M

BSc (Hons) Accounting and Finance with Business

Experience

BA6801
Theory and Practice of
Financial Reporting

Module Handbook

2019-20
CONTENTS

Page

1 The Module Team 1

2 Module Details 1

3 Student Commitment 1

4 Module Aims 3

5 Learning Outcomes 3

6 Teaching and Learning 3

7 Indicative Syllabus 4

8 Assessment
8.1 Overall assessment strategy 4
8.2 End-of-Module Assessment 4
8.3 Reassessment 5
8.4 Submitting Assignments and Receiving Feedback 5
8.5 Plagiarism and Mitigating Circumstances 6

9 Feedback from Students in Previous Years 6

10 Learning Support 7

11 Employability 7

12 Module Texts 8

13 Teaching Programme
Semester one teaching schedule 9
Semester two teaching schedule 10
 BA6801 Module Handbook 2019-20

1. MODULE TEAM

NAME ROOM TEL E-MAIL

Summer Wilson (Module Leader) BS3009 65230 summer.wilson@kingston.ac.uk

Juliet Cottingham BS2005 65093 j.cottingham@kingston.ac.uk

Sarah Swan (Module Administrator) BS0007 65188 s.swan@kingston.ac.uk

If you wish to contact any of the module team please use university email accounts.

Some rules to help us all:

 Remember to give your name and the module you are emailing about so we can efficiently identify
which module you are referring to without the need to check against class lists.

 When you email, avoid requesting an appointment in the first instance. Instead, start by setting
out your concern in the email. This allows us to decide whether the issue can be dealt with by
email response (90% of the time), or if an appointment is the best way forward in this case.

 Explain your question. Instead of: “I don’t understand consolidations”, perhaps email “my
calculations show the NCI to be a figure of 250 in the 2016 CSFP, but the model answer is 230.
Here are my workings – please can you explain where I have gone wrong?”

 Please ensure your emails are well written, use capital letters where appropriate, use full English
words and not text shorthand, and have been spell checked. Think of us as your business
associates and communicate accordingly.

2. MODULE DETAILS

Level: 6 Weighting: 2
CATS points: 30 Hours of delivery: 60 hours

Prerequisites: BA4801 Financial Accounting

BA5502 Financial Reporting or BA5802 Financial Reporting

3. STUDENT COMMITMENT

Students can find this module difficult as you are required to develop your own views, understanding,
and choices of accounting treatment; and be able to defend them with confidence and knowledge.
Usually, different (and entirely correct) alternatives are available to treat a particular accounting issue.
You must fully understand the merits and disadvantages of each before you can critique them. Not
only must you choose the most appropriate treatment, but also be able to explain clearly why you
have taken this route over another. In the professional environment your clients will often ask why you
favour one accounting treatment over another (they are paying for your expertise after all), so it is
important that you take this approach to your learning and become comfortable with defending your
choices confidently.
Building knowledge requires a great deal of independent reading, research and practice so as to
actively engage in current academic and professional views. However, this deep learning is a slow

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and challenging process. You will often feel frustrated and sometimes completely confused –this is
a very normal part of the learning experience. If you keep asking questions and reading from various
sources and you will eventually get past the confusion and achieve the results you deserve.
Remember, we are here to help you succeed so engage with us as much as possible – there is no
such thing as a “silly question”.

To be successful in this module you must work consistently throughout both semesters. Do not rely
on last minute revision because you cannot develop an understanding of the principles and the instinct
to apply them in a few weeks (or days) before the exam. Success in this module requires a strong,
personal commitment to:

 Attend all sessions and take notes. Print off the slides and bring pencil and calculator
 Prepare for sessions by doing background reading and preparing answers to set exercises
 Set aside sufficient time for independent study (anticipate a minimum of 10-12 hours a week)
 Arrive before the session starts, having completed the appropriate reading and work set
 Look alert and ready to work, with your mobile phone turned off
 Do not talk to your friends when the lecturer is talking
 Contribute to class discussions and engage in the exercises or activities during the session.

Attendance
Due to the experiential nature of the learning on this programme, and the importance of professional
development enabling students to develop practical skills, learn from and interact with others, failure
to attend may put you at risk of academic failure. Please note that KU Check In is primarily a project
of care and support aimed to identify students who are not engaging fully with their studies and might
be at risk of not achieving their potential. In order to enable KU Check In to best support you, please
notify KUCheck In (KUCheckIn@kingston.ac.uk ) as soon as possible if you are unable to attend due
to ill health or any other reason. If you have any concerns about your attendance, please do contact
your Personal Tutor in the first instance. If you cannot attend a lecture, advise the lecturer (Summer)
by email as soon as possible, and:

 Catch up by looking at the slides, doing the required reading and homework.
 Come to the following session prepared to ask questions on what you have not understood.

Policy for late arrivals to lectures

Arriving on time is an important professional skill to develop. You should always time your journey so
that you will arrive early for classes and if you know there is likely to be travel disruption, allow
additional time. However, we recognise that sometimes unexpected delays can occur and in most
cases you will be allowed into class after the work has started, but in a controlled manner to reduce
interruption to others. This has been requested by students. Normally, you will be allowed to enter
but please do so quietly and do not disturb the other students. Sometimes you will be asked to wait
quietly outside until there is a natural break in the session, and then the lecturer will allow the late
students to enter in a group. In many cases this will happen 10-15 minutes after class has started,
and again 10-15 minutes later (as serious travel disruption can often mean severe delays). In all cases
when you are allowed access please enter quietly and take a seat with as little disruption to others as
possible.

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4. MODULE AIMS

The aims of this module are to:

 Consider financial reporting in a wider context

 Build a greater understanding of theoretical issues that underpin financial regulation and reporting
 Enable students to apply financial reporting theoretical considerations to practical situations
 Develop an awareness of significant events and current issues concerning financial reporting
 Develop critical analysis skills in relation to current practice and alternative accounting methods
 To develop and strengthen specific skills required in the work place

5. LEARNING OUTCOMES

On successful completion of the module, students will be able to:

 Discuss and apply the concepts of control and ownership through the construction of consolidated
accounts for a complex group of entities
 Explicate the importance and rationale of a variety of theoretical models of financial reporting
 Critically evaluate current issues, events and/or regulations concerning financial reporting
 Critically discuss ethical and professional conduct issues
 Articulate ideas and arguments logically and present with confidence

6. TEACHING AND LEARNING

This is a very practical subject and students will be encouraged to apply their learning each week.
Class sessions are normally held in three-hour blocks. The first part of the class session will normally
be used as a seminar to demonstrate and discuss the application of the theory from previous classes
in an interactive environment. These seminar sessions will provide formative feedback on exercises
completed independently at home and in class. The remainder of the session will be used to introduce
and/or explain the topic in hand. Importantly, there will be ongoing dialogue during the sessions
relating to communication and learning progress, with a view to strengthening employability attributes.

Canvas will be used extensively to provide access to learning materials, topic and assessment
information and to communicate with students throughout the duration of the module. Please
remember to check regularly.

BREAKDOWN OF TEACHING AND LEARNING HOURS

DEFINITIVE KIS CATEGORY INDICATIVE DESCRIPTION HOURS

Scheduled learning and teaching
Guided independent study
There will normally be 3 hours of class 60
contact per teaching week in the form of
combined lecture/seminar sessions
Guided independent study will include 240
reading, practical exercises and research.
TOTAL HOURS 300
(number of credits x 10)

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7. INDICATIVE SYLLABUS

 Business combinations: acquisition and equity accounting for groups - subsidiaries, associates
and joint ventures; accounting concepts and theory;
 Accounting for foreign currency transactions and translation of non-domestic operations
 Alternative theoretical models of accounting: capital maintenance models, historic cost
accounting, current purchasing power accounting, current cost accounting, economic income
 Alternative models of accounting: accounting for social and environmental issues.
 Corporate governance and the need for regulation; International convergence and
harmonisation;
 Contemporary financial reporting issues and regulations
 Professional ethics and conduct

8. ASSESSMENT

8.1 Overall Assessment Strategy

Summative assessment will consist of three elements: coursework throughout the year, a series of
group-prepared presentations for which each individual will present and be individually marked, and
an end-of-module exam. The coursework will take place in class sessions. Independent and class
exercises will be used to provide formative feedback to students. There will, therefore, be plenty of
opportunity for students to learn from both summative and formative feedback and develop their
learning from the continuous assessment process. Please see Canvas for more guidance.
The exam will be three hours in duration and will assess both understanding and application of the
topics. There will normally be three questions: one mainly numerical question focusing on the
consolidated accounts of a complex group of entities; one narrative question requiring students to
articulate ideas and arguments logically as well as showing knowledge, independent research and
critical evaluation. The final question will allow you to pick from two essay titles which will allow you
to work to your strengths and focus of interest.

The breakdown of assessments and the contribution to your overall module mark, is as follows:

20% Coursework activities throughout the year:

 15% In class research, teaching and learning activity: Experts and Novices
 5% In-class tests: multiple choice questions relating to each topic taught in both semesters

10% Practical exam - two group-prepared presentations

70% Written Exam – end of module assessment (see 8.2)

To pass this module you must achieve a minimum overall mark of 40%

8.2 End-of-Module Assessment

The end-of-module assessment will take the form of a three-hour exam. The examination paper will
require you answer THREE questions. This is made up of TWO compulsory questions: Q1 (numerical)
and Q2 (narrative); and a further ONE essay question of which you are given a choice of two titles.
More detail will be provided during the final Exam Briefing session.

8.3 Reassessment

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If you fail this module and are required to be reassessed, you will need to be reassessed in all
elements that you failed. If you are required to be reassessed in the exam, the topic for exam question
1 will remain as for the May/June paper.
Please make sure that you read the Assessment Regulations which can be found on My Kingston.

8.4 Submitting Assignments and Receiving Feedback

Kingston Business School operates a paperless system for the majority of assignments. This has
many advantages, particularly for students, and means you can submit your assignment and access
your feedback online.

All coursework assignments must be submitted to the module in Canvas before the deadline in your
module guide. For the majority of modules there will be no need to supply a hard copy. Your module
leader will inform you in advance if you are required to submit a hard copy, for example for review or
peer marking in class. Dissertations and projects do normally require both online and hard copy
submission as the hard copy presentation is linked to the learning outcomes.

Assignments should be submitted in Word unless you are told otherwise. Do not write your name on
the assignment as most of our courses use anonymous marking, facilitated by the Canvas system.
Remember to check the marking guidelines when preparing your assignment, and also to ensure you
use your own words, and reference properly. See sections below regarding referencing, plagiarism,
and academic misconduct. Please note all assignments are automatically submitted to the Turnitin
plagiarism detection software – the video on the following link is an approachable session on how to
avoid plagiarism: http://www.youtube.com/watch?v=1yYf8AihndI

If you are unable to submit to Canvas due to technical problems, please email the assignment, by the
deadline, to the course administrator. If the Canvas system itself is down there will normally be an
extension to the deadline, please check online. Please only email to the administrator if there are
genuine problems with the system, not as a default – our administrators will be checking whether
there have been genuine problems and can refuse to accept email versions. Remember to always
keep a back-up of your assignment, and your working documents, just in case of problems.

Most of these ‘paperless’ assignments will be marked online and you will receive feedback online
through Canvas. Some assignments (such as dissertations) will be submitted on paper and feedback
will be given online. In a small number of assignments where online feedback is not possible feedback
may be given on printed copies – your module leader will let you know which system they are using
and how you will receive the detailed feedback.

At the start of your module you will receive details of the hand-in dates and the latest date at which
you can expect to receive feedback, usually a maximum of 20 working days. Please ensure that you
read your feedback carefully, not just your mark. Feedback is designed to help you with future work,
including on other modules. If you are unsure about how to make the most of your feedback on a
particular assignment, ask to see the module leader. If you are still unsure, or feel you are not making
improvements across a range of modules, discuss this with your personal tutor.

You upload your work in Canvas via the following process:

 Click on the tile for the Canvas module where the work is to be submitted and select the
Assignments menu item
 Tap on the assignment name
 Tap on the Submit Assignment button

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 Click on the Choose File button and use the dialog box that pops up to find the file to be
uploaded
 Tick the box that indicates that the work is your own, original work
 Click the Submit assignment button
For the majority of work you receive your feedback via the following process:
 Click on the tile for the Canvas module where the work was submitted and select the
Assignments menu item
 Tap on the assignment from the list shown
 Use the View feedback link to the right of the submitted coursework

8.5 Plagiarism and Mitigating Circumstances

The best way to avoid academic misconduct or plagiarism is to use your own words, do not cut and
paste from other work, and to ensure that you reference properly the sources you have used in your
assignment. There is help available from the library and online, including a range of videos such as
those given below:
http://www.youtube.com/watch?v=1yYf8AihndI
http://www.citethemrightonline.com/basics

Note - by submitting an assignment or sitting an exam you are declaring yourself fit to take the
assessment therefore please make sure that if you are unwell you understand our mitigating
circumstances process. The most important thing to do is keep us informed if you are experiencing
problems!
See our regulations on the link below:
http://www.kingston.ac.uk/aboutkingstonuniversity/howtheuniversityworks/policiesandregulations/
Please see your course handbook and MyKingston (regulations area), for further information on the
University procedures.

9. FEEDBACK FROM STUDENTS IN PREVIOUS YEARS

We take student feedback very seriously and so provide a number of opportunities to gain formal
feedback from you, including an ‘early module review’ and a Student Staff Consultative Committee
(SSCC). There is also a course representative system in place so that a nominated member of your
cohort is able to pass on feedback anonymously on your behalf. We also encourage you to speak
to the module leader or course director in the first instance if there are areas you feel can be improved,
or indeed things that are going well. Although we cannot always change things immediately (and
sometimes things need to be retained for good pedagogic reason) we do respond whenever possible.

In previous years we have received very positive student comments the module: appreciating the
lecturing team and the activities, and gaining confidence through the presentations. Examples of
other feedback comments include:

Students felt it might be more helpful if group accounting and foreign exchange could be taught in the
first semester. In response, we have redesigned the schedule to teach these topics in semester one.

Students requested whether the lecture could be earlier in the day, however this is dependent on the
timetabling and room availability.

We welcome feedback from students at all times to help us further improve your experience.
10. LEARNING SUPPORT

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The Business Academic Skills Centre BASC

WHAT IS BASC? BASC is a drop-in service offering students at all levels one-to-one help and advice
on the academic skills needed to produce their written coursework. We are staffed by both academics
and trained final year students.

WHERE IS IT AND WHEN IS IT OPEN? BASC is on the First Floor of the Nightingale Centre (LRC)
in the Academic Skills section and is open Monday to Friday from mid-October until the end of the
academic year (times vary during non-teaching weeks). At other times BASC runs on an appointment
basis.

WHAT HELP CAN I GET? We offer feedback on all aspects of academic writing, excluding subject
specific content. In particular, we help with grammar, academic structure, referencing and avoiding
plagiarism. Just bring along a printed draft of your work - not your laptop.

WHEN SHOULD I VISIT? ASAP! We look at work from its earliest stages (or even just help analyse
the assignment brief). If you visit at the last minute, there may be a queue and you will be allocated a
shorter slot than at less busy times. Please note: BASC’s aim is to help you improve and develop your
academic writing; it is not a proof-reading service.

WILL BASC MAKE A DIFFERENCE? Definitely! Research demonstrates that students who regularly
use the University’s writing centres improve their marks by an average of one grade.

WHAT OTHER HELP I CAN GET WITH MY ACADEMIC WRITING?

 The Academic Writing Canvas site contains a series of straightforward advice pages. If you
aren’t automatically enrolled on it, join the site either through My Kingston>Academic Success
Centres>BASC, or this link https://canvas.kingston.ac.uk/enroll/K6PYGX
 There are plenty of excellent books in the LRC Academic Skills section
 The University also subscribes to Skills4studycampus, an interactive platform to help further
develop your learning.
 The LRC Discover desk, also on the first floor of the LRC, offers advice on how to search for
sources and reference your work.
 For further information, please contact Reica Gray: r.gray@kingston.ac.uk

11. EMPLOYABILITY
Students deliver two assessed group presentations for which they are given individual written
feedback. The assessment process for the presentations gives credit to each individual within the
group, for making improvements on their previous feedback. As such, your presentation skills are
expected to improve considerably and your confidence with it so that by the final presentation the best
students should reach a standard equivalent to that of a person in the workplace.

You will be offered the opportunity to produce a curriculum vitae, and we hope to organise a special
Accounting Speedmeet event to follow after your first presentation on Wednesday 6th November
2019. We hope to provide a presentation from ICAEW specialist staff about ACA as a career, training
contracts, working in a professional firm, the examination syllabus and credits for prior learning;
followed by the Speed Meeting between employers and students. Each firm will meet around 20
students for three minutes each. The event provides an opportunity for students who are already
focused on a career in accounting or finance to make a good first impression with potential employers

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and will enable employers to meet with many students in a very short time. It also offers a fantastic
opportunity to experience mini interviews with employers, even if you have decided to follow a different
career path. Afterwards, there will be an informal networking opportunity where you can continue
your conversation with employers over a drink and some food in more relaxed surroundings.

12. MODULE TEXTS

Core texts: You should already have this book from BA5802 and so do not need to repurchase.

The Institute of Chartered Accountants in England & Wales Financial Accounting and Reporting
Study Manual ISBN 978-0-85760-785-0 (2018 edition) [Professional Stage]

Recommended reading:

Elliott, B and Elliott, J. Financial Accounting and Reporting, Prentice Hall. Use for UK Corporate
Governance and Income Measurement. Copies in library (earlier editions are fine for chpts 3&4)
Alexander, D. and Britton, A. International Financial Reporting and Analysis, Thomson, latest edition,
ISBN 1-86152-880-9 (esp. Chapter 4 – Economic income)
Alexander, D. and Nobes, C. Financial Accounting – An International Introduction, FT Prentice Hall,
latest edition, ISBN 0-273-68520-1 (esp. Chapter 5 – Harmonisation & Convergence topic)
Alfredson, Leo, Picker, Pacter & Wise, Applying International Financial Reporting Standards, Wiley
Ernst & Young International GAAP 2012, Wiley and Sons, ISBN: 9780470976067
Deegan, C., Financial Accounting Theory, North Ryde, NSW: McGraw-Hill Education, fourth edition
(especially chapter 9 – Extending corporate accountability)
Higson, A. Corporate Financial Reporting – Theory and Practice, Sage, latest edition, ISBN 0-7619-
7141-6 (esp. Chapters 1, 3 and 4 – Theoretical aspects)
Soloman, J., Corporate Governance and Accountability, John Wiley and Sons, fourth edition
Stolowy, H. and Lebas, M. J. Corporate Financial Reporting – A Global Perspective, Thomson, latest
edition, ISBN 1-86152-753-5 (esp.Ch6 Revenue recognition & Ch13 Business combinations)
Walton, P., Haller, A. and Raffournier, B. International Accounting, Thomson, latest edition, ISBN 1-
86152-934-1 (esp Chapter 1 – Country differences & harmonisation, Chapter 2 – IASB and Chapter
18 – FOREX and hedging)
Wolk, H. I., Tearney, M. G. and Dodd, J. L. Accounting Theory, South-Western College Publishing,
Thomson Learning, latest edition.

It is, expected that you will supplement this with reading from a variety of sources including accounting
regulations, academic and professional journals, such as:
Accountancy is a professional journal provided by the Institute of Accountants in England and Wales
(ICAEW) for its members. It is particularly useful for recent ASB publications, announcing forthcoming
ASB publications and for comments on contemporary issues. It is advised that you look at
Accountancy on a regular basis to keep up to date with current matters.

Academic journals, such as British Accounting Review and Accounting and Business Research are
also useful sources of information. These contain articles based on research and often provide a
rigorous analysis of a particular topic.

