Accounting - Liverpool Hope University

Accounting Programme Specification from the Faculty of Science and Social Science Version: 2013/4.1 Last updated: July 2012

Programme / Pathway Specification 1.

Pathway title

2.

Study mode(s) and max. period of registration

Accounting Pathway

Mode of study

Duration of study

Full-time Part Time

3 Years 6 Years

3.

Awarding body

Liverpool Hope University

4.

Teaching location(s)

Hope Park

5.

Final award(s), including any interim awards

6.

NQF level(s)

Maximum registration period 6 years 10 years

BA Combined Honours Diploma in HE Certificate in HE National Qualifications Framework (NQF) Level 6 Level 5

Level 4

Framework for Higher Education Qualifications (FHEQ) Level H (honours) Level I (intermediate) Diplomas of higher education Level C (certificate) Certificates of higher education

7.

Sponsoring Faculty

The Faculty of Sciences and Social Sciences

8.

Department

Business School

9.

Date of initial validation

March 2012

10. Date of last Programme / Pathway Review (if applicable)

N/A

11. Date of first intake

September 2012

12. Frequency of Intake

Annual (September each year)

13. Additional Costs to Students (£estimate)

Exam/Exemption as at ACCA papers March 2012 per paper Accountant in Business £64 Financial Accounting £64 Management Accounting £64 Financial Reporting £80 Performance £80 Management

Financial Management TOTAL COST OF ACCA

£80 £432

If a student wants to use the Accelerate Programmehttp://www.accaglobal.com/graduates/accelerat e/ he/she can use the which is open to undergraduates and is designed to give them an insight into some of the benefits of ACCA membership and to help them improve/develop employability skills. Specific benefits include 1.) Free invitation to ACCA student meetings and any events specifically organised by the ACCA for undergraduates 2.) Monthly copy of student accountant which contains information/articles on a variety of topics such as ACCA examinations and developments within the Accountancy profession 3.) Free registration with the ACCA on graduation (a current saving of £66) In order to join the Accelerate Programme, students must be studying for a relevant degree (accounting or business). There is an annual fee of £15. Details of how to join are available on the ACCA’s website http://www.accaglobal.com/graduates/accelerat e/

14. Name of Pathway Co-ordinator 15. Professional Statutory or Regulatory Body (PSRB)(s) (if applicable) with date/outcome of last PSRB approval

Production Peripherals DVDs, Rewritable CD's, Data Storage Keys cost £50 approx Key texts per year approx £100 Dr. Adel Ahmed This programme is based on links with the ACCA (Association of Chartered Certified Accountants).

Programme / Pathway Details Pathway Aims 1- To deliver a coherent and relevant pathway programme to study alongside another chosen discipline e.g. Computing, Business, Information Technology, Law etc. ; 2- To meet the requirement within organisations for graduates who are able to apply appropriate practices within a professional framework; 3- To provide graduates with an education drawing on a balance of Accounting and another chosen discipline; 4. To provide a pathway of study in Accounting, which has an underlying vocational focus and is designed for students intending to enter the business sector who will need to understand how finance and accounting affects the business environment and how organisations operate in increasingly uncertain situations; 5- To provide an academic base which will enable students to meet the challenges of a dynamic working environment; 6- To enable students to develop an analytical awareness of activities within business organisations; 7- To provide an academic and vocationally oriented curriculum which develops knowledge and understanding of accounting issues and reflects critically upon ethical issues in business; 8- To provide students with the necessary practical and intellectual skills, such as analysis, problem-solving and reasoning, to enable them independently to achieve an understanding of accounting problems, deal with complexity, explore alternative solutions, demonstrate critical evaluation and integrate theory and practice; 9- To provide a stimulating learning environment which fosters a critical, reflective and challenging approach to the study of accountancy; 10- To provide opportunities that develop the students’ capability to take positive initiatives, respond effectively to new ideas, adapt to changing circumstances, and address multi-faceted problems with an open mind; 11- Generally develop student’s capacity for independent inquiry, written and oral communication skills, use of IT, ability to handle both quantitative and qualitative information, and ability to work co-operatively with their peers; 12- To provide students with the necessary personal and transferable skills to enable them to develop as independent, autonomous and reflective individuals and to prepare them for employment or future study; 13- To facilitate the development of a range of skills and values which allow students to use their talents to the full in achieving their personal and career aspirations. Programme/Pathway Learning Outcomes The pathway provides opportunities for students to achieve and demonstrate the following learning outcomes1 for each Level as follows: 1

Learning outcomes are the outcomes we expect you to meet in order to successfully complete the course. They are the outcomes students should have as a result of studying the course. All courses have their own,

Level C (1) On successful completion of Level C (1) students should be able to: 1. 2. 3. 4.

Demonstrate a knowledge of the underlying concepts and principles of financial accounting. Define the qualitative characteristics of financial information and the fundamental bases of accounting Demonstrate the use of double-entry and accounting systems. Record and summarise transactions and other economic events and conduct elementary analysis for a variety of organisations 5. Prepare basic financial statements for incorporated and unincorporated entities 6. Explain how organisations are structured, governed and managed by and on behalf of their external, connected and internal stakeholders 7. Identify and describe the key environmental influences and constraints on how businesses operate in general and how these affect the accounting function in particular 8. Explain the role of information and its management in a business environment 9. Recognise the principles of authority and leadership and how teams and individuals behave and are managed, disciplined and motivated in pursuit of wider departmental and organisational aims and objectives 10. Describe the history, purpose, and position of accounting in organisations and the roles of other functional areas Skills and other attributes: (a) Present, evaluate and interpret data to develop lines of argument and make sound judgements in accordance with basic business theories and concepts (b) Formulate solutions to clearly defined problems and situations. (c) Communicate the results of their study accurately and reliably using structured and coherent arguments. (d) Access and use a range of learning resources in order to acquire the skills to begin the process of moving from dependent to independent learning. (e) Begin to take responsibility for their own learning and development.

Level I (2) On successful completion of Level I (2) students should be able to: 1. Analyse and apply a conceptual and regulatory framework to financial reporting 2. Prepare financial statements, which conform with International accounting standards to generate accounting information relevant to internal and external users. 3. Understand and appraise the main current technical language and practices of accounting in a given socio-economic and ethical domain. 4. Interpret and analyse Published Financial Reports using real business accounts. 5. Interpret and analyse Published Financial Reports using real business accounts 6. Explain the nature and purpose of cost and management accounting; Apply management accounting techniques within appropriate decision-making paradigms including business mathematics and computer spreadsheet models. specific learning outcomes. All assessments are linked to assessing students’ achievement of these learning outcomes.

7. Recognise the influences on decision making and apply a range of techniques to support thedecision making process in organisations. 8. Prepare and co-ordinate budgets and standard costing for planning, feedback and control. 9. Demonstrate critical evaluation of ethical issues relating to businesses in the light of the expectations of the modern world. Skills and other attributes (a) Apply concepts, principles and techniques in analysing realistic, semi-open financial problems and situations, and selecting appropriate methods for their resolution (b) Communicate information, arguments and analysis in a variety of forms (c) Participate effectively in interdependent learning activities and function effectively as a more independent learner (d) Analyse learning needs and develop appropriate strategies (e) Evaluate and reflect upon their progress towards their chosen career Level H (3) On successful completion of Level H (3) students should be able to: 1. 2. 3. 4.

Assess critically the role and purpose of the financial management function Apply advanced working capital management techniques Conduct effective investment appraisal Identify and evaluate critically alternative sources of business finance including Ethical and Islamic Finance Models. 5. Apply principles of business and asset valuations 6. Explain the nature and purpose of activity-based costing, throughput accounting, target and lifecycle costing. 7. Apply appropriate decision-making techniques to evaluate critically business choices and appreciate the risks and uncertainty inherent in business. 8. Understand and apply a range of budgeting techniques and also evaluate critically alternative methods of budgeting, planning and control. Understand types of quantitative budgeting techniques and the behavioural aspects of budgeting. 9. Assess the performance of a business from both a financial and non-financial viewpoint and appreciate the different factors involved in business. 10. Identify and evaluate performance through variance analysis techniques. Skills and other attributes (a) Positive attitudes towards the role of the accountant as a member of a management team (b) The ability to make an effective contribution to the management and administration of organisations (c) The ability to address open-ended, realistic problems and case situations in a complex and unpredictable context with an open mind, taking positive initiatives to achieve a solution or identify a range of solutions (d) The ability to communicate effectively information, ideas, arguments, problems and solutions to appropriate audiences (e) The ability to research accounting and finance issues using appropriate data, sources and methodologies

(f) The ability to determine their own learning needs and develop appropriate strategies to achieve their academic and personal aspirations (g) The ability to evaluate and reflect upon their progress towards their career, identifying areas of development (h) The ability to take actions on an on-going basis to build their career over time.

