The primary aim of this unit is to provide students with an understanding of the theoretical framework underlying the discipline of accounting. This will entail a study of the major theoretical concepts and principles in accounting, and the manner in which these concepts and principles are applied in practice.
Students who successfully complete this unit will be able to:
1 Evaluate and discuss the role of regulation in financial reporting and the political forces at play
2 Evaluate and discuss whether information provided in financial reports is useful to investors and creditors
3 Apply a conceptual approach to the definition and measurement of assets, liabilities, income, revenue, and equity
4 Explain the role of positive accounting theory in explaining and predicting accounting policy choice, the behaviour of the capital markets and the behaviour of relevant individuals, including ethical issues that may arise
5 Research, analyse and discuss complex contemporary financial accounting issues, formulate well-reasoned and coherent arguments and reach well-considered conclusions in relation to those issues