FIJI NATIONAL UNIVERSITY

COLLEGE OF BUSINESS, HOSPITALITY AND TOURISM STUDIES

SCHOOL OF ECONOMICS, BANKING & FINANCE
DEPARTMENT OF ECONOMICS

FIN 807 Financial Statement Analysis 20 Credit Points

Unit Coordinator: Mr. Sanjiwan Lal

Lectures: Tuesday (6 pm - 8 pm) H004

Tutorials: Tuesday (8 pm – 9pm) H004

Consultation Time: Walk-in: TBA (in class in week 1)

Or through appointment with the Dept. Secretary.

Prerequisite: The student must have achieved an average pass (B) in the
undergraduate program or consent from HOD.

E-Information: All pertinent information relating to the unit shall be posted on Moodle.
Students are required to check emails regularly for communication from
the lecturer.

1.0 Welcome
I welcome you to this Unit and hope that you will find it enriching and interesting. This unit will
introduce you to financial statement analysis. This unit is a core unit for Post Graduate major in Finance.

2.0 Unit Description

This course aims to enable students to generate an understanding and interpretation of financial
statements. Understanding and interpreting financial statements and analyzing them to gain a thorough
understanding of the performance of an enterprise are key requisites for successful managers. It is
designed to develop the necessary skills to understand financial statements, assess the quality of
accounting and identify any distortions of financial performance of an enterprise.

In this course, you will come across restatements of financial statements from time to time. The
restatements are usually done from one accounting rule/standard to another accounting rule/standard.
Sometimes, restatements are done by incorporating market information if the analyst believes that the
market information is more relevant than the accounting information. As a matter of fact, accounting
standards are evolving to incorporate more and more market information.

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3. 0 Learning Outcomes
After completing this course and the required project, students should be able to:
1. Evaluate the general tools of financial analysis, theoretical concepts and practical valuation
issues.
2. Generate discussion on the essence of quantifying business relevance through forecasting
methods and practical valuation issues such as market performance and profitability.
3. Apply knowledge on basic concepts of managing a business. It is imperative that students
understand the linkages through corporate strategies, corporate governance and decision
making requirements. Understanding this link will provide background information on
management efficiency and a clear role of management within the business.
4. Create response on what types of external decision makers rely on financial data reported in
corporate income statements? Investors, suppliers, prospective employees and many others?
5. Validate better understanding of the Accrual Concept.
6. Generate understanding on a cash flow statement. Complementing the balance sheet and
income statement is the cash flow statement (CFS).
7. Evaluate the firm's decision to expense or capitalize the costs of acquiring assets. Further the
topic discusses the impact of expensing or capitalizing decision on the firm's financial
statements and ratios.
8. Design methods of analyzing the effects of Depreciation and Impairment on assets. Further,
students will carry out an analysis of fixed asset disclosures and to understand the nature of
liabilities for asset retirement obligations.
9. Forecast an economic analysis on the impact of income taxes.

TOTAL LEARNING HOURS

Contact Hours 72
Lectures 48
Tutorial 24
Labs/Workshop xx
Field Trip xx
Self Directed Learning (During term) 168
Self Directed Learning (Mid Term Break)
Self Directed Learning (Study & Exam Weeks) 60
Total Recommended Learning Hours 300

4.0 Unit Content and Reading References

TOPIC 1: FRAMEWORK FOR FINANCIAL STATEMENT ANALYSIS.
Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 18

Learning Outcome
The student shall be able to explain the need for financial statement analysis and discuss the accounting
regulation in preparation of financials.

