Critically analyse the nature of financial accounting, the users of accounting information, and the conceptual framework of accounting. 2. Applying relevant academic literature, present a critical discussion

Module title

Finance & Accounting for Business

Module code

BUS7C2

Module leader

Assessment title

Assessment 1

Launch date

27^th January 2025

Submission deadline

07^th March 2025 @ 16:00 pm UK time.

Expected date for return of marks and feedback

What kind of feedback can students expect and when?

28^th March 2025@17.00pm UK time

Annotations, grade mark.

Module outcomes assessed

1. Critically analyse the nature of financial accounting, the users of accounting information, and the conceptual framework of accounting.

2. Applying relevant academic literature, present a critical discussion on the accounting cycle and the preparation of financial statements.

Assessment weighting

50%

Word count (if relevant)

2000 words

Assessment task details – provide a description of the task

A)Examine the purpose, structure, and key elements of the IASB Conceptual Framework for Financial Reporting. Explain the importance of having a conceptual framework in place for the preparation and presentation of financial statements for sole traders. (30 marks)

B)Provide a critical evaluation of specific aspects of the IASB Conceptual Framework that have been points of debate during its evolution. Discuss the reasons for these debates and their implications for the accounting profession. (30 marks)

C)Discussion of primary users of accounting information and the explanation of how the conceptual framework addresses their needs. (25 marks)

 Please note:

i)To achieve good marks your assignment should show detailed evidence of research and critical analysis.

ii)15% of the marks available are for quality of English (10%), and proper referencing according to the Wrexham University Harvard method (5%); (15 marks)

iii)This assignment carries 50% of the total module weighting (Total 100 marks)

Submission instructions – What should be the format of the submission? / Where should it be submitted?

e.g. A single Word document only, containing your assignment and a reference list. No appendices are required. A structure guide is provided on the module space, which must be followed. Please submit online via the appropriate turnitin submission on the module space.

Hints and tips

All submitted work is expected to observe academic standards in terms of referencing, academic writing, use of language etc. Failure to adhere to these instructions may result in your work being awarded a lower grade than it would otherwise deserve. 

Marking and moderation

All submissions would be moderated.

Marking Criteria attached to the brief.

Employability Skills Applied

On successful completion of this module, a student will have had opportunities to demonstrate achievement of the following Employability Skills;

Tick all that apply. 

CORE ATTRIBUTES

Engaged



Creative 

Enterprising 



Ethical



KEY  ATTITUDES

Commitment

Curiosity



Resilient

Confidence



Adaptability



PRACTICAL  SKILLSETS

Digital fluency



Organisation



Leadership and team working

Critical thinking



Emotional intelligence

Communication



Assessment Criteria

Marks Available

The purpose, structure, and key elements of the IASB Conceptual Framework for Financial Reporting. The importance of having a conceptual framework in place for the preparation and presentation of financial statements for sole traders.

30

A critical evaluation of specific aspects of the IASB Conceptual Framework that have been points of debate during its evolution. The reasons for these debates and their implications for the accounting profession.

30

Primary users of accounting information and the explanation of how the conceptual framework addresses their needs.

25

Wide ranging references with the correct use of the Wrexham University Harvard reference system

5

Quality of the written work. Clear structure to the work and correct spelling was used throughout. Good use of English language.

10

Total

100

%

Criteria

Distinction

90-100

Outstanding: Outstanding systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates an outstanding knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with outstanding practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences outstanding critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. There is evidence of outstanding systematic and creative management of complex issues to make sound judgements in the absence of complete data. Outstanding communication of conclusions to specialist and non-specialist audiences.

Outstanding self-direction and originality in tackling and solving problems with evidence of an outstanding ability to advance personal knowledge and understanding and to develop new skills at a high level.

An outstanding display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision-

making and independent learning for continued professional development.

80-90

Exceptional: In most areas, the qualities required for the grade above are displayed, though there may be negligible errors.

70-79

Excellent: In most areas, the qualities required for the grade above are displayed. There may be negligible errors and some minor inaccuracies/omissions.

%

Criteria

Pass

60-69

Very Good: Very good systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates a very good knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with very good practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences very good critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. There is evidence of very good systematic and creative management of complex issues to make sound judgements in the absence of complete data. Very good communication of conclusions to specialist and non-specialist audiences.

Very good self-direction and originality in tackling and solving problems with evidence of a very good ability to advance personal knowledge and understanding and to develop new skills at a high level.

A very good display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision- making and independent learning for continued professional development.

50-59

Fairly Good: Fairly good systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates a fairly good knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with fairly good practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences fairly good critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. There is evidence of fairly good systematic and creative management of complex issues to make sound judgements in the absence of complete data. Fairly good communication of conclusions to specialist and non-specialist audiences. 

Fairly good self-direction and originality in tackling and solving problems with evidence of a fairly good ability to advance personal knowledge and understanding and to develop new skills at a high level.

A fairly good display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision- making and independent learning for continued professional development.

%

Criteria

40-49

Satisfactory: Satisfactory systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates a satisfactory knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with satisfactory practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences satisfactory critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. There is evidence of satisfactory systematic and creative management of complex issues to make sound judgements in the absence of complete data. Satisfactory communication of conclusions to specialist and non-specialist audiences.

Satisfactory self-direction and originality in tackling and solving problems with evidence of a satisfactory ability to advance personal knowledge and understanding and to develop new skills at a high level.

A satisfactory display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision- making and independent learning for continued professional development.

Refer/Fail

35-39

Marginal Refer/Fail: Some systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates some knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with some practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences limited critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. There is some evidence of systematic and creative management of complex issues to make sound judgements in the absence of complete data. Limited communication of conclusions to specialist and non-specialist audiences.

Some self-direction and originality in tackling and solving problems with evidence of a limited ability to advance personal knowledge and understanding and to develop new skills at a high level.

A limited display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision-making and independent learning for continued professional development.(Compensation is possible within regulations of board for undergraduate & postgraduate level).

%

Criteria

30-34

Refer/Fail: Minimal systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work demonstrates minimal knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is original with minimal practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work evidences minimal critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. Evidence of systematic and creative management of complex issues to make sound judgements in the absence of complete data is lacking. Limited communication of conclusions to specialist and non-specialist audiences.

Minimal self-direction and originality in tackling and solving problems with evidence of a limited ability to advance personal knowledge and understanding and to develop new skills at a high level.

Minimal display of the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision-making and independent learning for continued professional development.

1-29

Clear Refer/Fail: Unsatisfactory systematic understanding of knowledge and critical awareness of current problems and/or new insights, informed by the forefront of the academic discipline, field of study or area of professional practice. The work lacks knowledge of techniques applicable to research and advanced scholarship. Application of knowledge is unoriginal without practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge in the subject discipline.

Work lacks critical evaluation of current research, advanced scholarship and methodologies to propose new hypotheses if appropriate. Evidence of systematic and creative management of complex issues to make sound judgements in the absence of complete data is insufficient. Poor communication of conclusions to specialist and non-specialist audiences.

Inadequate self-direction and originality in tackling and solving problems with little to no ability to advance personal knowledge and understanding and to develop new skills at a high level.

Work does not display the qualities and transferable skills needed for employment that require initiative and personal responsibility, complex decision- making and independent learning for continued professional development.