Accounting & Finance

The aims of this unit are to ensure that students have a detailed understanding of the techniques of the key aspects of taxation. It will extend the students’ knowledge of the tax system, together with their ability to apply that knowledge to the issues commonly encountered by individuals and businesses in the UK. This knowledge will allow students to interpret and analyse the information provided and communicate the outcomes in a manner appropriate to the intended audience.

The unit builds on previous taxation study and extends the knowledge of Income tax, corporation tax, capital gains tax and inheritance tax to encompass, further  overseas aspects of taxation, the taxation of trusts and additional exemptions and reliefs. This unit does not focus in detail on the numerical and computational aspects of taxation, but seeks to develop a student’s ability to analyse, interpret and communicate taxation information. Computations and practical examples will be used to support explanations and client advice.

The unit will ensure that students are able to examine corporate reporting from a number of perspectives, i.e. the preparer of corporate reports and from the perspective of a variety of different stakeholders such as finance providers. On completion of the unit, students will also be proficient in the assessment and evaluation of the reporting decisions made by management and their
implications for a range of stakeholders and entities. The unit also explores the professional and ethical responsibilities of the accountant to these stakeholders.

The unit requires students to have a cohesive understanding of the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting and to use the Framework as a basis for judgement in applying International Financial Reporting Standards in corporate reports. While studying this unit, the student will consider both the principles and practices of International Financial Reporting Standards (IFRS) and uses these principles as a basis for the preparation of the financial statements of single entities and groups. By reflecting on the usefulness of corporate reports to stakeholders including developments in narrative reporting such as Integrated Reporting, students will be able to discuss the nature of the information that would help various stakeholders.

The aims of this unit are to ensure that students have a sound understanding of the techniques of double entry accounting and can apply
its principles in recording transactions, adjusting financial records and preparing non-complex financial statements. On completion of the unit, students will also be proficient in the use of double entry accounting techniques and the maintenance of accounting records. They will also develop the ability to identify and correct omissions and errors in accounting records and financial statements. Students will be able to specify the components of financial statements and prepare and review non-complex accounts for a range of different business structures including sole traders, partnerships and limited companies.

The aim of this unit is to provide learners with an understanding of the concept of assurance. Learners will consider the responsibilities of different stakeholders when completing assurance engagements and will gain an understanding of internal controls and their importance in assurance engagements as well as gain a practical understanding of how to gather the required evidence for all assurance activities.

The aim of this unit is to enable individuals to understand taxation as it affects small and medium enterprises (SMEs) and small and medium practices (SMPs). To provide individuals with the skills to prepare basic tax computations and advise others of the effects of taxation and impact of tax on decision-making.

The unit aim is to develop the financial management skills for those who manage or seek to manage the performance, risk and financial decision- making needs of small and medium enterprises (SMEs), and small and medium practices (SMPs).
The unit will give an understanding, application and analysis of the funding and management of capital within an organisation. In particular it will focus on the management and evaluation of investment appraisal decisions. Organisational performance and recommendations for its improvement and growth will also be analysed.

 Learners will be able to apply investment appraisal techniques to investment decisions and make recommendations. They will also be able to use valuation models and cost of capital models to determine the value of an organisation and its capital structure cost and manage foreign exchange risk, credit and gearing. They will be able to apply techniques to evaluate and make recommendations for the management of performance, resources, capital structure and risk.

The aim of this unit is to develop the financial management skills of those who manage or seek to provide information for performance management, continuous improvement, budgetary and financial control and the management of internal risk in small and medium enterprises (SMEs) and small and medium practices (SMPs). Learners will be able to use analytical tools to evaluate performance and to make recommendations about continuous improvement in an organisation. They will also be able to use techniques to implement budgetary and financial control and evaluate and manage internal risk.