Financial Accounting


This module seeks to expose students¿ to regulatory frameworks that underpin the preparation of financial statements for different forms of business organisations. It also seeks to develop students¿ ability to prepare partnership accounts and limited liability companies¿ general-purpose financial statement based on relevant standards issued by the IASB.


The aim of this Module is to provide the student with an understanding of the framework, both national and international, within which accounting statements are produced and the ability to prepare and present financial accounting statements for incorporated and unincorporated business entities.

Learning Outcomes

By the end of this module the student should be able to:

1.  appraise the partnership as a form of business organisation and prepare accounts;

2.  interpret the legislative and regulatory framework of limited company accounting, and prepare accounts;

3.  Introduction to accounting and reporting frameworks.Preparation and presentation of general purpose financial statements based on the provisionsof relevant IASs/IFRSs issued by IASB.

Indicative Content

1 Introduction to Accounting and Reporting Frameworks

Accounting framework for a sole trader, a partnership and a limited liability company.

2 Partnerships

Legal background. appropriations, admissions/retirements, dissolutions and conversion to a limited company.

3 Financial Statements for Limited Liability Comapmanies

Preparation and presentation of general purpose financial statements based on the provisions of relevant IASs/IFRSs issued by IASB.

4 Accounting treatments for current assets (inventories IAS2, trade receivables)

5 Accounting treatments for non-current assets (tangible/intangible/impairment IAS36)

6 Calculation and interpretation of accounting ratios and trends; Earnings per shareIAS33 limitations of ratios

7 Prepare and report financial performance to address financial information users and stakeholder needs

8 Financial Reporting and basic group accounting with associates IFRS3, IFRS10

Statement on Teaching, Learning and Assessment

Class contact will alternate between lecture and tutorial work, with lectures providing key input on concepts and contexts, and tutorial work involving students in individual and group activities and discussion. The assessment is designed to give the opportunity for the application of tools and concepts, and address learning outcomes as specified. Students will undertake enquiry based learning for a minimum of 60% of their class time.

Teaching and Learning Work Loads

Total 200
Lecture 14
Tutorial/Seminar 21
Supervised Practical Activity 0
Unsupervised Practical Activity 0
Assessment 80
Independent 85

Guidance notes

Credit Value – The total value of SCQF credits for the module. 20 credits are the equivalent of 10 ECTS credits. A full-time student should normally register for 60 SCQF credits per semester.


We make every effort to ensure that the information on our website is accurate but it is possible that some changes may occur prior to the academic year of entry. The modules listed in this catalogue are offered subject to availability during academic year 2019/20 , and may be subject to change for future years.