| CODE | ACC2851 | ||||||||
| TITLE | Accounting Recognition and Measurement | ||||||||
| UM LEVEL | 02 - Years 2, 3 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 5 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Accountancy | ||||||||
| DESCRIPTION | International Financial Reporting Standards (IFRSs) dealing with the recognition, measurement and presentation of revenue and expenses are covered during the study-unit, together with the applicable accounting treatment and issues arising from such standards. Aspects of related Interpretations (SICs and IFRICs) will also be discussed and analysed. Study-unit Aims: The aim of this study-unit is three-fold: - To familiarise students with the recognition, measurement and presentation principles of selected IFRSs, namely IAS 1, IAS 11, IAS 18, IAS 20, IAS 23, IAS 34 and IAS 40. - To apply the theoretical principles to provide solutions to various practical scenarios. - To identify issues relating to the above-mentioned standards and how they are being tackled by the IASB, including proposed Exposure Drafts. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Interpret aspects of international accounting and issues in financial reporting by applying the theoretical principles to solve practical problems. - Identify weaknesses in current standards and understand the principles that are being proposed in the Exposure Drafts. 2. Skills: By the end of the study-unit the student will be able to: - Prepare a Statement of Financial Position, a Statement of Comprehensive Income and a Statement of Changes in Equity after applying the principles of the above-mentioned standards. - Solve practical accounting issues and problems by applying the theoretical principles stipulated in the IFRSs. Main Text/s and any supplementary readings: - International Financial Reporting Standards (IFRSs), including the introduction, main text and basis for conclusion (IAS 1, IAS 11, IAS 18, IAS 20, IAS 23, IAS 34 and IAS 40). - Relevant sections of the General Accounting Principles for Smaller Entities (GAPSE), Legal Notice 51 (2009). - International Financial Reporting: A Practical Guide (Latest Edition), Alan Melville, Prentice Hall. - Financial Accounting and Reporting (Latest Edition), B. Elliott and J. Elliott, Prentice Hall. - Financial Accounting and Reporting (Latest Edition), J. Collins & B. McKeith, McGraw-Hill. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE EMA1316 AND TAKE ACC1994 | ||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Janice Camilleri Miriam Attard |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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