Week 11a [14] [CORE]: Additional material on Fair Value
The concept of fair value was introduced as a directed private study topic in Consolidated Financial Statements.
A big topic this! We really need to look at the concept of fair value. In the course of the lecture series we’ve encountered a number of valuation bases e.g. cost, depreciated cost, revaluation and more. Sooner or later you’ll come across the term ‘fair value‘ – so we need to look at this in more detail.
Week 10b [13] [CORE]: Associates, Joint Ventures and Equity Accounting
The password is 83408.
Assessment information may be out of date. Apologies for the poor sound.
More on Consolidated Statements of Financial Position
We will look at goodwill arising on consolidation in a bit more detail this week. Notes for goodwill are here (pdf).
There’s an illustrative case study, Merton and Peartree, which you should study and try to complete. In this case study, you do not have to calculate the figure for goodwill – it has already been done. However, there are some extra narrative parts (on goodwill) for you to tackle. These will be covered in today’s class, and there is a full solution provided.
You will also need to be able to prepare a combined consolidated income statement and statement of financial position. There’s an example case study Cuba and Mali here – again, a full solution with workings is included.
Associates, Joint Ventures and Equity Accounting
You need to know the basics of accounting in the consolidated financial statements for the results of associated companies and joint ventures. These are explored in this elearning resource.
There is a very useful case study Kroot, Lamkin and Menders (this includes an additional annotated set of financial statements as well as workings, and solutions). This is probably the most complex example of what you should be able to do. There’s another similar case study in Additional Resources [Blade, Crone and Drent].
Week 1 [4] [ADD]: Business Structures and The Accounting Environment
BUSINESS STRUCTURES
All businesses have a legal status e.g. sole proprietorship, partnership, charity, company and so on. While there is a general commonality from country to country but the details may be different depending on where you are based or where you are trading.
If necessary, revise your understanding of [UK] forms of business organisation – particularly companies.
See also: UK Company Structure qLegal, Queen Mary College 2020
AN INTRODUCTION TO ACCOUNTING IN THE UK
There is an online introduction to accounting in the UK. This will provide very useful information about accountants and what accountants do. It covers what accountants do, the structure of the accounting profession in the UK, how accountants qualify, and even the personal qualities that make for a good accountant. And, of course, why studying accounting is such a good idea! You can access the material here.
There is some supplementary reading (with up to date statistics) at:
The Accountancy Profession in the UK Oxford Economics, May 2017
Week 1/ [4] ADMIN: Introduction
Welcome to teaching week 1 of NBS8135!
INTRODUCTION
Induction material is available as
Lectures and Seminars
Lectures and seminars will be delivered by
Donald Halliday [email: donald.halliday@newcastle.ac.uk]
Syllabus
The module syllabus can be accessed at: http://www.ncl.ac.uk/module-catalogue/module.php?code=NBS8135 or using the link in the menu.
Timetable
The module timetable can be accessed via http://www.ncl.ac.uk/timetable/ or using the link in the menu – you’ll have to log in with your user name and password to access the timetable.
Administration
- How to use Canvas and the Blog
- Publication schedule for teaching materials
Independent learning
We’ll look at what independent learning involves. How does this approach relate to your previous studies, and how can you make it work for you.
Blog posts
CORE – essential material that must be covered
ADD – additional supportive material, useful but not essential
ADMIN – administrative material
An introduction to Accounting in the UK
There is an online presentation which will introduce you to accounting and the accounting profession in the UK.
It covers
- what accountants do,
- the structure of the accounting profession in the UK,
- how accountants qualify,
- the personal qualities that make for a good accountant
- why studying accounting is such a good idea!
You don’t have to take the presentation in all at once. Take a break when you need one – and you should be able to resume where you left off when you come back.
The presentation is here.