| 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) and the equivalent sections of the General Accounting Principles for Small and Medium-Sized Entities (GAPSME) 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 will also be discussed and analysed. Academic literature will also be examined. 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 Presentation of Financial Statements, IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 23 Borrowing Costs, IAS 34 Borrowing Costs and IAS 40 Investment Property and the equivalent sections of GAPSME; - To apply the theoretical principles to provide solutions to various practical scenarios. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Interpret aspects of financial reporting by applying the theoretical principles to solve practical problems. 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 or the equivalent sections of GAPSME; - Solve practical accounting issues and problems by applying the theoretical principles stipulated in the IFRSs or the equivalent sections of GAPSME. Main Text/s and any supplementary readings: - International Financial Reporting Standards (IFRSs), including the introduction, main text and basis for conclusion. - The General Accounting Principles for Small and Medium-Sized Entities (GAPSME). - Alan Melville, International Financial Reporting: A Practical Guide (Latest Edition), Prentice Hall. - Elliott, B. and Elliott, J. Financial Accounting and Reporting (Latest Edition). Pearson. - J. Collins & B. McKeith, McGraw-Hill, Financial Accounting and Reporting (Latest Edition). - Other material as indicated during the lectures. |
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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 | Michelle Vassallo Pulis |
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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 2025/6. It may be subject to change in subsequent years. |
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