Performance Criteria
After studying this topic, the students should be able to:
1.1 Explain why financial statement analysis is needed;

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1.2 Briefly describe the principal financial statements: Statement of Financial position; Statement of
comprehensive Income, Statement of cash flows, statement of change in equity and Disclosure
notes;
1.3 Describe the usefulness of the management discussion and analysis and other source of financial
information.
Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 1, John Wiley & Sons; 3rd Edition; pp.2-27
3. Ball, R. and P. Brown, (1968) ‘An empirical evaluation of accounting income numbers’, Journal of
Accounting Research, Autumn, pp. 59-84.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 2hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 3-4 questions 1 hr Tutorial assessment
Study book chapter 25 pp x 6 mins 3 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 25 pp x 12 mins 5hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 18 hrs

Topic 2: ACCOUNTING INCOME AND ASSETS: THE ACCRUAL CONCEPT

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 16

Learning Outcome
The student shall be able learn the criteria for revenue and expense recognition and discuss the concept
of earnings quality.

Performance Criteria
After studying this topic, the students should be able to:
1.1 Discuss the accrual principle of accounting;
1.2 Discuss major issues in revenue and expense recognition and how they affect reported earnings.
1.3 Discuss the concept of earnings quality.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 2, John Wiley & Sons; 3rd Edition; pp.28-73
3. Francis., J and K Schipper (1999) ‘Have Financial Statements Lost Their Relevance?’, Journal of
Accounting Research, Vol. 37, No. 2 (Autumn) , pp. 319-329.

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 SDL Activities Assessment
Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 4-5 questions 1 hr Tutorial assessment
Study book chapter 45 pp x 6 mins 5 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 10 pp x 12 mins 2hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 16 hrs

Topic 3: ANALYSIS OF CASH FLOWS

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 20

Learning Outcome
The student shall be able to analyze cash flow statement and examine a firms liquidity position.

Performance Criteria
After studying this topic, the students should be able to:
3.1 Describe the three component of a cash flow statement;
3.2 Distinguish between direct and indirect method cash flow statements.
3.3 Understand how classification rules and accounting policies can affect the components of the cash
flow statement.
3.4 Analyze trends in cash flow component.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 3, John Wiley & Sons; 3rd Edition; pp.74-109
3. Bartov., E amd M. Bodnar (1996) ‘Alternative Accounting Methods, Information Asymmetry and
Liquidity: Theory and Evidence’, Accounting Review, Vol. 71, No. 3 (Jul.) , pp. 397-407.
4. Beaver., W. H. (1966) ‘Financial Ratios As Predictors of Failure’, Journal of Accounting Research,
Vol. 4, pp. 71-91.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 4-5 questions 1 hr Tutorial assessment
Study book chapter 35 pp x 6 mins 4 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment

4
 watch TV news
Study journal articles 30 pp x 12 mins 6hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 20 hrs

TOPIC 4: RATIO AND FINANCIAL ANALYSIS

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 22

Learning Outcome
The student shall be able to learn how the integrated analysis of ratios can be used to evaluate
corporate performance.

Performance Criteria
After studying this topic, the students should be able to:
4.1 Examine the purpose and use of ratios;
4.2 Explain the use of common size statements;
4.3 Define and compute measures of operating and financial leverage.
4.4 Examine the computation and usefulness of earnings per share and other ratios used for valuation
purpose.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 4, John Wiley & Sons; 3rd Edition; pp.110-162
3. Beasley., M. S. (1996) ‘An Empirical Analysis of the Relation between the Board of Director
Composition and Financial Statement Fraud’ Accounting Review, Vol. 71, No. 4 (Oct.) , pp. 443-
458.
4. Lev., B., and R Thaigarajan., (1993) ‘Fundamental Information Analysis’, Journal of Accounting
Research, Vol. 31, No. 2 (Autumn) , pp. 190-215.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 52 pp x 6 mins 5 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 40 pp x 12 mins 8hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 22 hrs

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TOPIC 5: ANALYSIS OF INVENTORIES.
Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 16

Learning Outcome
The student shall be able to compare the usefulness of inventory and cost of goods sold data provided
by different accounting methods and its effect of cash flow and working capital.

