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MN20018: Financial accounting and reporting

[Page last updated: 20 April 2021]

Academic Year: 2021/2
Owning Department/School: School of Management
Credits: 6      [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Intermediate (FHEQ level 5)
Period:
Semester 1
Assessment Summary: EX 100%
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites: Before taking this module you must take MN10008 OR take MN10476 OR take MN10668
In taking this module you cannot take MN20485
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.

Programme availability:
NB. Postgraduate programme information will be added when the postgraduate catalogues are published in August 2021

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:

  • This unit catalogue is applicable for the 2021/22 academic year only. Students continuing their studies into 2022/23 and beyond should not assume that this unit will be available in future years in the format displayed here for 2021/22.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.