Module Code:
Host School of the Module:
Semester Two, 2021/2022
Module Handbook
MODULE TEACHING TEAM CONTACT DETAILS
| Name | Room | |
| Module leader: Office Hours Semester Two 2021-2022: | Please email for an appointment | |
| Teaching Team: Office Hours Semester Two 2021-2022: ………………….. | Please email for an appointment |
DATES FOR YOUR DIARY
Key assignment submission and feedback return dates
| Assessment and weighting | Deadline for submission | Provisional Mark & Feedback available: | Feedback available: |
| Online In-class test (25%) | Week 8: | Week 10 | During Seminar and on Blackboard |
| Final Examination by 3000-word Course Work (75%) | TBC | As given in the academic regulations | During Seminar and on Blackboard |
The dates for the return of marks and/or feedback are determined by the University’s stated marking periods as given in the academic regulations.
The Core Texts for this module are:
- Alexander, D. & Nobes, C. (2020). Financial Accounting: An International Introduction. (7th ed.) Pearson Education.
- Doupnik, T., Finn M., Gotti G., & Perera H. (2020). International Accounting. (5th ed.) McGraw-Hill.
Table of Contents
1. INTRODUCTION & WELCOME TO THE MODULE. 4
2. MODULE AIMS, LEARNING OUTCOMES, INDICATIVE CONTENT. 4
5. USING YOUR STUDY TIME EFFECTIVELY. 9
6. READING AND KEY LEARNING RESOURCES. 11
8. WBS PROFESSISONAL PRINCIPLES. 15
- Please note that this module handbook serves as guidance for students taking module 6ACCN001W – Global Accounting and Multinational Enterprises (Semester Two, 2021-22).
- Some minor changes related to literature and video sources, seminar activities etc. may occur during the course of the module and will be communicated by the module leader.
- Key information such as the module learning outcomes, the methods of assessment and assessment deadlines will not change.
Ensure that you check the module Blackboard site and your University email regularly for announcements and updates.
1. INTRODUCTION & WELCOME TO THE MODULE
Following a review of the basics, accounting theory and practice will be discussed in an international context, and the case for global harmonisation will be critically considered. Key accounting issues faced by multinational companies will be examined including recent and likely future developments. In addition, financial statement analysis techniques will be reviewed in a cross-border context, as well as international issues in auditing and corporate governance. An appreciation of real-world application will be gained through reference to industry case studies.
2. MODULE AIMS, LEARNING OUTCOMES, INDICATIVE CONTENT
Module Aims
This module provides a systematic understanding and appreciation of the principles and practices underlying global financial accounting and the key accounting issues faced by multinational companies. The diversity in global financial accounting will be discussed and the arguments for the international accounting standards convergence project critically evaluated. Accounting issues related to foreign currency transactions and translation, business combinations, segment reporting, transfer pricing and wider corporate governance faced by multinational companies will be discussed.
In addition, current developments in international accounting will be examined. An appreciation of the practical application of the theory, knowledge and understanding gained will be made through reference to industry cases. Learning activities include directed lectures and seminars. The workshops and seminars will be used to engage students in debate, and real-life companies and contemporary events will be used to illustrate international financial accounting in practice.
Indicative Syllabus Content
- Introduction to International Financial Accounting
- International Diversity and Convergence in Accounting
- International Accounting Standards (IFRS)
- International Business Combinations, Goodwill and Intangibles
- Foreign Currency Transactions and Translation
- International Segment Reporting
- International Financial Statement Analysis
- Other International Issues (e.g., International Transfer Pricing, International Taxation, Corporate Governance and Control of Global Operations).
Learning Outcomes
On successful completion of this module, you should be able to:
- Critically evaluate accounting issues that are related to multinational companies and discuss the arguments for and against global accounting standards.
- Critique theoretical frameworks, and relate to international accounting standards for assets, liabilities, recognition and measurement as well as to the needs of user groups.
- Communicate in a professional manner. Debate global convergence in accounting standards.
- Challenge received opinion and use own criteria and judgement in areas of global financial reporting standards.
- Critically evaluate current research using own judgment of ethical, political and legal values.
- Critically evaluate arguments, assumptions, abstract concepts and data (that may be incomplete), to make own judgements in areas such as accounting for foreign currency and other financial reporting issues.
- Formulate a complex argument within a theoretical and contextual framework.
3. ASSESSMENT
The University has arrangements for marking, internal moderation and external scrutiny. Further information can be found in Section 12 of the Handbook of Academic Regulations, westminster.ac.uk/study/current-students/resources/academic-regulations
This module is assessed by:
- In-Class Test (25%)
- Final Examination (75%)
The pass mark for the module is 40%. To pass overall, the total calculated from adding together the weighted marks from each assessment component must be 40%.
