Advanced Financial Accounting
This module introduces students to some advanced topics in financial reporting such as: accounting for business combinations, financial instruments, assets impairment, leases, taxes, etc. Drawing from empirical research, it also examines the decision usefulness and contracting roles of financial reporting.
International accounting standards which are adopted and used in many countries, are discussed and applied in this module.
This module offers the opportunity to develop skills in critical thinking, integration and synthesis between theoretical and practical perspectives, and the ability to identify potentially fruitful issues for further inquiry and research.
Students will be able to debate and discuss issues, and develop written skills.
Full module specification
|Module title:||Advanced Financial Accounting|
None, but students are expected to have undertaken some financial accounting studies at the undergraduate level.
|Duration of module:||
Duration (weeks) - term 1: |
This module aims to equip you with knowledge and skills in a number of key financial reporting topics that are relevant to contemporary practice and research. Overall, the module will enable students to:
- develop a working knowledge of how to account for some advanced accounting transactions at both conceptual and operational levels; and,
- develop a critical understanding of the roles of accounting in capital markets and in resolving conflicts between contracting parties.
ILO: Module-specific skills
- 1. describe and evaluate the accounting rules that govern business combinations, associates and joint ventures, financial instruments, assets impairments, revenue recognition, leases, income taxes, provisions and contingent liabilities;
- 2. account for business combinations, associate and joint ventures, financial instruments, assets impairments, revenue recognition, leases, income taxes, provisions and contingent liabilities in accordance with International Financial Reporting Standards;
- 3. discuss, synthesise and critically evaluate research on financial reporting quality;
- 4. discuss, synthesise and critically evaluate research on accounting information and capital markets.
ILO: Personal and key skills
- 5. critically analyse problems arising in both academic and practical contexts;
- 6. solve both structured and unstructured problems through analytical thinking;
- 7. communicate ideas effectively in writing.
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching Activity||20||Lectures|
|Scheduled Learning and Teaching Activity||10||Tutorials|
|Guided Independent Study||120||Reading and preparation for tutorials, workshops and assessments|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Problem sets||1 hour in class||1-7||Verbal and suggested solutions on ELE|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Exam||Exam (100%, 3 hours)||1-7||August/September Reassessment Period|
- Business Combinations and Consolidation
- Business Combinations and Consolidation – Advanced Issues
- Recognition of Financial Instruments
- Tangible and Intangible Asset Impairments
- Revenue Recognition (IFRS 15) & Leases (IFRS16)
- Income Taxes
- Accounting for Provisions, Contingent Liabilities/Assets
- Research and Critical Evaluation: Research on Financial Reporting Quality
- Research and Critical Evaluation: Research on the Link between Financial Reporting Quality, Accounting Information and Capital Markets.
Indicative learning resources - Basic reading
- Connolly, C. (2018). International Financial Accounting and Reporting. 6th ed. Dublin: Chartered Accountants Ireland. https://www.charteredaccountants.ie/productcatalog/product.aspx?ID=29532&AspxAutoDetectCookieSupport=1
- Melville, A. (2019). International Financial Reporting: A Practical Guide. 7th ed. Harlow: Pearson Education. https://www.pearson.com/uk/educators/higher-education-educators/program/Melville-International-Financial-Reporting-7th-edition-7th-Edition/PGM2646807.html
- Elliott, B. and Elliott, J. (2019). Financial Accounting and Reporting, 18th Edition, 19th ed. Harlow: Pearson Education. https://www.pearson.com/uk/educators/higher-education-educators/program/Elliott-Financial-Accounting-and-Reporting-19th-Edition/PGM2346675.html
In addition, a selection of academic journal articles will be made available on ELE.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
Module ELE: https://vle.exeter.ac.uk/course/view.php?id=140
Other useful websites:
Last revision date