STRATEGIC FINANCIAL MANAGEMENT

SHE Level 5
SCQF Credit Points 15.00
ECTS Credit Points 7.50
Module Code MMN424981
Module Leader Edward Thompson
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimesters
  • B (January start)
  • A (September start)
  • C (May start)

Summary of Content

This module aims to examine contemporary issues relating to financial reporting of a strategic nature. It aims to develop the knowledge and skills necessary in the use of financial information in decision making processes emphasising the identification and critical analysis of relevant issues. Recent developments and current theories in the field will be reviewed and discussed with practical implications critically analysed and evaluated. Topics covered include: divisional performance measurement; strategic management accounting, project management, Financial Statement Analysis, Financial Risk and Control.

Syllabus

-359 Business Unit performance evaluation o Divisionalised versus centralised organisational structures o Divisional performance measurement using financial and non-financial metrics o Transfer pricing both domestic and international - Strategic management Accounting o Value analysis and attribute analysis, Just in time, total quality management and Kaizen costing , Target costing, o Activity based costing and management , Life cycle costing , Value chain analysis - Project management o Financial appraisal of long term projects including taxation and inflationary aspects o Accounting for uncertainty in a project's financial appraisal o Models for inculcating non-financial aspects o Profit and not for profit financial evaluations - Financial performance and position analysis o Profitability analysis , Liquidity and working capital management, Gearing and long term financing,Market based metrics - Risk management and internal controls o Evaluation of financially orientated organisational control systems , Evaluate the risk management strategies of an organisation Processes and purposes of audit

Learning Outcomes

On successful completion of the module, the student should be able to:- Evaluate the performance of business units, both domestic and international, applying appropriate financial control systems- Critically evaluate techniques for analysing and managing costs and incomes for competitive advantage- Critically assess the techniques applied to project management including applying key tools to evaluate proposals- Evaluate an entity's performance and financial position from financial statements- Assess the risk management and internal controls pertinent to financial information reported- Critically evaluate current developments in organisational financial reporting from a knowledge based that is informed by recent research and practice.- Demonstrate the ability to engage and communicate effectively by making individual and group presentations.

Teaching / Learning Strategy

The MSc Accounting and Finance programme is geared towards the development of business skills that encourage responsible leadership, develop entrepreneurship, build an understanding of the global issues facing managers and focus on instilling confidence in students through engaging students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. Face to face contact involves three hours of class contact per week: normally 2 lectures and 1 seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to discursive and where necessary, computational questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Extensive use is made of VLE to complement and support the face to face and independent learning elements of the module as well as enhancing the student learning experience and engagement. The V LE site used as a repository for resources including key readings such as scanned material, journal articles, book chapters, digital book chapters, web-links, embedded video clips but also for interactive forums such as discussion boards and blogs. In line with GSBS teaching and learning strategy the module will continue to use GCU Learn as a key tool in creating a blended learning environment. This will complement and support the face to face and independent learning elements of the module as well as enhancing the student learning experience and engagement. This will include discussion boards to support students in the assessment instruments, "padlet" in regard to initial screening of academic literature and computer based assessments to cover the more technical aspects of the syllabus. Academic staff and the Learning Technologists within GSBS will continue to work together to develop and operate cutting edge of development of online materials for all modules on GCU Learn to ensure student support and information sharing. Practicals will also complement the face to face delivery of the module through such activities as specialist speakers and site visits related to project management. Feedback on coursework is provided within 3 working weeks of submission using Grade Center (specifically Grade mark) to manage this important function. The module provides the basis for students not only to enhance their business and financial decision making skills but also to develop as good global citizens by practicing ethical, sustainable and responsible leadership qualities that combine to deliver a significant contribution to the societies in which they practice. The module encourages integrity and accountability as key attributes of managing finance in a global organisation.

Indicative Reading

Drury, C. (2015) Management and Cost Accounting, 9th edition, Andover: Cengage Learning and Managerial Accounting, Horngren, C, Harrison, W. and Oliver, M. (2009), 2nd edition, Prentice Hall, Essex. Brigham, E., Ehrhardt, M. & Fox, R., (2016). Financial Management: Theory and Practice, 1 st ed. UK: Cengage Learning. Young, D. and Cohen, J. (2012) Corporate financial reporting and analysis, a global perspective , Wiley. Journals: Management Accounting, Management Accounting Research, Journal of Management Accounting Research, Journal of Business Finance and Accounting, Accounting Horizons, Accounting, Organizations and Society

Transferrable Skills

The main transferable skills developed in this module are: 1. Critical thinking skills which are reflected in engagement with the lecture material and the necessary preparation for the assessments. 2. Communication skills which are reflected in discussions 3. Independent working which is reflected in the preparation for the lectures 4. Problem solving which is reflected in preparation for lectures. 5. Planning, monitoring, reviewing and evaluating own learning and development which is reflected by the structure of the module which is designed to foster the development of these skills.

Module Structure

Activity Total Hours
Independent Learning (FDL) 58.00
Independent Learning (FT) 58.00
Seminars (FDL) 12.00
Lectures (FT) 24.00
Assessment (FDL) 56.00
Assessment (FT) 56.00
Lectures (FDL) 24.00
Seminars (FT) 12.00

Assessment Methods

Component Duration Weighting Threshold Description
Exam (Exams Office) 2.00 60.00 45% A combination of numerical as well as non-numerical conceptual questions
Essay n/a 40.00 45% Individual Essay, 2000 words