BE130-6-FY-KS:
Current Issues in Financial Reporting
2020/21
Essex Business School
Kaplan Singapore
Full Year
Undergraduate: Level 6
Current
Thursday 08 October 2020
Friday 02 July 2021
30
13 August 2019
Requisites for this module
BE110
(none)
(none)
(none)
BE132
BSC N400 Accounting,
BSC N401 Accounting (Including Foundation Year),
BSC N402 Accounting (Including Year Abroad),
BSC N404 Accounting (Including Placement Year),
BSC N420 Accounting and Finance,
BSC N420JS Accounting and Finance,
BSC N420NS Accounting and Finance,
BSC N422 Accounting and Finance (Including Placement Year),
BSC NN43 Accounting and Finance (Including Foundation Year),
BSC NNK3 Accounting and Finance (Including Year Abroad),
MACCN440 Accounting and Finance,
MACCN441 Accounting and Finance (Including Placement Year),
MACCN442 Accounting and Finance (Including Year Abroad),
BSC NN24 Accounting and Management,
BSC NN27 Accounting and Management (Including Placement Year),
BSC NN42 Accounting and Management (Including Foundation Year),
BSC NNK2 Accounting and Management (Including Year Abroad),
BSC N4L1 Accounting with Economics (Including Foundation Year),
BSC NKL1 Accounting with Economics (Including Year Abroad),
BSC NL41 Accounting with Economics,
BSC NL44 Accounting with Economics (Including Placement Year),
BA L147 Financial Economics and Accounting (Including Placement Year),
BA L148 Financial Economics and Accounting,
BA L149 Financial Economics and Accounting (Including Year Abroad),
BA LX14 Financial Economics and Accounting (Including Foundation Year)
This module will begin by deconstructing what accounting and regulation is and the role of international standard setters and politics in standard setting. Following this, it will look at accounting theory, which forms the foundations for the approaches to accounting that are currently taken in society, and the way that this forms the conceptual framework, and the discuss the measurement approaches that are taken. The module will continue with a more in-depth look at corporate social responsibility (CSR) reporting, including discussions about recent initiatives as well as academic findings.
The module will then look at fair value accounting, in terms of its valuation measurements and its strengths and weaknesses in comparison with historical cost accounting, and its relation with the global financial crisis. In the final two weeks, we will discuss the accounting issue of foreign currency translation and compare and contrast the different methods which can be used to account for it.
In the spring term, the module will explore issues related to Off-balance Sheet accounting with a particular focus on lease contract. We will then discuss the role that these tools have played in encouraging opportunistic behaviours that lead to the bankruptcy of global companies and to the recent global financial crisis. We will then discuss the accounting treatment of goodwill and other intangible assets. More focus will be provided on the initial recognition of goodwill, with particular reference to IRFS 3 "Business Combinations", and subsequent measurements reflected in impairment tests following IAS 36 "Impairment of Assets". Recent academic research will be discussed to provide more insight on the complexities associated with the accounting of goodwill in practice.
In the final five weeks of the spring term, it will explore issues of manipulation, reconstruction and income smoothing issues of company financial statements, and the significance and application of IAS 37, Provisions, Contingent Liabilities and Contingent Assets. This will be followed by the importance of pension schemes in company reporting and, in particular, how companies report the provision of pension for employees and with particular reference to IAS19, Employee Benefits. It will continue with measuring and reporting financial instruments, with particular reference to IAS39/IFRS9, Financial Instruments, and the specific implications for banking and financial services based companies.
The aims of the module are centred upon constructing, examining and applying theoretical frameworks to evaluating contemporary issues in accounting.
On successful completion of the module, students will be able to:
1. Critically review the attempts by accounting standard setters to develop a conceptual framework and assess the likelihood of success of such a pursuit;
2. Evaluate the impact of political, social, and ethical influences on company financial statements and accounting standards and regulation;
3. Assess developments in company financial reporting in their national, economic, social and political contexts;
4. Assess the strengths and weaknesses of corporate financial reporting practices.
On completion of this module, students should have attained key transferable skills that include being able to:
1. Apply and adapt academic skills to a professional working environment
2. Develop and apply high level financial analytical skills in the working environment for clients and employers
3. Understand the need to communicate and explain complex financial statements to non-accounting colleagues and write reports in a clear and concise manner
4. Be aware of, and understand, contemporary accounting debates and developments in an international and practical context
5. Appreciate the importance of ‘softer’ skills in the working environment such as developing a professional attitude and commitment, exhibiting sound communication and awareness of completing tasks to strict deadlines
No additional information available.
