AC206: Financial Accounting

Module code: AC206

Module provider: Business Informatics, Systems and Accounting; Henley Business School

Credits: 20

Level: 5

When you'll be taught: Semester 1

Module convenor: Mrs Helen De Felice, email: helen.defelice@henley.ac.uk

Module co-convenor: Dr Evelita Estela Celis, email: e.estelacelis@henley.edu.my

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC110 (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC216 (Compulsory)

Placement information: na

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 19 November 2024

Overview

Module aims and purpose

This module builds on the knowledge acquired in AC110, Introduction to Accounting, with regards to the preparation of financial statements for single entities, it introduces students to various International Financial Reporting Standards (IFRS), which students need to understand, explain and apply to enable them to explain accounting concepts and to preparation of single entity financial statements.

The module also introduces the students to the International Financial Reporting Standards relevant for the preparation of consolidated financial statements.

The module lead at the °ÄÃÅÁùºÏ²Ê¿ª½±¼Ç¼ Malaysia is Evelita Estela Celis. 

Module learning outcomes

By the end of the module it is expected that students will be able to:

1. Describe, explain and discuss aspects of the regulatory framework affecting the preparation and presentation of financial statements.
2. Describe, explain and apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting.
3. Describe, explain, apply and discuss the contents of a number of selected International Financial Reporting Standards (IFRSs).
4. Prepare and present financial statements, namely Statement of Financial Position and  Statement of Profit or Loss and Other Comprehensive Income, from accounting data for single entities, in conformity with IFRS and explain the applicable IFRS to specified single entity scenarios.
5. Identify the circumstances in which entities are required to present consolidated financial statements, prepare and present consolidated statement of financial position in conformity with IFRS and explain the application to specified group scenarios.
6. Demonstrate a critical understanding and awareness of the key debates in modern financial accounting and reporting.

Module content

• Conceptual and regulatory framework 
• Presentation of single entity financial statements 
• Reporting financial performance 
• Property, plant and equipment 
• Intangible assets 
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• Provisions and contingencies 
• Events after the reporting period 
• Group accounts: Basic principles 
• Consolidated Statements of Financial Position

Structure

Teaching and learning methods

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline.

Workshops will focus on numerical practice and discussion of examination style questions.

Students on the Accounting and Business Programme will receive the 3 hours of revision teaching in Semester 2.

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA).

Study hours

At least 41 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

A minimum mark of 50% is required for a pass for students who are on the Accounting and Business programme. 

A minimum mark of 40% is required for a pass for students who are on other programmes. 

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Formative assessments are available in the digital workbook and question bank for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Reassessment

Additional costs