ADVANCED FINANCIAL
ACCOUNTING
Unit Co-ordinator
Tony Hines
1
Unit Overview
This is a core unit for Level 6 Accounting students and builds on Financial Reporting studied at Level 5. This unit is an accredited unit.
Aims
1. To provide students with a knowledge and understanding of the basic theoretical ideas about financial reporting.
2. To provide skills in calculation and analysis of a wide range of financial reporting issues.
3. To encourage students to apply their understanding of conceptual issues in accounting to the current state of external financial reporting and possible future developments.
4. To provide students with an understanding of the role of accounting in society.
Learning Outcomes
On successful completion of the unit, students should be able at threshold level, to:
1. Critically assess alternative conceptual and regulatory frameworks for financial reporting.
2. Systematically apply current accounting standards to a wide range of practical issues in financial accounting.
3. Critique the current state of financial reporting and potential future developments.
4. Evaluate the interaction between accounting and society.
Contact Details
Lecturers & seminar tutors:
Tony Hines (TH) – unit co-ordinator. Room RB 6.20
Extn 4156. [email protected]
Keith Millar (KM) – Room RB 4.15.
Extn 4166. [email protected]
Amy Davidson (AD) – Room RB 1.02.
Extn 8588. [email protected]
Seminar tutors:
Christina Philippou – [email protected]
Nicola Antoni. – [email protected]
2
Teaching and Planned Activities
There will be 24 lectures (1 per week of one hours duration) and 24 seminars (1 per week of one hours duration) providing 48 contact hours on a formal basis. Your attendance is important, as is your contribution in seminars, and will be closely monitored.
The outline lecture content for the Autumn Term is included in this unit handbook and, you will receive the second part of the handbook at the start of the Spring Term.
Work for seminars (which are mostly be problem based) will be set during each lecture for discussion during the following weeks seminars. You will be expected to carry out reading and other preparation for the weekly seminars, and to produce answers to the seminar questions, for discussion in class. Students are expected to carry out at least 5 hours of independent study per unit per week during term time to support lecture and seminar activity.
Moodle Site
We have set up a Moodle site for this unit. Important information relating to this unit will be communicated via the Moodle site. Tutors will also post additional reading and other resources on this site, which you will be expected to read.
Access to the Moodle site is essential. Please contact the unit co-ordinator as soon as possible if you are unable to access the site.
Assessment
All assessment tasks must be completed by students individually, unless stated otherwise.
Issue Week Hand in Week Type Weight
1 N/A Coursework – part 1 10%
1 12 Coursework – part 2 20%
25+ 25+ Exam 70%
Coursework – part 1 – 10% of total
Coursework – part 1 consists of marks awarded each week throughout the course for student participation in and preparation for seminars. It will cover all the learning outcomes for the unit.
3
Coursework- part 2 – 20% of total
Coursework – part 2 is an individual essay focused on sustainability reporting. See separate section below. This coursework has a due date of Friday 11 December 2015 and should be submitted via the undergraduate centre in Richmond Building. No work submitted after 20 workings days, which in this case is 19 January 2016, can be awarded a mark. It will cover unit learning outcomes 1 and 4.
Examination – 70% of total
The unseen examination will be of 3 hours duration to be held in May. It will be based on the material in the lecture and seminar programme and will cover all the learning outcomes for the unit. Students will be required to answer four questions – two from a choice of four in section A (largely numerical questions), and two from a choice of four in section B (discussion questions).
All exams will take place between Tuesday 3 May 2016 and Friday 27 May 2016 (note that Monday 2 May is a bank holiday).
As this is an accredited unit students are reminded that to pass they will need to achieve an overall mark of at least 40% and at least 35% in both the coursework (i.e. parts 1 and 2 combined) and the examination.
The internal examiners’ report, which provided generic feedback to last year’s cohort on coursework and examination performance, is available on Moodle.
Plagiarism
Students are reminded of the need to avoid plagiarism in all assessments. The University Regulations describe plagiarism as:
the incorporation by a student in work for assessment of material which is not their own, in the sense that all or a substantial part of the work has been copied without any adequate attempt at attribution, or has been incorporated as if it were the student’s own when in fact it is wholly or substantially the work of another person or persons.
Any student suspected of plagiarising will be referred to the Head of Undergraduate Programmes and an Academic Misconduct Hearing will be arranged. Students should ensure that all sources are fully cited and in the bibliography, in accordance with Harvard APA, and that indentation or quotation marks (as appropriate) are used when quoting. Students who fail to include a bibliography will be penalised.
Guidance may be found at : www.referencing.port.ac.uk
4
If any student has a query about any of the above matters and wishes to obtain clarification or further information please contact the unit co-ordinator or your personal tutor.
Marks and Feedback
Marks for coursework part 2 are expected to be available on or before Tuesday 19 January 2016 (save in the case of work submitted after the due date) on the Moodle site. Marks will be posted on the Student Portal, and your marked coursework and tutor’s feedback will be available for you to collect from the Undergraduate Centre once it has been marked and processed. You will be emailed when it is ready to collect, so please wait for that email before checking. If there is any delay in the processing of marks, the unit co-ordinator will communicate this to you and make arrangements for the marks to be posted on Moodle so that you receive them as soon as they are ready. Marks for coursework 1 will be available within 20 working days of the final seminar.
Individual feedback will be provided on feedback sheets which will be attached to your coursework. These sheets will highlight the strengths of the work and identify development points to help you to work out where you went wrong and how you can improve your performance in the future.
General feedback on performance in coursework and exams will be posted on the unit
Moodle site.
Please note that all coursework and exam marks remain provisional until they have been confirmed by the Unit Assessment Board.
Regulation 1.4 of the Examination and Assessment Regulations, September 2013 makes it clear that students may not question the academic judgement of the examiners and states that any requests for a review of a mark based on such grounds alone will be dismissed. Students can only request a re-mark under the following circumstances: there has been a material and significant administrative error; or there has been a procedural irregularity in the assessment process as defined in the Examination and Assessment Regulations. You can obtain a copy of the Regulations by following this link:
www.port.ac.uk/accesstoinformation/policies/academicregistry/filetodownload,163706,e n.pdf
Although you cannot question the academic judgement of a lecturer, we are happy to meet with you to discuss your performance. However, you must make sure that you have read and reflected on your individual feedback before you get in touch with a tutor to arrange a meeting to discuss your work.
5
Late Submission of Coursework (First Attempt)
Coursework submitted within 20 working days of the published submission dates for full time undergraduate students or 30 working days of the published submission dates for postgraduate, part time and/or distance learning students will be marked. The mark for the assessment will be limited to the unit pass mark, but the uncapped mark must also be shown on the coursework.
Where students submit valid extenuating circumstances within 20 working days of the published submission dates for full time undergraduate students or 30 working days of the published submission dates for postgraduate for work submitted in line with the deadlines above, the original mark will be reinstated and the cap lifted.
Coursework submitted by full time undergraduate students more than 20 working days after the published submission date and by postgraduate, part time and/or distance learning more than 30 working days after the published submission date will not be marked and will be recorded as a non-submission.
Certain postgraduate, part time and/or distance learning students, may have different deadlines to those above for extenuating circumstances and late submission. In such cases, students will be notified at the start of the academic year which dates will apply for their course.
The full Examination and Assessment (September 2013) regulations can be found at the following link:
http://www.port.ac.uk/accesstoinformation/policies/academicregistry/filetodownload,163 706,en.pdf
Second Attempt Assessment Arrangements
General Information
You will have to complete the second attempt assessment for this unit if you achieve less than 40% in the unit overall and/or less than 35% in the examination or combined coursework.
The Examination and Assessment Regulations state that undergraduate students can only undertake second attempt assessment in units totalling no more than 40 credits. Postgraduate students can only undertake second attempt assessment in units totalling no more than 60 credits.
6
Students should note that the decisions of Unit Assessment Boards and Boards of Examiners may mean that any work undertaken before the second attempt assessment period proves to be redundant because the volume of individual second attempt assessment necessary may mean that the student has the opportunity for second attempt assessment withdrawn.
It is your responsibility to check the Student Portal and make sure that you are registered for the second attempt assessment.
Second Attempt Assessment for this unit
The second attempt assessment for this unit will be an unseen examination if the first attempt examination mark was below 35% and / or one piece of coursework if the first attempt coursework was below 35%. If the overall unit mark is below 40%, second attempt assessment will be required for artefacts with a mark lower than 40%.
The second attempt assessment period will commence on Monday 4 July 2016 and will end on Friday 22 July 2016. Second attempt exams could be scheduled at any time during that period. You must return to Portsmouth for second attempt exams. Please do not book holidays in this period until you know that you have passed all units.
All second attempt coursework will be due for submission on Friday 22 July 2016.
The mark for the second attempt artefact will be capped at 40% but it will be combined with the mark(s) for any artefacts that were passed at the first attempt in order to calculate the overall unit mark i.e. the final unit mark will not be capped automatically at 40%, although the second attempt assessment mark will be so capped.
Implications of failing the unit after the second attempt
If you fail any or all of your second attempt assessments, the Board of Examiners may offer you the opportunity of repeat assessment in the next academic year. This means that you must repeat the unit(s) that you have failed (with the full range of marks available). Attendance of students on repeat assessment will be monitored very closely.
You must have passed all your units before you can continue your studies.
Students who miss a second attempt assessment exam date or second attempt assessment coursework submission date will be deemed to have failed.
You cannot submit an ECF to cover the second attempt assessment period.
Where compensation is available, it cannot be applied if a student has not attempted the final artefact of a unit.
7
You should speak to your personal tutor if you have any queries about this issue.
ECF Advice
If you are unable to sit an exam or submit coursework on the due date as a result of circumstances relating to your health and/or other personal matters, which are sufficiently serious to have prevented you from completing or submitting the assessment artefact, you should submit an ECF.
Extenuating Circumstances Forms have to be submitted to the Undergraduate Centre as follows:
(a) For exams, by the final date of the Consolidation and Assessment period (for 2015/16, this date is Friday 27 May 2016; and
(b) for coursework for full time and sandwich undergraduate students, within 20 working days of the due date of the assessment for which the Extenuating Circumstances are being claimed; and
(c) for coursework for postgraduate students (excluding integrated Masters), part time students and distance learning students within 30 working days of the due date of the assessment for which the Extenuating Circumstances are being claimed.
However, notwithstanding the above advice, you should speak to your personal tutor as soon as possible after the circumstances arise and/or you realise that you will not be able to sit/submit the assessment. We would also advise you to submit the ECF as the circumstances occur and not to store them up for the deadline dates.
Students must identify specific assessment artefacts affected by the extenuating circumstance. Claims that generalised performance has been affected but which do not specify the assessment artefact will not be accepted.
The full Examination and Assessment (September 2013) regulations can be found at the following link: http://www.port.ac.uk/accesstoinformation/policies/academicregistry/filetodownload,163 706,en.pdf
Remember that you cannot submit an ECF to cover the second attempt assessment period.
8
Deferral Arrangements
If you have been unable to submit your coursework by the due date and have a valid ECF which applies to the coursework, then you will be able to submit the coursework up to 20 working days late without penalty (up to 30 days for postgraduate students). Do not wait to be told whether or not your ECF was successful. It is important to discuss potential ECF claims with your personal tutor to make sure you understand the implications of late submission if the ECF is not upheld by the ECF panel.
If you have been unable to sit the exam and have a valid ECF which applies to the exam, then you will have the opportunity to sit a defer exam. You must return to Portsmouth for defer exam. The exam will take place during the second attempt assessment period, which commences on Monday 4 July 2016 and will end on Friday 22 July 2016. Your exam could be scheduled at any time during that period. Please do not book holidays in this period until you know that you have passed all units.
Defer assessments are not capped at 40% – you will be entitled to the full range of marks.
It is your responsibility to check the Student Portal and make sure that you are registered for the defer assessment.
Remember that you cannot submit an ECF to cover the second attempt assessment period.
Support for Second Attempt/Deferred Students
Students are welcome to contact tutors for support during the period leading up to the second attempt assessment period.
