BE130-6-FY-CO:
Current Issues in Financial Reporting
2017/18
Essex Business School
Colchester Campus
Full Year
Undergraduate: Level 6
Current
Thursday 05 October 2017
Friday 29 June 2018
30
05 March 2002
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),
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)
The Autumn term starts by exploring 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; 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; then measuring and reporting financial instruments, with particular reference to IAS39/IFRS9, Financial Instruments; and finally income smoothing.
Then, we will move to talk about 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. The following topic will address special accounting problems for multinational corporations these days, which have numerous subsidiaries around the world, and other businesses engaged in import/export of goods and services, in a world that moves towards globalization. We will discuss the accounting problem of 'foreign currency translation' following the IAS 21 "The Effects of Changes in Foreign Exchange Rates", and we will compare and contrast the different methods that can be used to account for it. Finally, we will move to examine how and when companies should recognize their revenues with particular reference to IFRS 15 "Revenue from Contracts with Customers". We will emphasis on construction contracts and examples will be provided to explain how companies should account for these contracts.
Module Aims
This module is centred upon constructing, examining and applying theoretical frameworks to evaluating contemporary issues in accounting.
2. LEARNING OUTCOMES
After completing this part of BE130, Currents Issues in Financial Reporting students should be able to:
* Critically review the attempts by accounting standard setters to develop a conceptual framework and assess the likelihood of success of such a pursuit;
* Evaluate the impact of political, social, and ethical influences on company financial statements and accounting standards and regulation;
* Assess developments in company financial reporting in their national, economic, social and political contexts;
* Assess the strengths and weaknesses of corporate financial reporting practices.
No information available.
No information available.
3. SKILLS FOR YOUR PROFESSIONAL LIFE (TRANSFERABLE SKILLS)
On completion of this module, students should have attained key transferable skills that include being able to:
• Apply and adapt academic skills to a professional working environment
• Develop and apply high level financial analytical skills in the working environment for clients and employers
• Understand the need to communicate and explain complex financial statements to non-accounting colleagues and write reports in a clear and concise manner
• Be aware of, and understand, contemporary accounting debates and developments in an international and practical context
• 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.
4. TEACHING DELIVERY
BE130 is a 20 week (30 credits) module. 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.
5. ASSESSMENT
The full BE130 Module is assessed by means of a final 3-hour examination in May/June 2017 and two pieces of coursework (one piece in the autumn – the other in the spring). The two pieces of coursework are equally weighted. The final mark for the Module will be based on a weighting of 70% of the Examination mark and 30% of the overall coursework mark.
The Autumn Term coursework will consist of one piece of coursework (15% weighting for this term.).
This module does not appear to have a published bibliography.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Coursework |
AUTUMN TERM ESSAY |
|
|
| Coursework |
SP TERM ESSAY |
|
|
| Exam |
Main exam: 180 minutes during Early Exams
|
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
Dr John Stittle, email: jstittle@essex.ac.uk.
John Stittle, Mohamed Elmahgoub, Silvia Gaia & Zhifang Zhang
ebsugcol@essex.ac.uk
No
Yes
No
Dr Javed Siddiqui
Senior Lecturer in Accounting
Available via Moodle
Of 168 hours, 165 (98.2%) hours available to students:
3 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).
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