Company Accounting and Accounting Theory

The module will cover the following topics: Accounting Theory - the conceptual framework including objectives, qualitative characteristics, elements and recognition criteria; measurement issues in financial reporting (including economic income, replacement and current cost accounting; current purchasing power accounting; real terms accounting and cash flow and realisable value accounting). Issue in depreciation measurement. Company Accounting - will cover the following topics in respect of financial reporting for UK corporate bodies; the regulatory framework; the reporting entity including accounting for groups; reporting financial performance; accounting for tangible and intangible fixed assets; accounting for tax; preparation of cash flow statements.

Learning Outcomes

At the end of the module the student should be able to:

  • Describe and evaluate the regulatory framework of UK financial reporting.
  • Prepare, in accordance with UK GAAP, the financial statements of groups of companies including subsidiaries, associates and joint ventures. These will incorporate statements of financial performance, financial position and cash flows.
  • Explain and critically evaluate accounting for tangible and intangible assets, taxation and financial performance.
  • Explain and evaluate alternative measurement bases which may be selected for financial reporting.
  • Demonstrate awareness of the critical perspectives approach to accounting theory and practice, and of international accounting diversity.

Assessment

3 hour written exam