Development of other Key Generic and Subject-specific Skills Cognitive abilities and generic skills 1. To become critical and analytical in their thinking and to recognize where the particular skills or ideas learned on the course may be relevant to solving a new problem. 2. To be able to analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data which must be acquired by the student. 3. To locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources. 4. To develop the capacity for independent and self-managed learning. 5. Numeracy skills, including the ability to manipulate financial and other numerical data and to appreciate the statistical concepts at an appropriate level. 6. Skills in the use of communications and information technology, in particular, the use of spreadsheets, word processing software, computerised accounting package (Sage, EQL) and online databases (FAME - Financial Analysis Made Easy). 7. Communication skills, including the ability to present quantitative and qualitative information, together with analysis and commentary. 8. Ability to work in groups, and other inter-personal skills, including oral as well as written presentation skills. In addition to the learning outcomes for the programme, on completion of the full programme including the career planning process (CPP), a student should have acquired and developed cognitive skills, practical/professional skills and transferable skills including: a) b) c) d) e) f) g) h) i) j) k) l)

Understand why self assessment is a key factor leading to career success Know what the students are looking for in their career Discover the wide range of work available Find out the specifics of a particular job Detect work-related trends Establish objectives in the areas of career, personal, community service and lifelong learning Make decisions, set goals and write a career action plan Search for work or job openings Prepare resumes and letters Present qualifications in an interview. Continue to learn from experiences at work. Take actions on an on-going basis to build career over time.

Subject-specific skills: 1. An understanding of the contexts in which accounting and finance operate, in particular, the legal environment, the business entity, the ethical and social environment and the capital markets.

2. Understanding of the main current technical language and practices of accounting, in particular, recognition, measurement and disclosure in financial statements, managerial accounting, auditing, taxation and in a socio-economic domain specified above. 3. Understanding of some of the alternative technical languages and practices of accounting, for example, alternative recognition rules and valuation bases and alternative managerial accounting approaches to control and decision-making. 4. Skills in recording and summarising transactions and other economic events; preparation of financial statements; analysis and the operations of business, in particular, decision analysis, performance measurement and management control; financial analysis and projections, in particular, analysis of financial ratios, discounted cash flow analysis, budgeting and financial risks. 5. Understanding of contemporary theories and empirical evidence concerning accounting and finance in the contexts of accounting and capital markets and accounting and the firm; and the ability to critically evaluate such theories and evidence. 6. Understanding of the problems associated with investment decisions, the raising of finance and the management of financial resources and risk. 7. On completion of the degree, students will have skills on understanding of theories and empirical evidence concerning financial management, risk and the operation of capital markets. Teaching /Learning and Assessment Methods The teaching and learning methods used on this programme are predominantly face to face at Hope Park campus, supported by using the online university VLE platform (Moodle) which is well suited to the task, being based on the principles of social constructivism and includes a rich set of social tools such as chat, forum, blog and wiki. All courses will involve a range of teaching/learning methods including formal lectures, seminars, tutorials, case studies, role play, team work, discussions, video, Accounting Simulation Game, Accounting education software such as EQL as part of BPP Learning Media, Accounting package such as sage directed reading, project work, individual and team presentations and independent study. Practical skill sessions will complement and reinforce what has been learnt in an experiential manner. The primary assessment methods are exams, essays, reports, presentations and projects in order to demonstrate knowledge, understanding and the ability to apply knowledge. The team will investigate the feasibility of designing further dedicated courses (ideally all courses would have a separate version for this programme) and this is included in the Future Development Plan. A two day induction programme will be held at the Hope Park campus at the beginning of the programme during which students will be introduced to the university, the programme and tutors. Special emphasis will be placed on an introduction to the electronic services at Liverpool Hope including library resources, email and the IT support system. Students will be given training in the use of Moodle and engage in activities to support this. Learning and teaching methods will predominantly be student-centred and online. Particular approaches will depend on individual courses, but, in general, will use a variety of learning and teaching methods, such as audio visual material; on line discussion; on line forums and seminar discussions; group activities, including case studies; guided learning activities to reinforce learning, apply and test theories, concepts and models; guided reading and research; project work. On the intensive face to face programmes, learning and teaching methods will include lectures and presentations, demonstrations, practical sessions, workshops and laboratory work, group work, guest lectures, seminars, case studies, role play, group presentations and discussion. In addition to the VLE platform, a selection of appropriate learning technologies and learning objects will be used on a course by course basis.

