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Financial Accounting 2

Unit Code: EFIM 20001

Sponsored by KPMG

• Level: 2
• Credit point value: 20
• Unit Director: Richard Tutin
• Lecturers: Richard Tutin, Adriana Korczak, Yingfa Lu
• Teaching blocks: 1 & 2
• Prerequisites: EFIM10002 Financial Accounting 1 and EFIM10004 Managerial Finance; or ACCG10052 Introduction to Accounting; or 70% in 25 Principles of Accounting (University of London External Diploma)
• Number of Lectures:: 20 Lectures plus 20 Exercise Lectures plus 20 optional Drop-in sessions
• Number of tutorials:: 11

Description of the Unit

This unit aims to equip participants with a good understanding of the principles and techniques of Financial Reporting and Income Concepts (Valuation), providing a useful and interesting foundation from which you may further your education and develop your careers.

It's a technical unit which students tend to find difficult during term-time, but stick with it and do the work set and you'll find that you get rewarded; in 2010, 48% of students achieved first class results in the exam and 26% got 2.1s. The highest mark was 95%.

As an indication of workload, you should expect to spend about 8 hours a week on Financial Accounting: 2 ½ hours contact time (tutorials are fortnightly) + ½ hour reviewing the lecture material + 2 hours reading + 3 hours working through tutorial questions and exercises.

Financial Accounting 2 is a prerequisite for the following options in the final year:

• ACCG30012 Financial Reporting
• EFIM30008 Taxation and Auditing

Assessment Methods

3 hour closed book examination in May/June.

Required Course Work

• 20 Tutorial Questions for submission
• 16 Exercises to prepare in advance of Exercise Lectures - samples of these will be taken in for marking.

Main Text

• Alexander, Britton and Jorissen International Financial Reporting and Analysis

Syllabus

• Leases
• Provisions, contingent liabilities and contingent assets
• Property, Plant and Equipment
• Intangible assets
• Impairment of assets
• Group accounts
• Economic concepts of income
• Valuation in financial reporting