Reading List
Course Text
Recommended text book:
Elliott B. and Elliott J. (2015) “Financial Accounting and Reporting”. Seventeenth Edition, Pearson. (E&E).
Other reading:
Melville, A. (2015), ‘International Financial reporting – A Practical Guide’, Fifth Edition,
Pearson, (M).
9
Deloitte have published ‘IFRS in your pocket 2014’ which provides a useful summary of IFRS. It is available at: http://www.iasplus.com/en-gb/publications/global/ifrs-in-your-pocket/ifrs-in-your-pocket-2014
Additional material:
Other useful websites:
www.iasplus.com Deloitte’s website providing news about international financial
reporting.
www.ifrs.org Website of the IFRS Foundation and the International Accounting
Standards Board (IASB).
www.frc.org.uk Website for Financial Reporting Council
www.accountancyage.com Short articles on current events.
www.icaew.com Website of Institute of Chartered Accountants’ in England and
Wales.
Specific reading will be suggested for each topic (see below).
Further general reading may be recommended on the Moodle site for this unit
Important Notes
Please look at these links for further guidance on the second attempt assessment period and the changes to curriculum and assessment regulations from 2015/16:
http://www.port.ac.uk/departments/services/academicregistry/yeardates/20152016/
http://www.port.ac.uk/departments/services/academicregistry/qualitymanagementdivisio n/assessmentandregulations/changestocurriculumandassessmentregulations
You will be notified of any changes to the ECF Regulations, the Examination & Assessment Regulations, and/or any other important changes via your university email account so you must check this regularly.
10
Autumn Teaching Block
Week Week beginning Lecture Seminar
1 21 September Theories of regulation (TH) Introduction to the course
2 28 September Global harmonisation of Theories of regulation
accounting (TH)
3 5 October Conceptual frameworks for Global harmonisation of accounting
financial reporting 1 (AD)
4 12 October Conceptual frameworks for Conceptual frameworks for financial
financial reporting 2 (AD) reporting 1
5 19 October Social & environmental Conceptual frameworks for financial
reporting (TH) reporting 2
6 26 October Goodwill & intangibles (TH) Social & environmental reporting
7 2 November Impairment (TH) Goodwill & intangibles
8 9 November Leasing (TH) Impairment
9 16 November Accounting for associates & Leasing
joint ventures (KM)
10 23 November Accounting for foreign Accounting for associates & joint
exchange transactions (KM) ventures
11 30 November Advanced consolidation Accounting for foreign exchange
accounting (KM) transactions
12 7 December Review of course to date Review of course to date
(TH/KM/AD) Submission date for coursework 2
Employability week: Monday 12 October 2015 – Friday 16 October 2015
Christmas break: Monday 14 December 2015 – Friday 1 January 2016
11
Spring Teaching Block
Week Week beginning Lecture Seminar
1 4 January Earnings quality 1 (KM) Advanced consolidation
accounting
2 11 January Earnings quality 2 (KM) Earnings quality 1
3 18 January Segmental analysis (AD) Earnings quality 2
4 25 January Share based payments (AD) Segmental analysis
5 1 February Financial instruments 1 Share based payments
(KM)
6 8 February Financial instruments 2 Financial instruments 1
(KM)
7 15 February Revenue recognition (TH) Financial instruments 2
8 22 February Accounting for retirement Revenue recognition
benefits (KM)
9 29 February Finalisation of accounts Accounting for retirement benefits
(TH)
10 7 March Accounting information & Finalisation of accounts
financial markets (KM)
11 14 March Revision (TH) Accounting information &
financial markets
12 21 March Revision Revision
Easter break: Friday 25 March 2016 – Friday 21 April 2016
Easter Bank Holidays: Friday 25 March 2016 and Monday 28 March 2016 Private Student Revision: Monday 18 April 2016 – Friday 29 April 2016 First Sitting Exam Period: Tuesday 3 May 2016 – Friday 27 May 2016
12
May Bank Holiday: Monday 2 May 2016 Spring Bank Holiday: Monday 30 May 2016
Second Attempt/Defer Exam Period: Monday 4 July 2016 – Friday 22 July 2016
Second Attempt Coursework Submission Date: Friday 22 July 2016
