The aim of this module is to give students with no previous knowledge of accounting a basic understanding of accounting processes and the ability to prepare financial statements for a range of unincorporated and incorporated entities. Students will be introduced to the principles of accounting theory including the International Accounting Board's (IASBs) Conceptual Framework for Financial Reporting. Students will develop an ability to apply knowledge, evaluate financial reporting topics, and to understand and analyse financial reporting information. Students will be required to answer in terms of International Financial Reporting Standards (IFRSs) in so far as they affect topics on the syllabus but also in terms seen in the wider accounting literature.
Financial Reporting Frameworks
- Framework for the preparation and presentation of financial statements.
- Regulatory framework including local GAAP.
- International standard setting process.
Double Entry Book-keeping and Accounting Systems for a Business Entity
- The double entry accounting system.
- Accounting for assets and liabilities and the accounting equation
- Accounting for income and expenditure.
- Balancing ledger accounts and the trial balance.
Maintaining Adequate Controls
- Correction of errors and the use of suspense accounts.
- Control accounts.
- Bank reconciliations.
The need for period end adjustments when preparing financial statements
- The need for period end adjustments.
- Accounting for depreciation.
- Accounting for debtors (Receivables).
- Accruals and prepayments.
Financial Statement Preparation
- Sole proprietor organisations (including those from incomplete records).
- Not-for-Profit organisations.
- Partnerships.
- Manufacturing Organisations.
- Limited companies in accordance with IAS 1.
International Financial Reporting Standards
- Preparation of Financial Statements.
- Inventory.
- Property Plant and Equipment.
- Impairment.
- Investment Properties.
- Intangible Assets.
- Government Grants.
- Reporting Financial Performance.
- Earnings per share (excluding dilution).
- Provisions, Contingent Liabilities and Contingent Assets.
- Construction Contracts.
- Leases.
- Events after the Reporting Period.
- Accounting for taxation (current tax only).
- Consolidated and separate financial statements.
Published Accounts
- Preparation of financial statements including Statements of Cash Flows for single entity companies.
Analysis and Interpretation of Accounts
- Calculation of accounting ratios.
- Interpretation of accounting ratios.
- Uses and limitations of accounting ratios.
Introduction to Group Accounts
- The concept and principles of a group.
- The concept of consolidated financial statements.
- Basic consolidated Statement of Financial Position for a company with one subsidiary.
The learning and teaching methods employed will include lectures, tutorials, discussions, problem-solving exercises, readings, self-directed learning and computer-based learning.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 80 |
| Other Assessment(s) | 20 |