a form suitable for publication in compliance with regulatory requirements; TFA * sensitivity to tax and audit issues. FA Transferable/Key Skills * the ability to manipulate financial data to achieve a specified objective in accordance with rules, regulations and principles. FA Personal/Interpersonal * the ability to represent business activities as financial information in a form understandable to users of such information. FA Content: Accounting framework * Financial accounting information: agency theory and contracting * Framework for the Preparation and Presentation of Financial Statements * Presentation of Financial Statements Balance sheet * Property, Plant and Equipment * Investment Property; Government grants Impairment of Assets * Non-current Assets Held for Sale * Inventories Accounting for uncertainty * Events After the Balance Sheet Date * Accounting Policies, Changes in Accounting Estimates and Errors * Provisions, Contingent Liabilities and Contingent Assets Income statement * Presentation (IAS1) Revenue recognition; Discontinued Operations IAS 1(revised) Comprehensive income; Earnings quality Analysis and interpretation of financial information Accounting for taxation in financial statements Auditing and ethics Accounting research methodologies. |