Bangor University

Transfer Abroad Undergraduate Programme

Module Implementation Plan

MODULE: / ACF- 201 Principles of Financial Accounting
ACF- 202 Intermediate Technical Financial Accounting / LECTURER: / Murray Smart
INTAKE: / 2014 / SEMESTER:
ACTIVITY TYPES: / Lecture, presentation, quiz, exam, workshop

Start Date: February 29, 2016

End Date: March 25, 2016

Year / Semester / Academic weeks / Module Code / Module Name / Credits / Lecture hrs/week / Tutorial Hrs/week / Weeks
III / 2016 Spring / Week 1~4
29 Feb- 25 May 2016 / ACF-201 / Principles of Financial Accounting / 10 / Mon ~Fri
0830~1130 / Mon-Fri : 1430-1530 / 4
ACF-202 / Intermediate Technical Accounting / 10

Course Detail: This course introduces students to more advanced technical financial accounting and analysis. Broadly the course consists of three major topics, with a review of the place of financial reporting in the modern business world included in all three topics. The first topic and the basis of the midterm paper is the analysis of complex sets of financial reports. In the midterm paper, students will be expected to be able to apply ratios to the accounting numbers to determine the status of the company and present a report focused on the users of financial statements. The second topic is the Regulatory Framework of financial reporting, paying particular attention to the purpose of the International Accounting Standards and their use in financial reporting. This part of the course examines the standards for Assets (IAS 16, Property, Plant and Equipment, IAS 36, Impairment, IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations, IAS 38, Recognition of Intangible Assets), Leases (IAS 17 Leases and the problems with Off Balance Sheet Finance) and Taxation (IAS 12, FRS 19) as well as the Regulatory issues surrounding Share Capital and the Balance Sheet. The third Section of the course introduces Group Accounting and the technical requirements for the preparation of consolidated financial statements, with the introduction of Subsidiary Companies, Associated Companies and Special Purpose Entities.

Assessment

Assessment Types / Date / Value
Class Participation / N/A
Attendance / N/A
Quiz I / N/A
Quiz II / N/A
Group Paper / Friday 11 March by 1130hrs to Lecturer / 30%
Final Exam / Friday, 25 March time TBA / 70%

-  Paper Assignment (if any)

