Financial Accounting

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Term 2
SCQF Level
Business, Law and Social Sciences


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 (using relevant IASs/IFRSs issued by IASB).

Indicative Content

1 Introduction to Accounting and Reporting Frameworks

Accounting framework for a partnership and a limited liability company.

2 Partnerships

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

3 Financial Statements for Limited Liability Companies

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) and government grant IAS20

5 Accounting treatments for non-current assets (tangible IAS16, IFRS5/intangible IAS38/impairment IAS36)

6 Calculation and interpretation of accounting ratios and trends; Earnings per share IAS33 limitations of ratios

7 Prepare and report financial performance to address financial information users and stakeholder needs (IAS1)

8 Financial Reporting and basic group accounting including intra-group balances, unrealised profit on intra-group sales and acquisitions during the year (IFRS3, IFRS10)

Teaching and Learning MethodHours
Supervised Practical Activity0
Unsupervised Practical Activity0

Guidance Notes

SCQF Level - The Scottish Credit and Qualifications Framework provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.

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 2023/4, and may be subject to change for future years.