| CODE | ACC3461 | ||||||||
| TITLE | Specialised Accounting | ||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 6 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Accountancy | ||||||||
| DESCRIPTION | This study-unit deals with contemporary accounting issues and builds on prior knowledge acquired in the first two years of this degree. Aspects of International Financial Reporting Standards (IFRSs) and the equivalent sections of the General Accounting Principles for Small and Medium-Sized Entities (GAPSME) will be addressed. It delves into a number of topics including the prediction of corporate failure, the ongoing debate as to whether accounting standards should be rules-based or principles-based, the current thought process of having an updated Management Commentary and the evolution of the Conceptual Framework in the process of standard setting. The students are also introduced to literature about political interference in the process of standard setting. Between 2001 and 2011, time and resources were dedicated towards a convergence project between the IASB and the FASB. Students are given insights into IFRS 15, Revenue from Contracts with Customers, and IFRS 16, Leases. Other standards covered in this study-unit include IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations, IFRS 6, Exploration for and Evaluation of Mineral Resources, and IFRS 13, Fair Value Measurement. In this study-unit, students will also be introduced to basic consolidated financial statements and related international financial reporting standards. Study-unit Aims: The main aims of this study-unit are: a) To discuss and apply accounting standards; b) To examine the theoretical framework in the preparation of financial statements; c) To critically evaluate selected readings from the extant academic literature relating to the topics identified; d) To examine the accounting for revenue, leasing, non-current assets held for sale and discontinued operations, exploration for and evaluation of mineral resources and fair value measurement; e) To examine the accounting requirements in relation to the preparation and presentation of basic consolidated financial statements. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - Analyse the 鈥淐onceptual Framework For Financial Reporting鈥� and establish what the principle behind each accounting standard is rather than just grasping what is required from the standard itself; - Appraise the Basis of Conclusions accompanying each accounting standard covered in this study-unit and identify the reasons why standard setters have chosen the prescribed treatment.Interpret theoretical developments related to issues in financial reporting by writing short descriptive and argumentative essays. 2. Skills By the end of the study-unit the student will be able to: - Evaluate the appropriateness of the financial reporting framework and critically discuss issues in financial reporting; - Account for revenue, leasing, non-current assets held for sale and discontinued operations, exploration for and evaluation of mineral resources and fair value measurement; - Prepare and present financial statements, or extracts thereof, both for single entities and business combinations, in accordance with financial reporting standards included in this study-unit. Main Text/s and any supplementary readings: - Rankin, Stanton, McGowan, Ferlauto & Tilling, Contemporary Issues in Accounting (latest edition). - D. Alexander and A. Britton, Financial Reporting (latest edition), Thomson Learning. - R. Lewis and D. Pendrill, Advanced Financial Accounting (latest edition), Prentice Hall. - Elliott, B. and Elliott, J., Financial Accounting and Reporting (latest edition), Pearson. - Alan Melville, International Financial Reporting 鈥� A Practical Guide (latest edition), Prentice Hall. - International Accounting Standards Board, International Financial Reporting Standards (IFRSs) (latest edition), International Accounting Standards Board, London. - Maltese Legislation and EU Publications dealing directly with Financial Reporting. - The General Accounting Principles for Small and Medium-Sizeder Entities (GAPSME). Selected readings provided by the lecturers. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE ACC2851 | ||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Ivan Paul Grixti Monique Micallef 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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