Performance Criteria
After studying this topic, the students should be able to:
5.1 Define and illustrate the alternative accounting methods used by companies to account for product
inventory: LIFO, FIFO and average cost.
5.2 Describe the cash flow and working capital effects of the choice of inventory method;
5.3 Contrast the effect of different inventory methods of financial ratios;
5.4 Discuss the motivation for adoption of the LIFO method and show the financial statement effects of
that adoption.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 6, John Wiley & Sons; 3rd Edition; pp.192-226.
3. Burgstahler, D., Dichev, I., (1997) ‘Earnings management to avoid earnings decreases and
losses’, Journal of Accounting and Economics Vol. 24, pp. 99–115.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 34 pp x 6 mins 4 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 15 pp x 12 mins 3 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 16 hrs

TOPIC 6: ANALYSIS OF FIXED ASSETS: ANALYSIS OF DEPRECIATION AND IMPAIRMENT

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 20

Learning Outcome
The student shall be able to learn the different depreciation method and its effects on the financial
statements.

Performance Criteria
After studying this topic, the students should be able to:

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6.1 Define the characteristic of different depreciation methods;
6.2 Show the effects of different depreciation methods on the financial statements;
6.3 Illustrate the impact of change from one depreciation method to another;

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 8, John Wiley & Sons; 3rd Edition; pp.257-289.
3. Piotroski, Joseph D. (2000) Value Investing: The Use of Historical Financial Statement
Information to Separate Winners from Losers. Journal of Accounting Research. 38: Supplement,
pp. 1–30.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 2hrs Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 32 pp x 6 mins 3 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 30 pp x 12 mins 6 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 20 hrs

TOPIC 7: ANALYSIS OF INCOME TAXES

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 16

Learning Outcome:
The student shall be able to learn how tax affect on financial statement and discuss international
differences in the accounting for income taxes.

PERFORMANCE CRITERIA:
After studying this topic, the students should be able to:
7.1 Explain how the tax effects of operating losses are accounted for under the liability method;
7.2 Discuss the factors governing the level and trend of deferred tax assets and liabilities;
7.3 Differentiate between temporary and permanent differences between taxable income and pretax
income;
7.4 Examine the relationship between deferred taxes and cash outflows for tax payments.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 9, John Wiley & Sons; 3rd Edition; pp.290-321.
3. Hunton, J. E.,R. Libby., C. L. Mazza (2006) ‘Financial Reporting Transparency and Earnings
Management’, The Accounting Review, Vol. 81, No. 1 pp. 135-152.

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 SDL Activities Assessment
Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1hrs Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 31 pp x 6 mins 3hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 17 pp x 12 mins 3hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 16 hrs

TOPIC 8: ANALYSIS OF FINANCING LIABILITIES

Lecture Hrs: 4 Tutorial/Workshop Hrs: 2 SDL Hrs: 18

Learning Outcome
The student shall be able to discuss the difference between operating and financing liabilities and
describe their effect on reported financial statements.

Performance Criteria
After studying this topic, the students should be able to:
8.1 Estimate the market value of debt and discuss its usefulness;
8.2 Explain the role of debt covenants in protecting creditors by limiting the firm’s freedom to invest,
pay dividends or make other operating and strategic decisions.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 10, John Wiley & Sons; 3rd Edition; pp.322-362.
3. Bailey W., Li H., Mao C.X., Zhong R (2003) "Regulation Fair Disclosure and Earnings Information:
Market, Analyst, and Corporate Responses", The Journal of Finance, Volume 58, No. 6,
December, pp. 2487-2507

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 40 pp x 6 mins 4 hrs
Group discussion 1 hr Tutorial assessment

8
 Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 27 pp x 12 mins 4hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 18 hrs

TOPIC 9: LEASES AND OFF-BALANCE-SHEET DEBT

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 20

Learning Outcome
The student shall be able to understand the effect of operating and finance lease from lessee and lessor
perspective.

