ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title FINANCIAL ACCOUNTING AND REPORTING
Code ACUL701
Coordinator Mr BC Wheaton
Finance and Accounting
Ben.Wheaton@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 7 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 91

         3

 94
Timetable (if known)              
Private Study 56
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Examination There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When) :First semester  3 hours    80       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Mid-term test Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When): First semester  1.5 hours    20       

Aims

To ensure that students have a sound understanding of the techniques of double entry accounting and the application of its principles in recording transactions, adjusting financial records and preparing non-complex financial statements;

To enable students to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS);

Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios.

Learning Outcomes

(LO1) Be proficient in the use of double entry accounting techniques and the maintenance of accounting records;

(LO2) Identify and correct omissions and errors in accounting records and financial statements;

(LO3) Specify the components of financial statements and prepare and present non-complex accounts for sole traders, partnerships and limited companies;

(LO4) Explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;

(LO5) Prepare and present financial statements from accounting data for single entities in conformity with IFRS and explain the application of IFRS to specified single entity scenarios;

(LO6) Identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

(S9) Ethical awareness

Teaching and Learning Strategies

Lectures x 91 hours
Lectures will be delivered in full day blocks. A full day block of lectures involves the student attending class from 9am to 4.30pm with breaks. The day involves a range of activities which can include lectures, guided scenario and question practice, group work and open discussion on relevant business areas. Full day contact with academic staff therefore provides the opportunity for students to interact with each other and with academic staff, to work in teams and receive real time guidance.

Formative Progress Test x 3 hours
Unscheduled directed student hours (time spent away from the timetabled sessions but directed by the teaching staff).

Self-directed learning hours x 56
Self-directed learning includes wider reading on the related topic areas from academic and professional journals and the financial press, reflection on lecture content and sourcing and attempting scenario-based exercises. Structured preparation for mid-term tests also requires self-directed learning.

Syllabus
 

Introduction: The principles of double entry bookkeeping;

1. Maintaining financial records;

2. Adjustments to accounting records and financial statements;

3. Preparing financial statements;

4. Accounting and reporting concepts and ethics;

5. Single entity financial statements;

6. Consolidated financial statements.

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.