If your mark for either assessment is under 30%, you will be required to complete a referral assessment, and your mark for that will be capped at 40% (subject to mitigating circumstances).
Unless explicitly indicated otherwise, all coursework must be submitted electronically via Blackboard. In addition to the detail given below, further information may be posted onto the Blackboard site for the module.
Anonymous marking
Do NOT include your name or student number within the file name or anywhere within your submission. The submission will be subject to anonymous marking.
Assessment rationale, methods and weightings
In-Class Test (25%) This multiple-choice Test will be delivered online during teaching week 8. It is used to assess students’ understanding of the core principles, frameworks, and context in which International Accounting is examined. The Test is also used explicitly to guide students in their study, and to assist them in judging their strengths and weaknesses before the final exam.
Final Examination (75%): This will be a 3000-word coursework. It is used to assess whether students have understood the key concepts and theories. It is also used to assess their ability to apply the concepts and techniques learned to the relevant circumstances. Overall, it is designed to assess all learning outcomes, with an emphasis on critical thinking.
Assessment Criteria
80-100: An outstanding piece of work: All assessment criteria have been met at an exceptionally high standard.
• Demonstrates exceptional independent thought and reflection in relation to complex ideas and concepts.
• Provides creative analysis of techniques/knowledge.
• Critically analyses information sources, techniques and approaches to analysis.
• Demonstrates extensive research across a range of sources.
• Communicates ideas and complexity with confidence, using appropriate format and excellent presentation.
70-79: An excellent piece of work: All assessment criteria have been met at a high standard.
• Takes a confident approach to critical analysis/reflection across a range of techniques/knowledge.
• Shows in-depth understanding of ideas and concepts.
• Demonstrates insightful/independent contextualisation and implications of theories/practices.
• Synthesises independent research across a range of authoritative sources.
• Communicates with clarity using appropriate format and excellent presentation.
60-69: A good piece of work: All assessment criteria have been met at a good standard.
• Demonstrates systematic understanding across a range of techniques/knowledge in specialised area.
• Demonstrates confident analysis/reflection on key concepts/frameworks.
• Explores relationship of theories/practices within the wider context.
• Provides additional independent research across a range of authoritative sources.
• Communicates clearly, using appropriate format and with sound presentation.
50-59 A sound piece of work: All assessment criteria have clearly been met.
• Demonstrates clear understanding of techniques/knowledge in specialised area.
• Demonstrates some independent synthesis and reflective analysis across key concepts/
frameworks.
• Provides evidence of research across a range of resources provided within the module.
• Communicates using appropriate format with satisfactory presentation.
40-49: An adequate piece of work: All assessment criteria have just been met.
• Demonstrates descriptive understanding of techniques/knowledge.
• Provides limited evaluation of ideas and concepts.
• Undertakes minimal research within module content.
• Communicates work using appropriate format with some weaknesses of presentation.
30-39: FAIL: An inadequate piece of work: One or more relevant assessment criteria have not been met.
• Applies techniques/knowledge with limited with some weaknesses/omissions.
• Demonstrates inadequate knowledge of key concepts and principles.
• Uses a minimal amount of relevant information from within the module.
• Communication is unclear with poor standard of presentation.
0-29 FAIL: A poor piece of work: Most of the relevant assessment criteria have not been met.
• Applies techniques/knowledge with significant weaknesses and omissions.
• Demonstrates major inaccuracies and/or misunderstandings flaws of key concepts and
principles.
• Uses inadequate information sources from within the module.
• Communication is unclear with poor standard of presentation
Referencing requirements for assignments
Statements, assertions, and ideas made in coursework should be supported by citing relevant sources. Sources cited in the text should be listed at the end of the assignment in a reference list. Any material that you read but do not cite in the report should go into a separate bibliography. Unless explicitly stated otherwise by the module teaching team, all referencing should be in Westminster Harvard format. If you are not sure about this, the library provides guidance (available via the library website pages).
Difficulties in submitting assignments on time.
If you have difficulties for reasons beyond your control (e.g., serious illness, family problems etc.) that prevent you from submitting the assignment, make sure you apply to the Mitigating Circumstances board with evidence to support your claim as soon as possible. The WBS Registry or your personal tutor can advise on this.
Submitting your Final Examination
Do NOT include your name or student number within the file name or anywhere within your submission. The submission will be subject to anonymous marking.
Unless indicated otherwise, this is submitted via Blackboard. On the Blackboard home page for the module, you will find a button on the menu called ‘Submit Final Examination’. Clicking this will take you to the submission link.
At busy times the coursework submission process may run slowly. To ensure that your submission is not recorded as a late submission, avoid submitting very close to the deadline.
REMEMBER:
It is a requirement that you submit your work in this way. All coursework must be submitted by 13:00 (UK Time on the due date).