Performance Criteria
After studying this topic, the students should be able to:
9.1 Discuss the motivations for leasing assets as opposed to buying them and the incentives for
reporting the leases as operating leases rather than finance leases.
9.2 Compare the financial statement effects of operating leases and finance leases from both a lessee
and lessor perspective.
9.3 Demonstrate how operating lease keep substantial portions of a firms operating capacity and debt
off the balance sheet.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 11, John Wiley & Sons; 3rd Edition; pp.363-399.
3. Sloan., R. G (1996) ‘Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about
Future Earnings?’, Accounting Review, Vol. 71, No. 3 (Jul.) , pp. 289-315

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1hr Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 36pp x 6 mins 4 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 26 pp x 12 mins 6 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 20hrs

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TOPIC 10: ANALYSIS OF INTERCORPORATE INVESTMENTS
Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 20

Learning Outcome:
The student shall be able to differentiate between return earned on investments and the recognition
criteria of that return in financial statements.

Performance Criteria
After studying this topic, the students should be able to:
10.1 Discuss the condition under which consolidation is required;
10.2 Compare the financial statement effects of the equity method of accounting with the effects on
consolidation;
10.3 Discuss the use of proportionate consolidation as an accounting method and tool for analysis.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 13, John Wiley & Sons; 3rd Edition; pp.454-502.
3. Pope, P., Walker, M., (1999) ‘International Differences in Timeliness, Conservatism and
Classification of Earnings’, Journal of Accounting Research Vol.37 (Suppl.), 53-83.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards 1 hr Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 48 pp x 6 mins 5 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 30 pp x 12 mins 6 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 20 hrs

TOPIC 11: ANALYSIS OF MULTINATIONAL OPERATIONS

Lecture Hrs:2 Tutorial/Workshop Hrs: 2 SDL Hrs: 18

Learning Outcome
The student shall be able to show how financial statements disclosure can be used to analyze the firm’s
exposure to exchange rate changes and the effect of such changes on reported financial statements.
.
Performance Criteria
After studying this topic, the students should be able to:
11.1 Describe the difference between the two reporting methods used to account for exchange rate
changes.
11.2 Describe the effect of exchange rate changes on reported cash flow;

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11.3 Compare the impact of two reporting methods on the income statement, especially the trend of
reported revenue and income.
11.4 Explain how reported data can give false signals about the economic effect of exchange rate
changes on the firm.

Reading Resource Materials

1. Lecture Notes
2. 2.White, Sondhi, and Fried (2003), Chapter 15, John Wiley & Sons; 3rd Edition; pp.546-588.
3. Healy., P. M and K. G. Palepu (2001) ‘Information asymmetry, corporate disclosure,
and the capital markets: A review of the empirical disclosure literature’, Journal of Accounting
and Economics Vol. 31 405–30.

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 1 hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 42 pp x 6 mins 4 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 25 pp x 12 mins 5 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 18 hrs

Topic 12: ANALYSIS OF FINANCIAL STATEMENTS: A SYNTHESIS

Lecture Hrs: 2 Tutorial/Workshop Hrs: 2 SDL Hrs: 20

Learning Outcome
The student shall be able to compute adjusted book value per common share and estimate the earning
power of the firm.

Performance Criteria
After studying this topic, the students should be able to:
12.1 Adjust the balance sheet for current value and off- balance sheet activities;
12.2 Adjust the capital structure to reflect current values and off-balance sheet activities.
12.3 Estimate the earning power of the firm and assess the quality of earnings.

Reading Resource Materials

1. Lecture Notes
2. White, Sondhi, and Fried (2003), Chapter 17, John Wiley & Sons; 3rd Edition; pp.619-645.

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 3. Givoly., D. and C Hayn (2000) ‘The Changing Time-Series Properties of Earnings, Cash Flows and
Accruals: Has Financial Reporting Become more conservative?’ Journal of Accounting and
Economics Vol. 29 pp.287-320

SDL Activities Assessment

Study lecture notes 20 slides x 3 mins 1 hour Assignment
Research Assignment/Project 32hrs/8 4 hrs Assignment
Search internet 2 hr Assignment
Read accounting standards Tutorial assessment
Tutorial preparation 5-6 questions 1 hr Tutorial assessment
Study book chapter 26 pp x 6 mins 3 hrs
Group discussion 1 hr Tutorial assessment
Read newspapers, business magazines, 1 hr Tutorial assessment
watch TV news
Study journal articles 33 pp x 12 mins 7 hrs Assignment, Mid-term/
final exams
Prep Mid Term & Final Exam Study weeks Mid-term/final exams
Total Self Directed Learning 20 hrs

5.0 Resources

 White, Sondhi, and Fried, The Analysis and Use of Financial Statements, 3rd ed, 2003. John Wiley
 Harrison/Horngren, Financial Accounting, 6th edition. 2006. Prentice Hall Business Publishing.
 Horngren, Sandem, Elliott and Philback, 9th edition. 2005. Pearson Publishing.

