Advanced financial accounting
Qualification dates
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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
Professional recognition
This module forms part of the BSc (Hons) Accounting and Finance (R52), which has been granted exemptions by the Chartered Institute of Management Accountants (CIMA) towards its CGMA qualification.
Entry requirements
You must have successfully completed Intermediate financial accounting (B250), before you can begin B350.
Preparatory work
If you would like to prepare for this module, Companies and financial accounting is a free course on OpenLearn that might be a helpful introductory resource.
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. It’s possible to access some materials on a mobile phone, tablet or Chromebook; however, they will not be suitable as your primary device.
- Peripheral devices – Headphones/earphones with a built-in microphone for online tutorials plus a webcam and microphone for the online invigilated exam.
- Our OU Study app operates on supported versions of Android and iOS.
- Operating systems – Windows 11 or latest supported macOS. Microsoft will no longer support Windows 10 as of 14 October 2025.
- Internet access – Broadband or mobile connection.
- Browser – Google Chrome and Microsoft Edge are recommended. Mozilla Firefox and Safari may be suitable.
- Software – Any additional software, including any required to complete the online invigilated exam, will be provided or is generally freely available.