In the Autumn Term, the module will be delivered by:
• two hour lectures/workshops (weeks 2 -11)
• one hour fortnightly classes (weeks 3-16)
Classes will take place on a fortnightly basis. Your attendance is required at each of the lectures and classes assigned to you. Please look at the Module website for supporting material.
- Brown, Judy; Fraser, Michael. (2006-03) 'Approaches and perspectives in social and environmental accounting: an overview of the conceptual landscape', in Business Strategy and the Environment. vol. 15 (2) , pp.103-117
- Chee Chiu Kwok, Winston; Sharp, David. (2005-02) 'Power and international accounting standard setting', in Accounting, Auditing & Accountability Journal. vol. 18 (1) , pp.74-99
- Hines, Ruth D. (1989-08) 'Financial Accounting Knowledge, Conceptual Framework Projects and the Social Construction of the Accounting Profession', in Accounting, Auditing & Accountability Journal. vol. 2 (2)
- Hines, Ruth D. (1988-1) 'Financial accounting: In communicating reality, we construct reality', in Accounting, Organizations and Society. vol. 13 (3) , pp.251-261
- Adams, Carol A. (2004) 'The ethical, social and environmental reporting-performance portrayal gap', in Accounting, Auditing & Accountability Journal. vol. 17 (5) , pp.731-757
- van Mourik, Carien; Hoogendoorn, Martin; Jorissen, Ann; Kirwan, Collette; Alexander, David. (2020-01-06) International Financial Reporting & Analysis, London: Cengage Learning EMEA.
- Zhang, Ying; Andrew, Jane. (2014-02) 'Financialisation and the Conceptual Framework', in Critical Perspectives on Accounting. vol. 25 (1) , pp.17-26
- Morgan, Gareth. (1988-1) 'Accounting as reality construction: Towards a new epistemology for accounting practice', in Accounting, Organizations and Society. vol. 13 (5) , pp.477-485
- Nobes, Christopher. (2013-04) 'The continued survival of international differences under IFRS', in Accounting and Business Research. vol. 43 (2) , pp.83-111
- Handy, Charles. (2002) 'What’s a Business For?', in Harvard Business Review. vol. 80 (12) , pp.49-56
- Young, Joni J. (2006-8) 'Making up users', in Accounting, Organizations and Society. vol. 31 (6) , pp.579-600
- Bebbington, Jan; Russell, Shona; Thomson, Ian. (2017-10) 'Accounting and sustainable development: Reflections and propositions', in Critical Perspectives on Accounting. vol. 48, pp.21-34
- (no date) Organized hypocrisy, organizational façades, and sustainability reporting.
- Bengtsson, Elias. (2011-8) 'Repoliticalization of accounting standard setting—The IASB, the EU and the global financial crisis', in Critical Perspectives on Accounting. vol. 22 (6) , pp.567-580
- Deegan, Craig; Unerman, Jeffrey. (2011) Financial Accounting Theory: European Edition, London: McGraw-Hill Education - Europe.
- Gray, Rob. (2010) 'Is accounting for sustainability actually accounting for sustainability..and how would we know? An exploration of narratives of organisations and the planet', in Accounting, Organizations and Society. vol. 35 (1) , pp.47-62
- Anders la Cour, Joakim Kromann. (2011) 'Euphemisms and hypocrisy in corporate philanthropy', in Business Ethics: A European Review.
- Cortese, Corinne L.; Irvine, Helen J.; Kaidonis, Mary A. (2010-6) 'Powerful players: How constituents captured the setting of IFRS 6, an accounting standard for the extractive industries', in Accounting Forum. vol. 34 (2) , pp.76-88
The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Coursework |
AUTUMN TERM ESSAY |
|
66.8% |
| Coursework |
GROUP VIDEO PRESENTATION |
|
33.2% |
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Prof Silvia Gaia, email: sgaia@essex.ac.uk.
Dr John Stittle, email: jstittle@essex.ac.uk.
Autumn Term: Rebecca Warren, Zhifang Zhang; Spring Term: Silvia Gaia & John Stittle
E: ebsugcol@essex.ac.uk
No
No
No
No external examiner information available for this module.
Available via Moodle
No lecture recording information available for this module.
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