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MN20018: Financial accounting and reporting

Follow this link for further information on academic years Academic Year: 2018/9
Further information on owning departmentsOwning Department/School: School of Management
Further information on credits Credits: 6      [equivalent to 12 CATS credits]
Further information on notional study hours Notional Study Hours: 120
Further information on unit levels Level: Intermediate (FHEQ level 5)
Further information on teaching periods Period:
Semester 1
Further information on unit assessment Assessment Summary: CW 25%, EX 75%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 25% - Qualifying Mark: 35)
  • Examination (EX 75% - Qualifying Mark: 35)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites: Before taking this module you must take MN10008 OR take MN10476 OR take MN10668
In taking this module you cannot take MN20485
Further information on descriptions Description: Aims:
The unit aims to introduce student to key aspects of financial accounting and reporting within the context of International Accounting Standards regulation for an individual corporate entity. Areas of study focus on issues which have been subject to extensive regulatory review as a consequence of the historical variability in practice and opportunities for management discretion in the reporting of profit.

Learning Outcomes:
On completing this unit students will be able to:
* Prepare an individual corporate entity's financial statements in mandated format from a trial balance and closing adjustment information;
* Discuss the regulatory framework for accounting and its conceptual basis;
* Identify the correct accounting treatment and compute closing adjustments related to key international accounting standards;
* Evaluate IAS recommendations using the conceptual framework and fundamental principles of accounting;
* Discuss the relative merits of accounting treatments not recommended under international accounting standards.

Skills:
Intellectual skills
* Financial data manipulation and interpretation
* Analytical and communication skills in relation to financial information. (TFA)
Professional skills
* Computational skills consistent with exemptions from assessment in financial accounting in the examinations for the three main professional accountancy bodies: ICAEW, CIMA, ACCA (TA)
* Ability to apply knowledge of financial accounting and reporting issues in an advisory capacity (TFA)
Practical skills
* use IT competently (general IT skills including use of standard word processing packages, proprietorial accounting software and internet) (F)
Key skills
* act independently in planning and undertaking tasks, reflect on own learning and seek and make use of feedback. (F)

Content:
Preparation of key financial statements most notably: statement of financial position and income statement in accordance with international accounting standards.
Regulatory and conceptual framework for financial accounting.
Key international accounting standards as applied in the context of single entity financial statements, for example the accounting treatment of:
* property, plant and equipment including revaluations and impairments and accounting for future decommissioning /environmental clean up costs
* revenue recognition
* uncertainty in outcome and in measurement of issues which could have a profound effect on the reported results of the entity
Financial statement analysis.
Further information on programme availabilityProgramme availability:

MN20018 is Compulsory on the following programmes:

School of Management
  • UMMN-AFB02 : BSc(Hons) Accounting and Finance (Year 2)
  • UMMN-AKB02 : BSc(Hons) Accounting and Finance with Year long work placement (Year 2)

MN20018 is Optional on the following programmes:

School of Management
  • UMMN-ANB01 : BSc(Hons) Business Administration with Thin sandwich placement(s) (Year 3)

Notes: