AF6034 - Contemporary Issues in Financial Reporting

You will learn through lectures, structured seminars and independent learning. The lectures will, in the case of the accounting standards, cover the critical viewpoints which need to be considered. In the contemporary issues lectures you will cover theory in the area. In both cases this will be followed up with structured seminars, where a range of activities will be designed in order to provide a more in-depth discussion of the topics covered in the lectures.

You will be supported in a number of ways. The most direct from of support will be through the seminars, where you will engage and interact in debates and discussions around a given topic. In addition, there will be a number of drop-in sessions to support you through the CPD event planning process. This will give you the opportunity to ask questions about your topic and ways to approach the presentation and briefing paper. There will be ongoing support from your module tutor via email and informal discussions. Lectures will be recorded using Panopto and made available on Blackboard. In addition, a range of material will be made available from professional bodies which will support your study of International Financial Reporting Standards.

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

Knowledge & Understanding:
• Understand, apply and critically appraise the strengths and weaknesses of contemporary financial reporting practices (MLO1).

Intellectual / Professional skills & abilities:
• Critically assess your Continuous Professional Development by means of a group-delivered professional training event supported by an appropriate briefing paper (MLO2).
• Develop and critically assess your research and presentation skills through delivery to a peer audience (MLO3).

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
• Develop and critique your research skills by investigating particular financial reporting issues and synthesising the material into an evaluative briefing paper (MLO4).

Formative assessment will be provided to you through a range of seminar activities which will enable you to prepare for summative assessment during, and at end of the module. You will be given the opportunity to develop examination skills through example examination questions. Formative assessment will be provided by tutors during sessions, and through guidance notes to seminar activities.

Summative Assessment:
• Three-hour closed-book examination (plus 15 mins reading time) - 50%. Feedback will be provided on the exam script. Some of the learning objectives will be measured through this assessment; they will be in the form of computational, scenario based and long-form essay questions (MLO1).
• Continuous Professional Development event - 50%. Group briefing paper (2000 words) and formal presentation (30 mins). Some learning objectives will be measured by this assessment. Feedback will be provided in written format for both elements (briefing paper construction and presentation) (MLO2, MLO3, MLO4).

Level 4 Financial Accounting Module or equivalent
Level 5 Financial Accounting Module or equivalent

None

This module examines the contemporary issues and controversies in financial reporting, with a focus on the technical and theoretical elements of the International Financial Reporting Standards (IFRS). You’ll learn how financial reporting standards are used and applied in practice, and gain valuable insights into academic research which supports your understanding of higher level financial reporting issues.

The module is split into two distinct areas which complement the assessment structure. The first part is a continuation of the financial reporting work you undertook at level 5. So you’ll cover concepts that give you a deeper understanding of the subjective elements of IFRS – a crucial factor in improving your decision-making skills. The second part introduces theoretical research which will develop your understanding of the contemporary issues the wider world of financial accounting is facing.