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13. TEACHING PROGRAMME

CANVAS
SEMESTER ONE: INDICATIVE LECTURE MATERIAL
TOPIC
Mandatory reading for each topic will be given each week on the lecture slides. However, if you feel like
engaging in broader reading, look for the topics in any up to date text book and/or academic journal.
Introduction to module: Overview of topic and relationship with assessment:
Assessment briefing Experts and Novices and Presentations:
Accounting for non-economic factors: the challenges of reporting for social
session 1:
and environmental issues;
TOPIC 1:
session 2:Alternative approaches to revenue recognition 1: CPP & NRV accounting
Alternative and an introduction to CCA
Models of
Accounting: submit choice of SER topic on Canvas for Experts & Novices Coursework

session 3: Alternative approaches to revenue recognition 2: CCA

session 4: Alternative approaches to revenue recognition 3: Economic income

TOPIC 2: session 5:Professional ethics & conduct: UK; accountability; financial reporting role
within corporate governance; elements of accountability. IFAC Code, areas of concern,
Accountability: 5 main principles, threats & safeguards

-- ENRICHMENT ACTIVITY WEEK—

session 6: PRESENTATION 1: Role Profiling & Professional Ethics (topic 2)
NB: Presentations will be held on Wed 6th November 2019, 1:30 - 5pm (presentation
time-slots to be confirmed) with Speed Meet 2019 to follow after at 6 - 10pm, therefore
TOPIC 2: there will be no lecture/tutorial held this week
Accountability:
session 7: Corporate governance; regulation and harmonisation; accountability;
corporate governance reports; arguments for and against regulation; financial reporting
role within corporate governance; global harmonisation
MCQs 1: Revenue recognition (12 Qs)

session 8: Teaching, Learning & Research Activity: EXPERTS & NOVICES 1

TOPIC 1:
Alternative session 9: Teaching, Learning & Research Activity: EXPERTS & NOVICES 2
Models of
Accounting
MCQs 2: Ethics and Professional Conduct (4 Qs)

session 10: Teaching, Learning & Research Activity: EXPERTS & NOVICES 3

TOPIC 3:
Contemporary session 11: Accounting theories
Issues in MCQs 3: Corporate Governance (4 Qs)
Financial
Reporting

WINTER VACATION

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CANVAS
SEMESTER 2: INDICATIVE LECTURE MATERIAL
TOPIC
Mandatory reading for each topic will be given each week on the lecture slides. However, if you feel like engaging
in broader reading, look for the topics in any up to date text book and/or academic journal.
TOPIC 3:
Contemporary
Issues in session 12: Business reconstructions
Financial
Reporting

TOPIC 1: session 13: PRESENTATION 2: Income Measurement Topic

Alternative NB: Presentations will be held on Wednesday 15th January 2020; (presentation time-
Models of slots to be confirmed), therefore no lecture/tutorial held this week.
Accounting
session 14: Business combinations 1: Definitions, group structures, control and
ownership, concepts of single entity and substance over form; goodwill, non-controlling
interests, fair values
MCQs 4: Accounting Theories (4 Qs)
TOPIC 4:
Accounting for
Groups and Business combinations 2: Consolidated statement of financial position
session 15:
Foreign (CSFP); pre & post acquisition retained earnings; inter-group items; unrealised profits
Currency
Business combinations 3: Consolidated income statement (CIS);
session 16:
Intercompany-items, dividends, mid-year acquisitions, CSCE
MCQs 5: Business Reconstructions (4 Qs)

-- ENRICHMENT ACTIVITY WEEK--

Business combinations 4: Presentation of investment, associate and joint

session 17:
ventures. Equity method of accounting; International Accounting Standards and groups
TOPIC 4:
Accounting for Forex 1 Functional and presentational currencies; transactions & translations,
session 18:
Groups and treatment of exchange differences in statutory accounts
Foreign
Currency
session 19: Forex 2 Translation of overseas subsidiaries

session 20: Forex 3 Translate and combine (mock paper)

TOPIC 3:
Contemporary session 21: Current issues in financial reporting and links to syllabus
Issues in
Financial
MCQs 6: Business Combinations 1 - 4 (16 Qs)
Reporting
session 22: Exam briefing & Question and Answer session
MCQs 6: FOREX 1 AND 2 (8 Qs)

session 23: Self study

SPRING VACATION

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