Intermediate Financial Accounting module (BU21002)

The module focuses on the theoretical framework and regulatory background of financial reporting and the accounting treatment of particular transactions. You will also prepare and analyse single-entity financial statements.

Financial Accounting is the process of recording, summarising, and reporting financial transactions and information in a standardised manner. It involves preparing financial statements, such as the balance sheet, income statement, and cash flow statement, to provide stakeholders with an accurate and transparent view of a company's financial performance and position.

What you will learn

In this module, you will:

• learn the conceptual and regulatory framework of financial reporting, accountability, accountants' professional and ethical duties and several accounting standards
• prepare and analyse financial statements for single entities
• discuss related theoretical issues, ongoing debates, current developments and research

By the end of this module, you will be able to:

• define, describe, discuss and appraise the conceptual and regulatory framework of accounting, the accountability of a business organisation and the professional and ethical duty of accountants
• understand, describe, discuss and appraise extant accounting standards for profit-oriented and not-for-profit organisations
• rationalise and evaluate the possible alternative accounting treatments available within the extant accounting standards
• apply the extant accounting standards and prepare and interpret a set of published accounts for a single entity
• use appropriate resources to seek out information on the latest developments and research in financial accounting
• make informed professional judgements and decisions

Assignments / assessment

• Class test 1 (5% each)
• Class test 2 (5% each)
• Final exam (80%)

Teaching methods / timetable

You should expect 1x two-hour weekly in-person lectures and two hours per week of tutorials. Additional sessions may be arranged to provide extra examples or invite guest lecturers.

There are 11 weeks of teaching. For this module, the exact dates of teaching and/or reading weeks are to be confirmed.