Lancaster University

The following outline syllabus reflects material also covered in AcF 311, and is an indicative list of topics to be covered:-

·         Harmonisation and major differences in financial reporting

·         Taxation and deferred tax

·         Reporting the substance of transactions

·         Pension accounting

·         Post-balance sheet events

·         Provisions and contingent liabilities

·         Corporate governance and financial reporting

·         Academic perspectives on selected accounting issues, e.g. capital markets research, contracting cost perspectives, earnings management and disclosure issues

·         The broadening of the scope of financial reporting: social and environmental issues

The educational aims of AcF 334 are as follows:-

·         To develop students’ critical evaluation of advanced financial accounting issues

·         To situate students’ understanding within the international accounting context

·         To build upon knowledge of financial accounting methods, concepts and principles that students will have gained during study of AcF 100 (Introduction to Accounting and Finance) and AcF 222 (Principles of Financial Accounting).

·         To develop students’ critical evaluation of advanced financial accounting issues

·         To situate students’ understanding within the international accounting context

·         To build upon knowledge of financial accounting methods, concepts and principles that students will have gained during study of AcF 100 (Introduction to Accounting and Finance) and AcF 222 (Principles of Financial Accounting).

·       be aware of the usefulness and limitations of the particular academic and research perspectives examined in the course, in assessing current financial reporting practice.

·       in the areas covered by the course, be aware of the accounting methods available, their suitability in both conceptual and economic consequences terms, and be able to analyse why particular methods might be more appropriate than other alternatives;

·       Be aware of the key requirements of the International Accounting Standards and international differences relating to the specific issues covered in the course;

·       Be aware of issues underlying corporate governance, its interaction with financial reporting, and current developments in this area.

·       know of and be able to utilise accounting reporting principles and accounting techniques appropriate to a range of specific situations examined in the course; and

·       be able to present reasoned arguments relating to the above, both oral (in tutorial discussions) and written (CWA and examination)

Required course text: Corporate Financial Accounting and Reporting, by Tim Sutton (2^nd edition, 2004), FT Prentice Hall (as at 2004/05).

International GAAP (published by FT and Lexis Nexis) will also be frequently referred to during AcF 334.

Financial Accounting Theory by William Scott  (3^rd Edition, 2003), FT Prentice Hall (as at 2004/05), will be frequently referred to during AcF 334.

An additional reading pack will be supplied to students for their perusal prior to commencement of the module.