2016/17 Undergraduate Module Catalogue

LUBS2290 Intermediate Financial Accounting

20 creditsClass Size: 165

Module manager: Ms Cathy Myles
Email: C.Myles@leeds.ac.uk

Taught: Semesters 1 & 2 (Sep to Jun) View Timetable

Year running 2016/17

Pre-requisite qualifications

LUBS1915 Introduction to Financial Accounting
AND
LUBS1925 Introduction to Management Accounting
OR
LUBS1235 Introductory Financial Accounting
AND
LUBS1245 Introductory Management Accounting


LUBS2290 is a pre-requisite for the study of the following modules;
- LUBS3865
- LUBS3880

LUBS2290 is a partial pre-requisite for the study of the following modules;
- LUBS3315

This module is approved as a discovery module

Module summary

This module covers the financial accounting and reporting required of companies following the International Accounting Standards in the UK. It covers, in some depth, the technical accounting for a wide range of issues and will enable you to build on existing technical knowledge to a standard that allows you to apply and critically evaluate the rules and principles being applied under IFRS. By the end of this module, you should be able to analyse the majority of aspects in a set of financial statements and be able to critically assess the accounting methods adopted.

Objectives

This module aims to provide students with knowledge of the theoretical underpinnings which drive the current regulations and corporate guidance for UK companies and the opportunity to apply this technical knowledge in preparing a comparative report analysing companies in the UK.

Learning outcomes
Upon completion of this module students will be able to:
- Explain why there is a need for regulation and standards in financial reporting and the problems caused by necessary flexibility for accounting standards and be able to identify and analyse the effects of creative accounting
- Explain the purpose, form and requirements of accounting standards covering a variety of aspects of financial reporting, such as tangible and intangible assets, taxation, group accounts and business combinations
- Recognise the difference between accounting for profit and accounting for cash

Skills outcomes
Upon completion of this module students will be able to:
Transferable
- Competently apply numerical and statistical skills to manipulate and interrogate financial and other numerical data using current communication and information technology
- Extract relevant information from structured scenarios and data in order to identify problems and define solutions

Subject Specific
- Apply technical knowledge to a variety of scenarios to calculate numerical results to enable further analysis and interrogation
- Structure, analyse, interrogate and communicate information

Syllabus

Indicative content
Introduction to the regulation of accounting and international financial reporting standards
Form and content of published accounting statements: Income Statement, Statement of Financial Position, Statement of Cashflows, other legal requirements
Specific international accounting standards: such as property, plant and equipment, intangible assets, taxation, accounting for business combinations
Interpretation of financial statements
Current developments

Teaching methods

Delivery type	Number	Length hours	Student hours
Lecture	20	2.00	40.00
Seminar	10	1.00	10.00
Private study hours			150.00
Total Contact hours			50.00
Total hours (100hr per 10 credits)			200.00

Opportunities for Formative Feedback

The following methods of formative feedback are used on this module:
- Model answers and marking schemes for workshop and past examination papers against which students can assess their own performance.
- Individual feedback sheets on coursework assignment (handed in at the beginning of semester 2) which provides formative feedback on their performance on a written report which may be useful for this and other modules assessed by such coursework (for example LUBS3865, Financial Analysis).

Methods of assessment

Coursework

Assessment type	Notes	% of formal assessment
In-course Assessment	1,500 word course work assignment. NOTE : Resit by 3 hour written examination	30.00
Total percentage (Assessment Coursework)		30.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Exams

Exam type	Exam duration	% of formal assessment
Standard exam (closed essays, MCQs etc)	2 hr 00 mins	70.00
Total percentage (Assessment Exams)		70.00

Resit by 3 hour written examination

Reading list

The reading list is available from the Library website

Last updated: 23/02/2017

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