Second year module
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 statement.
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.