AF1S228 - Financial Accounting 01 Sep 2020 - 31 Aug 2026 | Version 2
Associated Module Information
| Module Code: | AF1S228 | ||
|---|---|---|---|
| Module Title: | Financial Accounting | ||
| Faculty: | Faculty of Business and Creative Industries | ||
| Faculty Group: | Accounting and Finance | ||
| Faculty Sub Group: | Accounting and Finance | ||
| Module Leader: | Claudia Scicluna, Jared Davies | ||
| Module Team: | Rosemary Eaton, Nicola Gilbert | ||
| First Intended Intake: | SEP 2019 | Final Year of Intake: | |
| Date Closed: | |||
| Credit Value: | 20 | Credit Level: | 4 |
| Language: | English | ||
| Percentage of Module Taught in Welsh: | 0 | ||
| Equivalent Module: | |||
| HECOS codes: | 100845 - financial reporting | ||
| HECOS Code Weighting: | 100 | ||
Document Version Information
| Version | 2 |
|---|---|
| Valid From | 01 Sep 2020 |
| Valid To | 31 Aug 2026 |
Module Aims
This Financial Accounting module is based on the syllabi of two professional bodies - namely, the ACCA Financial Accounting module (one of three modules at the ACCA Qualification Applied Knowledge Level) and the ICAEW Accounting module (one of six modules at the Certificate in Finance, Accounting and Business (CFAB) level).
Latest versions of professional body syllabi can be found at:
ACCA:
https://www.accaglobal.com/ca/en/student/exam-support-resources.html
ICAEW:
https://www.icaew.com/for-current-aca-students/exam-resources/certificate-level
Successful completion of the internal assessments for this module will allow a student to claim exemption from ACCA’s Financial Accounting module OR the ICAEW Accounting module (confirmation of the ICAEW exemption pending).
Alternatively, following USW tuition students may opt to sit ACCA’s external equivalent of this module.
The main aim of the module is to, develop knowledge and sound understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements for a range of entities including sole traders, partnerships, companies and simple groups. The syllabus also introduces basic techniques of interpretation of financial statements.
Content Summary
The syllabus for Financial Accounting introduces the candidate to the fundamentals of the regulatory framework relating to accounts preparation and to the qualitative characteristics of useful information. The syllabus then covers drafting financial statements and the principles of accounts preparation. The syllabus then concentrates in depth on recording, processing, and reporting business transactions and events. The syllabus then covers the use of the trial balance and how to identify and correct errors, and then the preparation of financial statements for incorporated and unincorporated entities. The syllabus then moves in two directions, firstly requiring candidates to be able to conduct a basic interpretation of financial statements; and secondly requiring the preparation of simple consolidated financial statements from the individual financial statements of group incorporated entities
For the financial accounting, audit and assurance, law and tax papers except where indicated otherwise, ACCA and ICAEW will generally publish examinable documents once a year to indicate exactly what regulations and legislation could potentially be assessed within identified examination sessions.
Learning and Teaching Methods
| Activity Type | Hours |
|---|---|
| Seminar | 50 |
| Independent Study | 40 |
| Directed Study | 100 |
| Formative Assessment - Scheduled | 10 |
| Total Hours Selected | 200 |
Learning Outcomes
| # | Learning Outcome |
|---|---|
| LO1 | Explain the context and purpose of financial reporting. Define the qualitative characteristics of financial information |
| LO2 | Demonstrate the use of double-entry and accounting systems. Record transactions and events |
| LO3 | Prepare a trial balance (including identifying and correcting errors). Prepare basic financial statements for incorporated and unincorporated entities |
| LO4 | Prepare simple consolidated financial statements |
| LO5 | Interpretation of financial statements |
| LO6 | Display competence in a range of soft/transferable skills |
Module Requisites
N/A
Assessment Criteria
| Assessment Category | Assessment Type | Description | Duration | Word Count | Weight (%) | Best of? | Pass Mark |
|---|---|---|---|---|---|---|---|
| Synchronous Onsite Assessment | Time-constrained assessment (Onsite) 1 | 135 | 2800 | 70 | No | 40 | |
| Asynchronous Assessment | Report 1 | Written assignment with group work | 0 | 1500 | 30 | No | 40 |
Assessment Matrix
| Assessment Type | Learning Outcomes | |||||
|---|---|---|---|---|---|---|
| LO1 | LO2 | LO3 | LO4 | LO5 | LO6 | |
| Time-constrained assessment (Onsite) 1 | ✔ | ✔ | ✔ | ✔ | ✔ | ✘ |
| Report 1 | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |