Advanced Financial Accounting

(A contemporary Review)

FTMS College Malaysia (2011)

Module Code: BB215001S

Academic Year: 2010/11

Semester/Trimester: 2
Contents

1. Key Information

2. Introduction to the Module

3. Intended Learning Outcomes

4. Outline Delivery (including attendance requirements)

5. Assessment

6. Anglia Ruskin Generic Assessment Criteria and Marking Standards

7. Assessment Offences

8. Learning Resources

8.1 Recommended Texts

8.2 Recommended Internet resources

9. Module Definition Form

10. Report on Last Delivery of Module

1. Key Information

Module/Unit title: Advanced Financial Accounting

Module Leader: Nanthi Pichamuthu,

Chelmsford, Michael Ashcroft Building
Extension: 6886
Email: Nanthi.Pichamuthu@anglia.ac.uk

2. Introduction to the Module

This module develops basic accounting concepts, covered in the Financial

Accounting module. The requirements and complexities of the conceptual
frameworks underpinning Financial Accounting are explored both in respect of
the regulatory framework in the U.K. and in terms of the International
Accounting Standards. Any study of group accounting must necessarily
include the requirements of the International Accounting Standards as all
listed groups in the EU must now prepare accounts in accordance with these
standards.

The module will provide students with the underpinning skills and knowledge
for more in depth advanced study and an understanding of the requirement of
a number of the International Accounting Standards.

The key issues addressed will be the preparation of financial statements

including group accounts and cash-flow statements and the appropriate
treatment of assets and liabilities in accordance with the substance of any
transaction, where different from the legal form, and the relevant accounting
standards. The limitations of Historic Cost Accounting will be addressed and
considered in relationship to other accounting methods dealing with capital
maintenance in times of inflationary pressures.

The key financial accounting standards and their application and the
theoretical underpinning will be explained in lecture sessions and students will
be expected to work on practical examples and case studies for discussion
and clarification in seminars. The learning outcomes will be assessed at the
end of module in an examination during the university examination weeks.

One of the main focuses for the design of this module has been the further
development of relevant employability and professional skills. Such skills are
implicit in the learning outcomes.
3. Intended Learning Outcomes
On successful completion of this module you will be able to:

 Understand the basic presentation requirements for financial

statement as laid down by the regulatory authority.
 Understand how property, plant and equipment should be
recognised in the financial statement.
 Understand how the depreciation of property, plant and equipment
should be accounted for in the financial statement.
 Understand and explain the nature of different types of intangible
assets and how the intangible assets should be recognised in the
financial statement.
 Understand how the construction contract should be accounted in
financial statement and method of recognising the profit in the
income statement.
 Understand the preparation and presentation of statement of cash
flow and it uses in analysis the liquidity position of companies
 Understand how the preparation and presentation of consolidated
financial statement in accordance with regulatory requirements.
 Understand how the inter-company activities should be recognised
and disclosed in the consolidated financial statement.
4. Outline Delivery

The table below is indicative only and can be customised as necessary

Lecture and Seminars and student managed

Week learning

1 Conceptual framework of accounting

2 Conceptual framework of accounting

3 Accounting for Tangibles

4 Accounting for Intangibles

5 Impairment tests

6 Construction contracts

7 Statement of cash flow

8 Statement of cash flow

9 Group Accounts (Statement of financial position)

10 Group Accounts (inter-company activities)

11 Group Accounts( Income statements)

12 Ratios analysis
Course Structure

The module will be delivered by weekly lectures and supported by seminars of one
hour duration each for twelve weeks. Please note that attendance at the lectures
and seminars are compulsory.

5. Assessment

Students will be assessed by three hours examination in examination week.

In order to pass the module students are required to achieve 40%.

8. Learning Resources

8.1 Recommended Texts

 ACCA F7 Financial Reporting(International), Kaplan Publishing (latest edition)

 Elliot, B and Elliot, J (2010) Financial Accounting and Reporting (Latest edition).

Supported by

8.2. Recommended Internet Resources

http://www.iasb.org/Home.htm
http://www.frc.co.uk/

Students should keep up to date with issues on the International Accounting

Standards Board.

Students should also keep appraised of holistic financial issues raised in the
Financial Times and other sources.

www.ft.com