- If you submit your coursework late but within 24 hours or one ‘working’ day of the specified deadline, 10% of the overall marks available for that assessment will be deducted as a penalty for late submission, except for work which is marked in the range 40-49%, in which case the mark will be capped at the pass mark (40%).
- If you submit your coursework more than 24 hours or more than one ‘working’ day after the specified deadline you will be given a mark of zero for the work in question.
The University’s mitigating circumstances procedures relating to the non-submission or late submission of coursework apply to all coursework. If you are unclear about this, speak to your class leader or module leader.
4. FEEDBACK ARRANGEMENTS
Formative feedback will be available from exercises undertaken during the seminars.
Summative feedback is available following completion of the following assessments:
| Assessment and weighting | Provisional Mark & Feedback available: | Feedback available: |
| Online In-class test (25%) | Week 10 | During Seminar and on Blackboard |
| Final Examination by Coursework (75%) | As given in the academic regulations | Available on Blackboard |
5. USING YOUR STUDY TIME EFFECTIVELY
You have primary responsibility for your own learning. You will have a schedule of formal study where you will be working with academic staff and this is outlined later in this handbook. Alongside your scheduled studies, your private or ‘independent’ study is very important. This is the time that you spend learning without direct supervision from, or contact with, a member of teaching staff and this makes up a large part of your studies. It is likely to include background reading, preparation for seminars or tutorials, follow-up work, wider practice, the completion of assignments, revision and so on. Some independent study may be structured for you as a key part of your learning, but it also is the additional study you choose to undertake to further improve your learning.
To summarise, in general your study activity will break down into:
- Scheduled contact/activity time (such as lectures, classes, tutorials, workshops, supervisions andother directed activities)
- Structured independent study (such as reading and preparing for scheduled learning activity)
- Module and course-based wider study (such as reading the business media,employability activities, personal tutoring activity)
- Assessment (working on coursework and/or preparing for and taking tests/exams)
You should be putting in 10 hours of study time for every credit so you should plan to commit more hours than the class time in this module in order to gain the most from your studies.
| Learning and Teaching Activity Type | Category | Hours* |
| Lecture | Scheduled | 24 |
| Seminar | Scheduled | 24 |
| Total Scheduled Contact/Activity Hours | 48 | |
| Structured independent study | Independent | 42 |
| Module and course-based general study | Independent | 42 |
| Working on and taking assessments | Independent | 68 |
| Total Independent Study Hours | 152 | |
| Total Learning and Teaching Hours | 200 |
- These hours are indicative only and may be subject to change. They also indicate what would be typical. Your particular study needs may vary.
If you are unclear on any aspect of making the best use of your study time on this module, speak to your class leader or the module leader.
Academic integrity
What you submit for assessment must be your own current work. It will automatically be scanned through a text matching system to check for possible plagiarism.
Do not reuse material from other assessments that you may have completed on other modules. Collusion with other students (except when working in groups), recycling previous assignments (unless this is explicitly allowed by the module leader) and/or plagiarism (copying) of other sources all are offences and are dealt with accordingly. If you are not sure about this, then speak to your class leader.
University of Westminster Quality & Standards statement
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules, however innocently, will be penalised. It is your responsibility to ensure that you understand correct referencing practices. As a University level student, you are expected to use appropriate references and keep carefully detailed notes of all your sources of material, including any material downloaded from the www.
Plagiarism is defined as submission for assessment of material (written, visual or oral) originally produced by another person or persons, without acknowledgement, in such a way that the work could be assumed to be your own. Plagiarism may involve the unattributed use of another person’s work, ideas, opinions, theory, facts, statistics, graphs, models, paintings, performance, computer code, drawings, quotations of another person’s actual spoken or written words, or paraphrases of another person’s spoken or written words.
Plagiarism covers both direct copying and copying or paraphrasing with only minor adjustments:
- a direct quotation from a text must be indicated by the use of quotation marks (or an indented paragraph in italics for a substantive section) and the source of the quote (title, author, page number and date of publication) provided.
- a paraphrased summary must be indicated by attribution of the author, date and source of the material including page numbers for the section(s) which have been summarised.
Essential Reading List:
The Core Texts for this module are:
- Alexander, D. & Nobes, C. (2020). Financial Accounting: An International Introduction. (7th ed.) Pearson Education.
- Doupnik, T., Finn M., Gotti G., & Perera H. (2020). International Accounting. (5th ed.) McGraw-Hill.
Other essential reading
- Aerts W. & Walton P.J. (2020). Global Financial Accounting and Reporting: Principles and Analysis. (5th ed.) Cengage Learning.
- Melville, A. (2019). International Financial Reporting. (7th ed.) Pearson Education
- Alexander D., Jorissen A., Hoogendoorn M., van Mourik C., & Kirwan C. (2020) International Financial Reporting and Analysis. (8th ed.) Cengage.
