Global Accounting Standards and Their Development

FIN6630

Title	Global Accounting Standards and Their Development
Code	FIN6630
School	RBS
Module Level	6
Module Code	FIN6630
Available Summer	N
Semester	1
Credits	15
ECTS Credits	7.5
Contact Hours	48
Course Length (wks)	12
Course Leader	Brian Kriefman
Lecturers	Marie Byrom
Course Aims	The module aims to: Develop an appreciation of the accounting treatment of foreign exchange transactions. Critically evaluate the benefits and drawbacks of the accounting. Assess current international issues within the context of global company audit and assurance.
Course Content	Accounting techniques, data collection and problem solving, discussions where students are directed towards developing the skill of examining and assessing recent articles written in peer reviewed journals on current issues.
Learning Outcomes	On completion of this module, students should be able to: LO1 Develop an appreciation of the accounting treatment of foreign exchange transactions, and appreciate the limitations of the methods available. LO2 Critically evaluate the benefits and drawbacks of current accounting treatment of intangibles. LO3 Appreciate the difference between cash flow statements for single entities and cash flow statements for groups of companies. LO4 Critically review the economic reasoning of the impairment of assets and apply the current standard. LO5 Understand and apply the international accounting guidelines for lease agreements. LO6 Appreciate the importance of pensions, and the difficulties involved, the role of the actuary and the difference between defined benefit schemes and defined contribution schemes. LO7 Have an in-depth understanding of accounting for financial instruments, particularly the controversial issues involving the international standards.
Presentation	Students attend class sessions which will include a range of activities, interactive lectures and class discussions that are related to the module topics above. Learning outcomes for the module are linked to the content of each week’s work. Students are introduced to theories. Throughout the module there is a consistent approach to theory and practice by developing the critical awareness of students through the use of recent research papers on topical issues.
Reading Recommended	ELLIOTT B and ELLIOTT J (2006), Financial Accounting, Reporting and Analysis. 2nd edition. FT Prentice Hall London. IASB (2006), International Financial reporting Standards (IFRSs). IASB London. MIRZA A., et. al. (2006) International Financial Reporting Standards (IFRS) Workbook and Guide: Practical insights, Case studies, Multiple-choice questions, Illustrations. London: John Wiley and Sons.
Reading Required	ELLIOTT B and ELLIOTT J (2006) Financial Accounting and Reporting. 11th Edition. FT Prentice Hall London.
Pre-Requisites	ACC5820 Financial Accounting II
Asseseement Methods	In-class test - Week 6- 15% Individual assignment - Week 8 - 20% In- Class test - Week 10 - 15% Written Examination - Exam Week- 50%
Weekly Schedule	Group cash flow statements IAS 7 (Revised) Accounting for the effects of change in foreign exchange rates IAS 21 Intangible assets: research development, goodwill and other intangibles. Leasing – IAS 16 Pensions – IAS 19 Post balance sheet events, provisions, contingent assets and contingent liabilities IAS 10 and IAS 37 Current international issues in international accounting Fair value accounting and accounting for financial instruments