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ACC-20007 - Module Specification
Keele Business School
Faculty of Business, Law, Humanities & Social Sciences

For academic year: 2026/27 Last Updated: 16 September 2026

ACC-20007 - Financial Accounting Theory and Reporting
Coordinator: Tracy Clewlow Tel: +44 1782 7 33107
Lecture Time:
Level: Level 5
Credits: 30
Study Hours: 300
School Office: 01782 733094

Programme/Approved Electives for 2026/27

None

Available as a Free Standing Elective

No

Co-requisites

None

Prerequisites

ACC-10003 Principles of Financial and Management Accounting

Barred Combinations

None

Description for 2026/27

Building on previous knowledge this module will focus on Financial Accounting for larger companies with requirements to comply with International Financial Reporting Standards (IFRS) and International GAAP. Detailed study of key accounting standards will support understanding of strict reporting requirements and disclosures as the complexity of preparing financial statements increases. You will progress to prepare Group/consolidated financial statements (parent, subsidiary, associate) with required workings. Other key areas such as interpretation, off balance sheet finance, green reporting will also be studied. As part of this module, we will work with local companies to look at financial reporting in practice.

Aims
This module aims to provide students with a thorough understanding of accounting regulation and its purpose in promoting transparent and reliable financial reporting. It focuses on the application of accounting rules, regulations, and standards in the preparation of financial statements, including detailed workings and disclosure notes, for inclusion in published accounts.
Students will develop the skills needed to prepare full financial statements for single entities and consolidated group companies, ensuring technical accuracy and compliance with professional standards. The module combines applied and theoretical concepts, equipping students with a balanced approach to both practical and analytical challenges in accounting.
In addition, the module is designed to provide the knowledge and skills required to perform effectively in professional examinations, supporting students in securing exemptions from the syllabi of recognised accounting bodies. Finally, it seeks to enhance a range of transferable skills, such as critical thinking, attention to detail, and effective communication, which are essential for professional and academic development.

Intended Learning Outcomes

evaluate the theoretical framework of accounting regulation, to include accounting for small and medium sized enterprises (SMEs) and sustainability standards: 1,3
apply accounting standards to a wide range of business financial situations to support faithful representation: 1,2,3
apply theoretical principles of financial reporting to prepare non-group financial statements for publication in accordance with International Financial Reporting Standards (IFRS): 1,2
prepare group financial statements involving the consolidation of subsidiaries and an associate undertaking using relevant accounting standards: 1,3
interpret financial statements with focus on both financial and non-financial considerations: 2,3
appraise earnings per share in line with the relevant accounting standard with consideration for a range of new share issues and debt: 3

Study hours

Class Time = 48 hours
As a single semester 30 credit module there will be four hours of contact time per week. Class time will be a interactive allowing time for content and practice.
Independent study = 252 hours
Students are expected to allocate their independent learning approximately as follows:
Background reading and consolidation of taught material – 72 hours
Independent question and problem-solving practice – 100 hours
Revision and preparation for assessments – 74 hours
Scheduled assessment time – 6 hours
Total: 252 hours

School Rules

None

Description of Module Assessment

1: Exam weighted 30%
Computer Based Examination (1)
This assessment is subject to Professional, Statutory and Regulatory Body (PSRB) requirements, as the module contributes to Accounting Professional Body Accreditation and Exemption. The assessment will be 120 minutes in duration, conducted on campus, time-constrained and invigilated, and will consist of a mix of questions, including multiple-choice questions (MCQs).

2: Exam weighted 35%
Examination (2)
Assessment must be attempted. This module contributes to Accounting Professional Body Accreditation and Exemption and therefore all assessments are required to be 120 minutes in duration, on campus, time constrained and invigilated. Professional, Statutory and Regulatory Body (PSBR) requirements. This final assessment will be paper-based, including short and/or long answer questions.

3: Exam weighted 35%
Examination (3)
Assessment must be attempted. This module contributes to Accounting Professional Body Accreditation and Exemption and therefore all assessments are required to be 120 minutes in duration, on campus, time constrained and invigilated. Professional, Statutory and Regulatory Body (PSBR) requirements. This final assessment will be paper-based, including short and/or long answer questions

The University undertakes a continuous review of its teaching and research provision to ensure programmes are of a high quality and changes may be made to modules where it is necessary and reasonable to do so. Please be aware that minor changes to modules, such as a change to an individual assessment, can occur up until enrolment, although we endeavour to give you as much notice as possible of any changes. Details about the circumstance in which changes are made to programmes can be found in the Student Agreement, available at: https://www.keele.ac.uk/legalgovernancecompliance/governance/actcharterstatutesordinancesandregulations/studenttermsconditions/

Last Updated: 16 September 2026