Other key learning resources:
- Accounting Journals
- Websites, including:
- www.iasplus.com
- www.ifrs.org
- www.frc.org.uk
- www.fasb.org
The four hours of timetabled classes each week for this module consist of a 2-hour lecture and a 2-hour seminar.
| Week | Date | This week’s Lecture & Seminar | Preparation for Next Week |
| 1 | 26/01/22 | Lecture 1: Introduction to this Module and to the topic of International Accounting. Seminar Activities: Introduction of participants; review of Module Handbook; revision of basic financial statements. | Alexander, D. & Nobes, C. (2020): Chapters 2 and 6. |
| 2 | 02/02/22 | Lecture 2: Fundamentals of Financial Accounting and Disclosure, including international segment reporting. Seminar Activities: The importance of financial accounting. The different users of accounting information. The role of national and international regulators, professional bodies etc. | Alexander, D. & Nobes, C. (2020): Chapter 3. Melville (2019): Chapter 2. |
| 3 | 09/02/22 | Lecture 3: IASB Conceptual Framework Seminar Activities: Income statements, statements of financial position and cash flow statements. The relationships between assets, liabilities, equity, income and expense. Notes to the accounts and other disclosure. Examples from real-life companies. | Alexander, D. & Nobes, C. (2020): Chapter 5. Doupnik (2020), Chapters 2 and 3. |
| 4 | 16/02/22 | Lecture 4: International Differences and Harmonisation Seminar Activities: Understanding the concepts to be found in the IASB’s Framework. The national and international accounting standards-setting process. | Doupnik (2020), Chapter 4. Melville (2019): Chapter 6. |
| 5 | 23/02/22 | Lecture 5: Accounting for International Business Combinations, Goodwill and other Intangibles Seminar Activities: The causes and effects of accounting diversity. The case for and against global accounting standards. Distinguishing between EU and wider international harmonisation efforts. The work of the IASB. | Alexander, D. & Nobes, C. (2020): Chapter 15. Doupnik (2020), Chapter 6 (pages 214-226). |
| 6 | 02/03/22 | Lecture 6: Foreign Currency Translation and Hedging Foreign Exchange Risk Seminar Activities: Types of assets (non-current, current, tangible, intangible). Accounting for business combinations and goodwill. Examples from real companies. | Alexander, D. & Nobes, C. (2020): Chapters 7 and 17. Aerts W. & Walton P.J. (2020): Chapter 9. |
| 7 | 09/03/22 | Lecture 7: International Financial Statements Analysis Seminar Activities: Accounting issues arising from the use of foreign currencies. Foreign currency transactions vs. translation of financial statements. Guidance for the In-class Test. | (Revise learning weeks 1-7) |
| 8 | 16/03/22 | In-class Test | Aerts W. & Walton P.J. (2020): Chapter 15. Doupnik (2020), Chapter 8. |
9 | 23/03/22 | Lecture 8: International Taxation Seminar Activities: Debrief on In-class Test. Review of financial ratio analysis in an international context. | Doupnik (2020), Chapter 9. |
| 10 | 30/03/22 | Lecture 9: International Transfer Pricing Seminar Activities: Introduction to international taxation. Deferred vs. current taxes. Tax avoidance vs tax evasion. Tax planning, tax treaties and tax havens. | Doupnik (2020), Chapter 11. Aerts W. & Walton P.J. (2020): Chapter 16. |
| 11 | 06/04/22 | Lecture 10: International Auditing, Corporate Governance and Control of Global Operations Seminar Activities: The importance and objectives of international transfer pricing. Transfer pricing methods. Government positions, compliance and enforcement. | Review all topics |
| 12 | 13/04/22 | Lecture Topic: Revision Seminar Activities: International corporate governance and auditing. Internal control and risk management in a global context. Revision questions. |
Note:
Additional preparation materials may be posted on Blackboard. To benefit fully from your face-to-face taught sessions, these should be accessed and completed beforehand. Any changes to the schedule will be announced on Blackboard.
Lecture capture
We aim to offer recorded versions of the following:
- Course and module induction sessions
- Key lectures
- Assessment briefings
*Recordings may be provided in a range of forms, including Panopto recording, audio, video and other learning resources. Recordings can be found on our virtual learning environment (Blackboard).
Study – professional practice
- Arrive for taught activities in good time. We will aim to start on time so that we can finish on time. If you do enter late, enter quietly to avoid disturbing others.
- Participate constructively, presenting own ideas and critiquing those of others in a respectful & supportive manner.
- Read and act on Blackboard announcements & emails in a timely manner; ensure your SRS contact details are current; write all emails in a formal business style.
- Please do not phone, text or message during taught activities.
- THE KEY – follow the WBS Professional Principles (see last page).