Assessment The Programme assessment strategy supports the Teaching and Assessment strategy for 2009‐2012 which is designed to promote active student engagement, ‘deep’ learning and successful completion by well educated and rounded graduates. The three central goals are to: 1. enable our students to become confident learners (Learning); 2. support high quality teaching that is research‐informed (Teaching); 3. ensure appropriate assessment for learning (Assessment). by integrating assessment with delivery of individual courses using a variety of techniques. These are examined for each course on an individual basis and appropriate methods are selected depending on the content and learning outcomes of the courses. Where appropriate, assessments will be contextualised for student cohorts on this programme. Both formative and summative assessment methods are used. Formative assessment is used as a feedback mechanism and an assessment technique. The assessment techniques will be reviewed at the end of each year as part of the standard University review process. Curriculum diagram Level C (1): September Accountant in Business (30 Credit) ACCA accredited September Financial Accounting (30 Credit) ACCA accredited

May May

Two courses chosen from another discipline (60 Credit) September May Career Planning Process 1 (CPP1 -10 credits)- Optional* Level I (2): September

May Management Accounting (30 credits ACCA)

September

May Financial Reporting (30 credits ACCA)

September May Career Planning Process 2 (CPP2 -10 credits)- Optional* Two courses chosen from another discipline (60 Credit) Level H (3): September

May Performance Management (30 credits) ACCA

September

May Financial Management (30 credits) ACCA

Two courses chosen from another discipline (60 Credit) September May Career Planning Process 3 (CPP3 - 10 credits) - Optional* * These Career Planning Process courses will be optional for the BA Accounting programme but if students choose to take these courses over the three year study programme they will be awarded the Certificate in Professional Development alongside the BA Accounting degree.

FUNDAMENTAL ( ACCA nine papers in total)

ACCA Qualification The ACCA Qualification is designed to provide the accounting knowledge, skills and professional values which will deliver finance professionals who are capable of building successful careers across all sectors, whether they are working in the public or private sectors, practicing in accounting firms, or pursuing a career in business. Professional bodies; the differences:

Practice Sector

ICAEW

Corporate Sector

CIMA

Public Sector

CIPFA

A C C A

Practice Sector-students will tend to study for ICAEW (Institute of Chartered Accountants in England and Wales) qualifications Corporate Sector-students will tend to study for CIMA (Chartered Institute of Management Accountants) qualifications Public Sector-students will tend to study for CIPFA (Chartered Institute of Public Finance and Accountancy) ACCA Syllabus structure Students will need to complete 14 papers in total (9 papers at Fundamental Level and 5 papers at Professional Level- see tables below. A maximum of nine papers at Fundamental level are available for exemption as shown below.

F1 F2 F3 F4 F5 F6 F7 F8 F9

Accountant in Business Management Accounting Financial Accounting Corporate and Business Law Performance Management Taxation Financial Reporting Audit and Assurance Financial Management

Accounting Programme now Level C Accounting Programme now Level I Accounting Programme now Level C Accounting Programme now Level I Accounting Programme now Level H Future Development Plan Accounting Programme now Level I Future Development Plan Accounting Programme now Level H

PROFESSIONAL (five papers in total) Essentials P1 Professional Accountant P2 Corporate Reporting P3 Business Analysis Options (two to be completed) P4 Advanced Financial Management P5 Advanced Performance Management P6 Advanced Taxation P7 Advanced Audit and Assurance

(PA) (CR) (BA) (AFM) (APM) (ATX) (AAA)

Professional Ethics module As part of ethical development, students are required to complete the Professional Ethics module alongside the 14 papers in total. This will give student exposure to a range of ethical perspectives and includes several self-tests which require you to reflect on your own ethical behaviour and values. Students are given access to the Professional Ethics module as soon as they become eligible to take Paper P1, Professional Accountant (see above). Career Planning Process The Career Planning Process (CPP) is accredited through a Certificate in Professional Development (CPD) details will be appear in separate definitive document and assessed by completion of the portfolio element of assessment. CPP consists of the building up by student of a Portfolio. It is the place, throughout the programme, which helps the students to prepare for work in the real world, building on their own motivations, personalities, attitudes and expectations. CPP will give an opportunity to students to identify what factors are important to them, build up a picture of their priorities in terms of skills, interests and what motivates them, recognise what might hold them back and identify how to fill any gaps in their experiences. The process will help students to learn, increase their awareness of skills, values, attitudes and competencies. It therefore will have a positive impact and the potential to enhance students' employability. It will also help them to articulate and evidence their knowledge, skills and experiences gained from higher education. Their employability will be supported by CPP; students' awareness of their skills is important for effective self-presentation in interview and to foster personal confidence, self-awareness of individual strengths, preferences and weaknesses and to develop their career paths successfully through building the CPP blocks as will discuss below in details in diagram 1.

