Current Issues in Financial Reporting
Essex Business School
Undergraduate: Level 6
Thursday 05 October 2023
Friday 28 June 2024
18 September 2023
Requisites for this module
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)
In the first five weeks of the autumn term, we will look at deconstructing what accounting and regulation are, we will also look at the role of international standard setters and politics in standard setting. Following this, we will move to look at accounting theory which forms the foundations for the approaches to accounting that are currently taken in society. 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. We will then look at fair value accounting in terms of its valuation measurements, its strengths and weaknesses in comparison with historical cost accounting and its relationship with the global financial crisis. In the last two weeks of this term, we will discuss the accounting issue of foreign currency translation and we will compare and contrast the different methods which can be used to account for it. In the first five weeks of the Spring term, we will 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 into the complexities associated with the accounting of goodwill in practice. We will then explore issues related to Off-balance Sheet accounting with a particular focus on lease contracts. We will 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. The final five weeks of the Spring term are devoted to exploring issues of income manipulation techniques by firms with reference to IAS 37 - Provisions, Contingent Liabilities and Contingent Assets. This is followed by examining the important issue of pension schemes and post-employment benefits accounting in company reporting and, how companies report the provision of pension for employees and with particular reference to IAS19. In the penultimate week of the term, we turn our attention to Financial Instruments, examining their recognition, measurement and disclosure in the financial statements with particular reference to IAS39/IFRS9. An examination of Accounting for Government Grants and Disclosure of Government Assistance ends the Spring term under the requirements of the module.
This module is 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:
• 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.
Skills for Your Professional Life
(Transferable Skills - reflecting the skills mapping recently undertaken in EBS)
On completion of this module, students who have engaged in an in-depth way with the module should have attained key transferable skills that include being able to:
* Evaluate relevant evidence and solve problems
* Analyse financial data
* Analyse academic literature
* Work effectively in a team, show leadership in that team and adapt to changing circumstances in a flexible and productive manner
* Demonstrate transferable skills
* Develop a slide deck of research findings, express ideas for business purposes, and understand how to present successfully and confidently
* Develop clear arguments in essays
* 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 nonaccounting 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, awareness of completing tasks to strict deadlines, think critically about complex issues and recognise different perspectives
* Use core IT programs and understand plagiarism and referencing
BE130 is a 20 week (30 credits) module. The module will be delivered by:
* two-hour lectures/workshops (weeks 2 -11 and 16-25)
* one-hour fortnightly classes (weeks 3-11; 16-25 and 30)
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.
This module does not appear to have a published bibliography for this year.
Assessment items, weightings and deadlines
|Coursework / exam
||AUTUMN TERM ESSAY
||GROUP VIDEO PRESENTATION
||Main exam: In-Person, Closed Book, 180 minutes during Early Exams
||Reassessment Main exam: In-Person, Closed Book, 180 minutes during September (Reassessment Period)
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.
Module supervisor and teaching staff
Dr Osamuyimen Egbon, email: firstname.lastname@example.org.
Dr Silvia Gaia, email: email@example.com.
Autumn Term: Osamuyimen Egbon & Teng Li Spring Term: Silvia Gaia & Teng Li
Dr Idlan Rabihah Zakaria
Available via Moodle
Of 113 hours, 104 (92%) hours available to students:
9 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s), module, or event type.
* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.
Disclaimer: The University makes every effort to ensure that this information on its Module Directory is accurate and up-to-date. Exceptionally it can
be necessary to make changes, for example to programmes, modules, facilities or fees. Examples of such reasons might include a change of law or regulatory requirements,
industrial action, lack of demand, departure of key personnel, change in government policy, or withdrawal/reduction of funding. Changes to modules may for example consist
of variations to the content and method of delivery or assessment of modules and other services, to discontinue modules and other services and to merge or combine modules.
The University will endeavour to keep such changes to a minimum, and will also keep students informed appropriately by updating our programme specifications and module directory.
The full Procedures, Rules and Regulations of the University governing how it operates are set out in the Charter, Statutes and Ordinances and in the University Regulations, Policy and Procedures.