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Module Specifications

Archived Version 2015 - 2016

Module Title International Accounting Theory & Practice
Module Code AC220
School DCUBS

Online Module Resources

NFQ level 8 Credit Rating 10
Pre-requisite None
Co-requisite None
Compatibles None
Incompatibles None
Description

The purpose of this module is to expose participants to international accounting issues from a theoretical and practical basis. In this module students will be introduced to the regulatory and legal framework in which financial reporting in Ireland occurs. Students will be exposed to alternative income and valuation bases and their knowledge of the concepts, bases and policies which underpin financial statements will be further developed. International accounting standards, which are now essential in our global business world, will be explored in this module. This knowledge will aid students to evaluate and critically appraise the performance, financial position and financial adaptability of an entity and to prepare reports communicating this appraisal to internal and external parties. Additionally, this module introduces students to accounting for partnerships in Ireland. Students are expected to attend lectures, contribute to seminars and engage in a group project on a regular basis.

Learning Outcomes

1. Describe different accounting theories.
2. Appraise alternative income and valuation bases.
3. Describe the regulatory and legal framework in which financial reporting in Ireland occurs.
4. Prepare published financial statements in accordance with International Accounting Standards and legal requirements for single entities in Ireland.
5. Analyse and appraise single entity financial statements and report thereon.
6. Prepare financial statements for partnerships
7. Manage themselves and members they work with in a team when undertaking independent study and continuous assessment.



Workload Full-time hours per semester
Type Hours Description
Lecture48Class based instruction
Tutorial20Problem solving and group discussion
Independent Study40Problem solving relating to tutorial material
Group work30Group discussion of assignment and write up of report
Independent Study112Weekly review of class materials in preparation for the final examination
Total Workload: 250

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Accounting Theory
Definitions of theory; normative/positive theories, conceptual framework projects.

Alternative Accounting Models
Objectives of income measurement, historic cost accounting model, current value accounting models, economic model and concepts of capital maintenance.

Regulatory Framework of Accounting
Legal and professional framework for the regulation of financial reporting; the Irish and International standard setting process; the true and fair view.

Specific Accounting Topics
Accounting policies; revenue recognition; inventories; government grants; property, plant and equipment; impairment of assets; investment properties; intangible assets; events after the reporting period; provisions, contingent liabilities and contingent assets.

Company Accounting
Public v Private companies; issue and redemption of share and loan capital; distributable profits; presentation of final accounts for non-group companies in accordance with the Companies Acts and International Accounting Standards.

Analysis and Interpretation
Objectives of analysis and interpretation of financial statements; definition, ratio calculations in the areas of performance, efficiency, financial adaptability, liquidity, gearing and investment appraisal, users interest in ratios, limitations of ratio analysis.

Statements of Cash Flow
Objectives of cash flow information, distinction between profit and cash; advantages and limitations of statements of cash flow, the requirements of IAS 7 for single entities.

Partnership
Concept of a partnership and partnership agreement; partners' capital and current accounts; appropriation account; profit sharing; notion of goodwill; changes in structure; revaluation of assets; amalgamations; dissolutions; Garner v Murray rule; and conversion to a limited company.

Assessment Breakdown
Continuous Assessment15% Examination Weight85%
Course Work Breakdown
TypeDescription% of totalAssessment Date
Reassessment Requirement
Resit arrangements are explained by the following categories;
1 = A resit is available for all components of the module
2 = No resit is available for 100% continuous assessment module
3 = No resit is available for the continuous assessment component
Unavailable
Indicative Reading List

  • Deegan, C. and Unerman, J.: 2011, Financial Accounting Theory, European edition 2nd, Mcgraw-Hill,
  • Collins, B and McKeith, J: 2010, Financial Accounting and Reporting, First, McGrawHill, London,
  • Connolly, C.: 2011, International Financial Accounting and Reporting, Institute of Chartered Accountants in Ireland, Dublin,
  • Elliott, B. and Elliott, B.: 2011, Financial Accounting and Reporting, 15th, Prentice Hall, London,
  • Belkaoui, A.R.: 1994, Accounting Theory, 3rd, Academic Press,
  • Kam, V: 1990, Accounting Theory, 2nd, John Wiley,
  • Wolk, H. I. and Tierney, M.G.: 1997, Accounting Theory: A Conceptual and Institutional Approach, 4th, International Thompson Publishing,
  • Alexander, D., Britton, A. and Jorissen, A.: 2011, International Financial Reporting and Analysis, 5th, Thompson Learning,
  • Melville, A: 2011, International Financial Reporting, 3rd, Pearson,
Other Resources

None
Programme or List of Programmes
AFBA in Accounting & Finance
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