Diagram 1 Career Planning Process Blocks

Entrance Requirements Normal Liverpool Hope University entrance requirements will apply. Accreditation of Prior Learning will be given where appropriate Special Features The programme could be viewed as Accounting PLUS. The PLUS features of this accounting programme are: 

Liverpool Hope’s BA Accounting Pathway is based on the relationship with the globally recognized ACCA. When a student enrols on BA Accounting he/she will be encouraged to become a member of the ACCA. Students will have the opportunity to undertake ACCA examinations or use degree credits to apply for exemptions from 6 papers of the ACCA or any major accountancy professional bodies in the UK and Ireland, which form Consultative Committee of Accountancy Bodies (CCAB). Not only will they gain an academic qualification, but they can also gain part of the ACCA professional qualification from early University stage.



Liverpool Hope’s BA Accounting Pathway’s emphasis is on gaining "employable knowledge" through the optional Career Planning Process (CPP) training and development courses embedded in order to boost students’ employability and record the ongoing development, Throughout the CPP students will acquire skills for improved study and career management and reflect how the learning process relates to a wider personal and professional context. CPP includes study skills, information search, learning methods, reflective practice, analytical ability and decision-making, communication and negotiation skills, ethical issues, and other employability skills. CPP gives the student the opportunity to record their on-going skills development in a Portfolio or Progress File, an invaluable document that can be used to aid their future career and employability. In completing the CPP

element through the three yeas, the student will receive Certificate in Professional Development in Career Planning Process. 

The students will have the opportunity to gain paid professional experience working in prominent companies or organisations. These are high-quality placements with graduate-like responsibilities. Many students get offered full-time graduate posts at the companies where they carried out their work placements.



The Accounting pathway coordinator has good links with business. This means he will invite as part of delivery the courses the guest speakers which could be a real plus as they are selected for their expertise or practical experience representing different sectors including the private, public, social enterprise and self employed organisations and carefully informed about what is expected of them. Those sessions will bring to the students the practical experience elements to the class environment.

8- Relationship with Subject Benchmark Statement On completion of the Accounting degree at Liverpool Hope University with a combination of ACCA modules and Liverpool Hope University subjects, students would have acquired the skills and abilities which comprise the 2007 QAA Accounting Benchmark statement): http://www.qaa.ac.uk/academicinfrastructure/benchmark/statements/Accounting.pdf The tables 1 and 2 below show how the programme aims and learning outcomes fulfill the subject-specific knowledge and skills as well the cognitive abilities and generic skills.

Table 1 Subject-specific knowledge and skills at QAA Accounting Benchmark statement some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector) the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socioeconomic domain some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to

Programme Aims 1, 2

Programme Learning Outcomes C1, 2, 3

Programme Subject-specific skills 1

2, 3

C 4, 5, 6

2

4, 6

I 1, 2, 3, 4,

3

control and decision-making) skills in recording and summarising transactions and other economic events; preparation of financial statements; analysis of the operations of business (for example, decision analysis, performance measurement and management control); financial analysis and projections (for example, analysis of financial ratios, discounted cash flow analysis, budgeting, financial risks) contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence theories and empirical evidence concerning financial management, risk and the operation of capital markets (in cases of degrees with significant finance content).

1, 2, 3

I 1, C 4, 5

4

1, 3, 4

I 2, H 1, 2, 3, 4

5

4, 5

H 4, 5

6, 7

Table 2

Cognitive abilities and generic skills at QAA the capacity for the critical evaluation of arguments and evidence the ability to analyse and draw reasoned conclusions concerning structured and, to a more limited extent, unstructured problems from a given set of data and from data which must be acquired by the student the ability to locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources capacities for independent and self-managed learning numeracy skills, including the ability to manipulate financial and other numerical data and to appreciate statistical concepts at an appropriate level skills in the use of communications and information technology in acquiring, analysing and communicating information (currently these skills include the use of spreadsheets, word processing software, online databases) communication skills including the ability to present quantitative and qualitative information, together with analysis, argument and commentary, in a form appropriate to the intended audience normally, an ability to work in groups, and other interpersonal skills, including oral as well as written presentation skills.

Cognitive abilities and generic skills at Hope C a, b and I a, b and H d C c and I b and H a, b

C d and I d and H e C e and I c and H c, f C b and I a and H d, g

C a-e and I a – e and H a-g

C a-d and I a-d and H a-f

C e and I e and H f, g

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