| CODE | EMA1316 | ||||||||||||
| TITLE | Accounting Theory and Practice 1 | ||||||||||||
| UM LEVEL | 01 - Year 1 in Modular Undergraduate Course | ||||||||||||
| MQF LEVEL | 5 | ||||||||||||
| ECTS CREDITS | 4 | ||||||||||||
| DEPARTMENT | Faculty of Economics, Management and Accountancy | ||||||||||||
| DESCRIPTION | This study-unit presents aspects of the accounting environment that provide the background of financial accounting development. It introduces the students to the preparation and analysis of financial statements. The topics covered in the study-unit are the following: - The Objectives of Published Accounting Information - The Financial Reporting Regulatory Environment - The Regulatory Framework - The Conceptual Framework - The Setting of Financial Reporting Standards - Published Accounting Information - The requirements of a selection of IFRSs - The Interpretation of Published Accounting Information Study-unit Aims: The aim of this study-unit is to build on the knowledge acquired in the pre-requisite ‘A’ level accounting syllabus and acquaint students with areas to be covered in greater detail in the later parts of the University accounting course. This will be achieved by introducing various aspects of accounting policy formulation and regulation. The issues discussed will be analysed in case study settings. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Describe the functions of accounting within the local environment. - Explain the environment in which financial accounting operates and the ethical standards expected of professional accountants. 2. Skills: By the end of the study-unit the student will be able to: - Prepare financial reports of an entity from given case study data. - Analyse the accounting information published annually by local business entities. - Assess the financial performance of the reporting entity. Main Text/s and any supplementary readings: Main Texts: - International Financial Reporting – A Practical Guide (latest edition) Alan Melville, Pearson. - Financial Accounting and Reporting (latest edition) - B. Elliott and J. Elliott, Pearson. Supplementary Texts: - Financial Accounting and Reporting (latest edition) - Collins and McKeith, McGraw Hill. - Financial Accounting Theory (latest edition) - Deegan and Umerman, McGraw Hill. - International Financial Reporting Standards (IFRSs) (latest edition), International Accounting Standards Board, London. - Maltese Legislation dealing directly with Financial Reporting and regulation of accounting profession. Selected readings provided by the lecturer(s) |
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| ADDITIONAL NOTES | Pre-requisite Qualifications: An Advanced Level Pass in "Accounting" at Grade E or better | ||||||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Ronald Attard Justin Chircop |
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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 2024/5. It may be subject to change in subsequent years. |
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