6.0 Assessment
6.1 Grades
(a) The overall mark for the unit depends on performance during the trimester (40%) and
performance in the final examination (60%).

(b) In Class Assessment

Assessment Weighting
Presentation 10%
Mid Trimester Exam 10%
Directed Research Project 20%
Total Coursework 40%
Final Examination 60%

(c) In order to pass the unit, that is, to obtain a grade of C- or better, it is necessary to score at least
40% (i.e. 40/100) in the final examination. It is highly recommended that students attend all
tutorials/labs/workshops.

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 6.2 Letter Grade Scale
The following grading scales would be used:

6.1 Grade Marks GPA

A+ 90-100 4.33-5.00 High Distinction
A 85-89 4.00-4.27 Distinction
A- 80-84 3.73-3.93 Distinction
B+ 75-79 3.33-3.60 High Credit
B 70-74 3.00-3.27 Credit
B- 65-69 2.67-2.93 Credit
C+ 60-64 2.33-2.60 Pass
C 55-59 2.00-2.27 Pass
C- 50-54 1.67-1.93 Pass
D+ 45-49 1.33-1.60 Fail
D 40-44 1.00-1.27 Fail
D- 35-39 0.67-0.93 Fail
E Below 35 0-0.60 Fail
DNQ Did Not Qualify; student received over 50% of 0 Fail
total marks but did not meet other specified
conditions for a pass
W Withdrawn from Unit 0
CT Credit Transfer 0 Cross credit (CT)
NV Null & Void for Dishonest practice 0
I Result withheld/Incomplete assessment 0
X Continuing course 0
DNC Did Not Complete 0
CP Compassionate Pass 0
Aeg Aegrotat Pass 0
PT Pass Terminating 0
P Pass 0
NP Not Passed 0

7.0 Programme Regulations and Dissatisfaction with Assessment

The academic conducts of the students are governed by the University Academic and Students
Regulation (UASR). All students must obtain a copy of the UASR from the FNU academic office and
familiarize themselves with all academic matters.

Should a student be dissatisfied with either the internal or external assessment, they can take the
following steps to get redress of their grievance.

Internal Assessment: The student can refer the work back to the unit coordinator for checking and
reassessment. Following this reassessment, if the student is still dissatisfied, the student may refer the
work to the HOD. The HOD will then appoint another lecturer to examine the work and result will then
stand.
Final Exam: The student can apply for re-check of the grade as per the procedures laid down in the
UASR.

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8.0 Plagiarism and Dishonest Practice Regulation
Plagiarism and dishonest practices are serious offences for which offenders shall be penalized. Students
must read the relevant section of UASR to understand the various types of cases defined as dishonest
practices in academic work and to also know the penalties associated with these kinds of practices.

9. Final Examination Scripts

9.1. A student may obtain a copy of his/her assessed final exam script(s), and all other written
materials submitted for assessment in a unit, upon application on the prescribed form and
upon the payment of the prescribed administration fee(s).
9.2. A student may view online marking guide for in the final exam paper.
9.3. No access to exam scripts shall be permitted after 12 months of the release of results for any
unit.

