Accounting and Finance

This module aims to develop the fundamental concepts and practices of financial accounting and the application of this knowledge to different forms of business organisations. With a focus on using the IASB’s Conceptual Framework and accounting for transactions and events from first principles, students will develop their conceptual understanding of accounting, their knowledge of the main accounting terminology and their awareness of the nature and purpose of financial reporting. They will acquire the techniques of double entry accounting and how to apply its principles in recording transactions, adjusting financial records and preparing non-complex financial statements.

The module introduces management accounting as a specialised service function primarily involving the collection, storage and recording of financial data, its conversion to useful information and the effective communication of this information for decision making. It prepares students for more advanced aspects of management accounting and finance encountered later in the programme.

This module provides students with a holistic view of how an entity’s performance can be affected by both its own internal operating environment and the external environment. It develops students’ knowledge and skills in understanding and applying the legal principles in the context of the business environment and to educate students on lawful and ethical behaviours for professional accountants. Students will study various aspects of management theory, external environment mapping and uses of technology by businesses and finance professionals.

Whatever a student’s future career, there are certain professional skills that are required in the workplace. This module provides opportunities to acquire and apply essential skills for academic success, while also developing digital skills that are a prerequisite for a successful career. Students will practice, and build confidence in wide ranging skills, as part of their transition into higher education. By establishing and pursuing a personal development plan, students develop a set of personal qualities such as self-awareness, confidence and resilience; and professional skills such as communication, teamwork, risk management, coaching and feedback. Whilst students learn to construct outstanding CVs and professional LinkedIn profiles, this module also aims to raise students’ digital skills competencies. The module will cover the general Microsoft Office suite and specific digital skills of particular relevance to the discipline that the student is studying. This module is taught as a mix of lectures, practitioner guest lectures, hands-on skills seminars and computer lab sessions.

This module builds on the knowledge of financial accounting from year 1 by requiring students to extend their understanding of double entry bookkeeping to the application of the International Financial Reporting Standards (IFRS). The approach to teaching the IFRS will be Framework-based, an approach recommended by the IASB. The Framework-based approach develops a critical understanding of the well-established principles around corporate reporting. Students will be taught from exercises and case studies to illustrate key aspects of technical knowledge and to facilitate skills development. Cases are a very effective and enjoyable way to learn because they recount real life or lifelike business situations that present managers with a dilemma or uncertain outcome. This allows students to evaluate critically the appropriateness of certain accounting treatments and consider these within an ethical context. Cases come from a range of situations and organisations, so students can quickly and efficiently gain a breadth of experience and an appreciation of the limits to their knowledge.

This module enables students to develop their understanding and competence in using diverse research methods for academic and professional purposes. Students will explore a variety of research approaches and will develop practical qualitative and quantitative research skills including defining and scoping a project; designing an effective and manageable research protocol; collecting data and using appropriate analysis methods. In addition, students will develop an appreciation of ethical implications of the research process to facilitate responsible research practice. Secondly this module aims to introduce students to the key stages required to complete an applied project from concept to delivery. Students will be taught how to manage a project and contribute effectively as a member of a project team, using ideas generation techniques and problem-solving skills to develop innovative solutions to business problems. This module contributes to the students continued professional development as students will gain key insights into how to perform technical process improvement tasks in a range of environments to solve business problems. 

This module introduces the core concepts and key topic areas of business finance and the financial environment. It will enable students to develop knowledge and understanding of how the financial markets operate, evaluate alternative sources of finance available to a business, calculate the cost of different sources of finance and the weighted average cost of capital of a business. They will undertake and critique techniques for capital investment appraisals, and business and financial asset valuation, and analyse critically the efficient market hypothesis, capital structure theories and dividend policies. By completing this module, students will be prepared to study more advanced finance, i.e. financial risk management, in their final year of study.

Students must pick two of the following modules:

• Personal Income Taxation - 15 credits
  

  This module aims to develop students’ knowledge and understanding of the overall function and purpose of UK taxation in a modern economic context. Students will learn how to calculate income tax payable by individuals and NICs payable by employees, employers and the self-employed. In addition, students will learn about, and critically evaluate and analyse, the objectives of the UK tax systems for individuals, with an emphasis on income tax and NICs. Finally, on completion of this module, students will be able to recognise the professional standards and ethical issues in relation to a tax practice.

• Data Analysis - 15 credits
  

  An understanding of data and an appreciation of the key tools needed to analyse business data is becoming an essential skill for finance professionals. This module introduces students to the topic of data analytics and demonstrates how to apply it effectively in a business context. On this module, students will learn how to select and use tools to extract, validate and analyse data. Communication and visualisation of data, for example by using pie charts or cluster diagrams, will also be covered, allowing students to communicate their findings to both accounting and finance specialists and non-specialists.

• Financial Modelling - 15 credits
  

  This module aims to provide students with an understanding of Excel and its application in financial modelling. Students will develop proficiency in using Excel, covering the basic Excel tools and advanced functions. By taking this module, students have the opportunities to gain the skills and knowledge that are required in the creation of financial models that accurately reflect a company’s financial performance, such as the financial statements, valuation, sensitivity analysis, etc.

• Business and Corporate Taxation - 15 credits
  

  This module aims to develop students’ knowledge and understanding of the overall function and purpose of UK taxation in a modern economic context. Students will learn how to calculate corporation tax, value added tax (VAT) and capital gains tax liabilities. In addition, students will learn about, and critically evaluate and analyse, the scope and objectives of UK tax system for business entities, including analysis of the implications of non-compliance and tax avoidance. Finally, on completion of this module, students will be able to recognise the professional standards and ethical issues in relation to a tax practice.

This optional industrial placement year can be taken between second and third year.

The aim of this module is to offer students to opportunity to undertake meaningful and relevant employment experience. The employment experience will take the form of a 30 week long work placement and the student will be required to demonstrate the relevance of the work practice to the named route of study. The employment experience will involve students’ demonstrating competency in key skills, such as communication and team working, and tasks relevant to their field of study. This will necessarily require the student to apply learning from their studies to the workplace, thus providing the opportunity to fully integrate their academic study with meaningful employment experience.

Students must choose one of the four Capstone Project Options: 

• Capstone Project - Dissertation
  This module provides an exciting opportunity for students to draw on their learning across their programme and immerse themselves in a small-scale independent academic research project in an area of particular interest to them and relevant to their studies. The purpose of this module is for students to have the opportunity to author a substantial piece of structured academic work exploring a key area of personal interest within the discipline. By successfully completing this module students will gain a deeper understanding of what constitutes credible and ethical management research and have a critical understanding of an area of disciplinary interest.

• Capstone Project - Placement for Good
  This module provides an exciting opportunity for students to make a real difference to the community in which they live. The purpose of this module is to enable students to work in partnership with host organisations in the private or public sectors, via a work placement opportunity, in an area cognate to the discipline studied. By successfully completing this module students will have gained valuable work experience and carried out a strategic review of relevant CSR issues within the work placement, relevant to the discipline studied. The placement has the specific aim of improving the alignment of the host organisations activities to the UN 17 SDGs.

• Capstone Project - Consultancy Project
  This module provides an exciting opportunity for students to draw on their learning across their programme and immerse themselves in a small-scale independent consultancy project in a relevant field. The purpose of this module is to enable students to operate as trainee management consultants for an external organisation or internal client. By successfully completing a consultancy project students will gain a deeper understanding of what constitutes a credible and ethical business consultancy project and a have a broader insight into consultancy within the discipline. 

• Capstone Project – Start Up For Good

  This module provides an exciting opportunity for students to draw on their learning across their programme, and work towards turning their pre commercial idea into a successful, sustainable, business enterprise, supported by a nine-month tenure within the Winchester Hatchery Incubator Programme. The purpose of this module is to enable students to work with our team of enterprise and innovation experts to develop a viable start up business that has sustainability values at its’ core. The aim is to register the company within the period and launch the business. By successfully completing this module students will gain a deeper understanding of what constitutes credible and ethical innovation research and have an invaluable insight into entrepreneurship.

This module aims to extend student knowledge and application of IFRS to more detailed and
complex areas of reporting. The technical content is mapped to professional qualification
requirements and students will need to pass this module in order to gain full exemptions.
An inquiry guided approach to learning will be adopted with students drawing on the
conceptual framework and accounting standards introduced in level 5 to solve the challenges of reporting in other areas. Inquiry is an active approach to learning which is designed to support students in analysing technical issues, creating valid approaches to reporting and critically evaluating the current IFRS. Students will be exposed to technical articles and scholarly reviews and will be expected to draw on these to make informed judgements and sustain arguments on the reporting of financial transactions. Students will employ analytical skills to interpret financial statement information and develop an appreciation of the uncertainty and subjective nature of financial reporting.

This module develops an understanding of the key concepts of investments and financial risk management. It introduces the core investment principles and techniques which will enable students to make informed investment decisions. Students will also gain knowledge in sustainable investing, which is an essential area of study within the field of investment in
today’s world. In addition, it will develop students’ knowledge and understanding of the
various types and nature of financial risk. It covers the main frameworks and techniques
concerning the practical aspects of financial risk management.

Students must pick two of the following modules:

• Strategic Performance Management - 15 credits
  

  This module aims to equip students with the skills to exercise professional judgement in decision making and performance management in different business contexts. It builds on knowledge and skills developed in previous modules and introduces the concepts of contemporary management accounting for strategic business decisions.

• Audit & Assurance - 15 credits
  

  This module introduces the concepts of audit and assurance and highlights the nature, role and purpose of the external audit function. Students’ knowledge and understanding of the principles and processes of the statutory audit are developed together with a critical understanding of the regulatory framework. The differences between internal and external audit are considered, and the processes involved in internal control are examined. This module also introduces students to the audit of financial statements and considers audit planning and risk assessment, consideration of materiality. the evaluation of internal controls, obtaining audit evidence, the review of financial statements and the statutory audit reporting process. The contribution that audit makes to corporate governance is also explored.

• Strategic Leadership and Governance - 15 credits
  

  Strategic leadership and good governance are integral components of a successful organisation. Hence, this module provides an opportunity for students to explore the principles of strategic leadership and forms of governance and develop an in-depth understanding of their significance and impact. This module also provides a critical insight into the challenges, theory and practice of corporate governance. Students will be challenged to critically consider best practice in corporate governance in the appropriate theoretical, ethical and regulatory context, and the importance of corporate governance to the accountant.

• Digital Finance - 15 credits
  

  This module covers the growing trend toward digitalisation in the financial sector. It concerns both digital banking and non-bank financial services providers and addresses the challenges and opportunities that digitalisation may bring. Topics covered include blockchain technology, fintech, digital peer-to-peer funding platforms, distributed ledger business models and cryptocurrencies, as well as the response of the banking system and central banks to these developments.