Building on knowledge gained from Intermediate financial accounting (B250), you’ll learn how to prepare consolidated financial statements of a parent company and its subsidiaries. You’ll discover why it's necessary to show income and financial position as a single economic entity and learn about various forms of taxation, including deferred tax, income tax and corporation tax. The module also explores contemporary developments in accounting, from sustainability reporting to climate-related disclosures.
What you will study
Unit 1: Recap of Intermediate financial accounting (B250)
Studying at Level 1
Preparation of financial statements
Unit 2: Revenue from contracts and lease accounting
Revenue from contracts
Lease accounting
Unit 3: Accounting for taxation and employee benefits
Current tax
Deferred tax
Income tax
Corporation tax
Employee benefits
Unit 4: Consolidated financial statements
Consolidated statement of financial position
Consolidated statement of profit or loss
Consolidated financial statements with associates
Group disposal
Unit 5: Other accounting standards
Related party
Earnings per share (EPS) and diluted EPS
Foreign exchange
IFRS2 Share-based payment
Unit 6: Financial instruments
Financial assets
Financial liabilities
Unit 7: Sustainability reporting
International sustainability standards board
Climate-related disclosures
Nature-related disclosures
Entry requirements
You must have successfully completed Intermediate financial accounting (B250 or BXI250) before you can begin B350.
Teaching and assessment
Support from your tutor
You’ll get help and support from an assigned tutor throughout your module.
They’ll help by:
marking your assignments and offering detailed feedback to help you improve
providing individual guidance, whether that’s for general study skills or specific module content
guiding you to additional learning resources
facilitating online discussions between your fellow students in the dedicated forums.
Online tutorials run throughout the module. While they’re not compulsory, we strongly encourage you to participate. Where possible, we’ll make recordings available.
Assessment
Course work includes:
2 Tutor-marked assignments (TMAs)
Examination
This module includes an exam you'll take at home or another suitable location. The exam will be invigilated online by ProctorU, a US-based service with whom you must agree to third-party terms of service. You’ll have the opportunity to take a Mock Invigilated Experience (MIE) to familiarise yourself with the process ahead of the exam. Find out more about online invigilation.
What's included
You’ll have access to a module website, which includes:
a week-by-week study planner
module materials, including datasets, to practice your analytical skills
audio and video content such as animations and screencasts
assignment details and submission section
online tutorial access.
Computing requirements
Primary device – A desktop or laptop computer with at least 8 GB of RAM and a quad-core processor (2.4 GHz minimum speed). It’s possible to access some materials on a mobile phone, tablet or Chromebook; however, they will not be suitable as your primary device or for taking your online exam.
Peripheral devices – Headphones/earphones with a built-in microphone for online tutorials, plus an external webcam and a microphone for the online invigilated exam.
Operating systems – Windows 11 or the latest supported macOS.
Internet access – A broadband or mobile connection with at least 3 Mbps upload and download speed.
Browser – Google Chrome and Microsoft Edge are recommended. Mozilla Firefox and Safari may be suitable. You'll need to use Google Chrome with a supplied free extension for the online exam, or any alternative software that is module-specific.
Our OU Study app operates on supported versions of Android and iOS.
Software – Any additional software, including any required to complete the online invigilated exam, will be provided or is generally freely available.
If you have a disability
The OU strives to make all aspects of study accessible to everyone, and this Accessibility Statement outlines what studying B350 involves. You should use this information to inform your study preparations and any discussions with us about how we can meet your needs.
To find out more about what kind of support and adjustments might be available, contact us or visit our Disability support website.
Future availability
Advanced financial accounting starts once a year – in October.
This page describes the module that will start in October 2027.
We expect it to start for the last time in October 2032.