10. Reconsideration of Assessment and Unit Grades, and Appeals

10.1. A student may apply for reconsideration of the final (end-point) assessment.
10.2. Applications for reconsideration shall be made only after a student has viewed his/her exam
script and the marking guide under the provisions of s14 above, and remains unsatisfied with
the results obtained. The application for reconsideration shall specify the question(s) which
he/she is seeking a reconsideration of, and the basis for this.
10.3. Applications for reconsideration shall be made within five days of the result being released if
the student wishes to pursue a course to which the course(s) under reconsideration is a
prerequisite, or 21 days of the date of release of the results otherwise. Applications need to
be made by lodging a duly completed ‘Reconsideration of Assessment’ form, together with the
necessary fees for the reconsideration, to the Academic Office, which shall submit the
application to the respective Dean.
10.4. The Dean or the Head of the Academic Section authorized by the Dean to deal with
applications for reconsideration of grades shall cause the reconsideration to be done
expeditiously and independently.
10.5. Reconsideration of unit grades shall comprise
10.5.1. a careful check that the referred to examination question and part-question was read by
the examiner and given an appropriate mark;
10.5.2. a careful remarking of the question(s) being asked for reconsideration;
10.5.3. a careful check that the total examination mark has been accurately transposed within
the proportions (% coursework vs. % final examination) previously established by the
examiner;
10.5.4. a careful computation of all the marks awarded for the coursework; and
10.5.5. a careful check that the coursework mark has been accurately transposed within the
proportions previously established by the examiner.
10.6. The application shall be considered and a decision communicated to the Academic Office
within five working days of the receipt of the application for reconsideration from the
Academic Office if the course under reconsideration is a prerequisite to a course that the
student is required to undertake in the term immediately following to complete his/her
Programme, or within ten working days otherwise.

14
10.7. The outcome of the reconsideration shall be communicated to the student by the Academic
Office within two days of the receipt of the report from the Dean.
10.8. If the student is dissatisfied with the outcome of the application, the student may apply to
the College Academic Appeals Committee for reconsideration of the grade/result. Appeals
shall be made within five working days of the date of the notification of the outcome of the
application for reconsideration. Applications shall be made by lodging a duly completed form
prescribed for this purpose to the Academic Office, which then shall be sent by the Academic
Office to the College Appeals Committee within one working day of its receipt. The Appeals
Committee shall cause a careful reconsideration of the documents as listed in s15.5 above, as
well as cause to be carried out a careful examination of all or a sample of other scripts (with
such sample determined by a specified process by the Academic Office) for the unit to ensure
consistency of marking and assessment.
10.9. The College Academic Appeals Committee shall advise the Academic Office of the outcome of
the appeal within five working days from the date of the receipt of the application from the
Academic Office if the course is a prerequisite to a course that the student would need to do
in the term immediately following to complete a programme or within 15 working days
otherwise. The Academic Office shall advise the student within 24 hours by email or phone.
10.10. A grade may be unchanged, raised or lowered following reconsideration under this section.
10.11. A student who is dissatisfied with the award of the College Academic Appeals Committee
may appeal further to the Students’ Appeals Committee for reconsideration of the decision
of the College Academic Appeals Committee. This appeal must be lodged within two working
days from the date of the notification if the course under reconsideration is a prerequisite to
a course that the student is required to undertake in the term immediately following to
complete his/her Programme or within ten working days otherwise.
10.12. Appeals against the decision of the College Academic Appeals Committee shall be made by
lodging the prescribed application form [‘Appeal: Reconsideration of Assessment’] to the
Academic Office.
10.13. The Students’ Appeals Committee shall advice the Academic Office of the outcome of the
appeal within five working days of the date of the lodgement of the appeal if the appeal
concerns a prerequisite to another unit that the student needs to do in the term immediately
following to complete the programme, or 20 working days otherwise.
10.14. A student may be given provisional admission into a unit if the unit whose grade is under
reconsideration or is under appeal is a prerequisite. The admission would be confirmed if the
student’s application succeeds. If the application fails, the student shall be deregistered from
the unit, with no loss of fee paid for the unit.
10.15. Any and all fee paid for reconsideration of a unit grade , including the fees to get a copy of
the script and to view the marking guide, shall be refunded to the candidate, if, as a result of
the reconsideration or appeals, the grade for the unit is raised.
10.16. The decision of the Students’ Appeals Committee shall be final.

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