Week / Activity Type / Scheduled Contact Hours / Activity Details / Core Reading + Additional Reading + Practice Material / Learning Outcomes / Student Preparation for Tutorial
Week 01
Monday
Feb 29 / Lecture / 3hr / Introduction to the Course and Review of the Role of Financial Accounting in the modern business world / Elliott
Chs 1-4 / Students will be able to:
*Understand the dual purpose of Financial Accounting as a record of transactions and as the main form of information available to users of accounts.
*Understand the differences between cash accounting and accrual accounting. / Review Elliott Chapters in order to be able to do the analysis of Assignment financial statements
Tutorial / 1hr / Analysis of Accounting Information – Part One
Details of Assignment
Handout of Assignment, Assignment Guidance and various sources of extra information
Tuesday
Mar 01 / Lecture / 3hr / Review of the preparation and presentation of financial statements / Elliott
Chs 3-4 / *Understand the Purpose of the Balance Sheet and the Income Statement and its relationship to the Balance Sheet
*Distinguish between Assets, Liabilities and Equity and understand basic Equity forms
*Distinguish between Revenue and Expenses (including a review of the Matching Concept)
*Understand the role of the Balance Sheet and Income statements as sources of information to users of accounts
*Begin to apply common ratio techniques to financial statements / Review Elliott Chapters in order to do the analysis of Assignment financial statements
Tutorial / 1hr / Analysis of Accounting Information – Part Two
Balance Sheet - its role in communicating information to users. Liquidity, Return on Capital and Common Investor ratios and working capital management
Income statement – its role in communicating information to users. Profitability, asset utilisation
Wednesday
Mar 02 / Lecture / 3hr / Analysis and interpretation of financial statements / Elliott
Chs 27-29 plus Handout / *Understand the importance of EPS and P/E ratio as measures of financial performance of a company
*Adjust for Share Splits (p.683), Warrants and Options (p.691), and recognise the effect on EPS – see Ch 27
*Understand, apply and evaluate ratios in the analysis of financial statements
*Explain the selective use of ratios to satisfy specific user objectives / Review Elliott Chapters in order to do the analysis of Assignment financial statements
Tutorial / 1hr / Analysis of Accounting Information – Part Three
Balance Sheet - Liquidity, Return on Capital and Common Investor ratios and working capital management
Income statement – its role in communicating information to users of accounts, especially the review of Operational Performance, Efficiency Ratios and Margins
Thursday
Mar 03 / Lecture / 3hr / Review of the Statement of Cashflow / Elliott
Chs 1 & 5 plus Handout / *Understand the difference between the accounting convention of Profit and the real cash position of a company
*Reconcile Cashflow to the Balance Sheet
*Understand the importance of cash to a business and adequate capital management in the accounts / Review Elliott Chapters in order to do the analysis of Assignment financial statements
Tutorial / 1hr / Analysis of Accounting Information - Part Four
Concentrating on the Statement of Cash Flow and its role in analysis, distinguishing between accounting concepts of ‘profit’ and ‘assets’ and looking at real cash situations and their importance to companies.
Friday
Mar 04 / Lecture / 3hr / Review of material covered this week / Revision for Weekly review Test
Tutorial / 1hr / Weekly Review, including Quiz (not weighted for final grade)
. / Elliott
Chs 1-5 & 27-29 / Review Coursework Guidance, prepare any questions for tutor for clarification
Week 02
Monday
Mar 07 / Lecture / 3hr / Introduction to the Regulatory Framework (IFRS) / Elliott
Chs 9-10 / *Distinguish between GAAP and IFRS.
*Understand the role of the Regulatory Framework,.
*Recognise the theoretical underpinning to the IASB’s standard setting process.
*Understand the complexity and importance of the global mission and scope of the IFRS.
*Explain the importance of harmonisation of accounting standards / Coursework tutorials, prepare points one through two of the coursework plan
Tutorial / 1hr / Individual time with Tutor and Group to complete the assignment
Tuesday
Mar 08 / Lecture / 3hr / Accounting for Assets / Elliott
Chs 17 & 19
IAS 16,
IAS 36,
IFRS 5,
IAS 38 / *Recognise and record assets and associated costs on the Balance Sheet
*Understand the importance of intangibles and recognise and record these in the financial statements
*Understand the concepts of impairment / Calculate appropriate ratios of the financial statements of the Assignment for discussion with tutor
Tutorial / 1hr / Individual time with Tutor and Group to complete the assignment
Wednesday
Mar 09 / Lecture / 3hr / Accounting For Leases / Elliott
Ch 18,
IAS 17 / *Distinguish between Financial and Operational Leases
*Record appropriate figures in the financial statements
*Understand the problems with Off balance Sheet finance / Prepare the report with time for review by Tutor
Tutorial / 1hr / Individual time with Tutor and Group to complete the assignment
Thursday
Mar 10 / Lecture / 3hr / Taxation and Share Capital / Elliott
Chs 12 & 16, IAS 12,
FRS 19 / *Understand the nature of Taxation, and Deferred Taxation in relation to the financial statements
*Record appropriate adjustments in the Financial Statements
*Understand share offers and the effects on the financial statements – distributable profits and reduction of capital
Tutorial / 1hr / Individual time with Tutor and Group to complete the assignment
Friday
Mar 11 / Lecture / 3hr / Review material covered this week / Revision for Weekly review Test
Tutorial / 1hr / Weekly Review, including Quiz (not weighted for final grade)
Paper Assignment Hand In Deadline
Week 03
Monday
Mar 14 / Lecture / 3hr / Introduction to Group Accounting / Elliott
Chs 22-25
Work through
Big and National example / *Understand the various forms of inter company structure, Associates and Subsidiaries as well as Special Purpose Entities
*Recognise the need for consolidation of the financial statements to provide information for the users of accounts. / Prepare the Tutorial material from the lecture
Tutorial / 1hr / Consolidated Financial Statements – Part One
Tuesday
Mar 15 / Lecture / 3hr / Fair Value Adjustments, Goodwill and the Regulatory Framework / Elliott
Chs 22-25 plus Handout
Work through
Big and National example / *Account for the value of companies at and after the date of acquisition according to the guidance of the Regulatory Framework
*Understand the use of fair value adjustments and be able to adjust the consolidated accounts accordingly / Prepare the Tutorial material from the lecture
Tutorial / 1hr / Consolidated Financial Statements – Part Two
Wednesday
Mar 16 / Lecture / 35hr / Intra Company Group Transactions / Elliott
Chs 22-25
Work through
Parent and Child example / *Understand the need for elimination of intra company transactions
*Be able to record appropriate figures in the consolidated accounts / Prepare the Tutorial material from the lecture
Tutorial / 1hr / Consolidated Financial Statements – Part Three
Thursday
Mar 17 / Lecture / 3hr / Associated Companies, Joint Ventures and Special Purpose Entities / Elliott
Chs 22-25 / *Distinguish the different types of company structures used in consolidated accounting, focusing on the definition of control as the basis of consolidation, and criticisms of this definition / Prepare the Tutorial material from the lecture
Tutorial / 1hr / Consolidated Financial Statements – Part Four
Friday
Mar 18 / Lecture / 3hr / Weekly Review, including Quiz (not weighted for final grade) / Prepare the Tutorial material from the lecture
Tutorial / 1hr / Consolidated Financial Statements – Part Five
Week 04
Monday
Mar 21 / Lecture / 3hr / Review Lecture One – Standard Setting and the Regulatory Framework / Review Pack One / Prepare the questions from review lecture one
Tutorial / 1hr / Examination Practice
Tuesday
Mar 22 / Lecture / 3hr / Review Lecture Two – Applying the IAS to the Financial Statements / Review Pack Two / Prepare the questions from review lecture two
Tutorial / 1hr / Examination Practice
Wednesday
Mar 23 / Lecture / 3hr / Review Lecture Three - Consolidated Financial Statements / Review Pack Three / Prepare the questions from review lecture three
Tutorial / 1hr / Examination Practice
Thursday
Mar 24 / Lecture / 3hr / Final Exam Preparation / Mock Examination and Guidance / Mock Examination
Tutorial / 1hr / Final Exam Preparation
Friday
Mar 25 / Final Exam