This module aims to:

Provide students with an in-depth understanding of the conceptual principles and key techniques of financial reporting and management accounting practices.

Enable students to understand the key elements of financial reporting systems set out in International Financial Reporting Standards with particular reference to the preparation and interpretation of financial statements.

Prepare students to identify the key stakeholders of businesses, and develop a framework for understanding and evaluating their main interests and accounting information needs, related to business operations.

Develop students’ knowledge and understanding of the roles of management accounting information in planning, coordination, decision making, control, performance measurement, and business strategy.

Develop critical financial reporting and management accounting skills, explore the roles of both financial reporting and management accounting in assessing financial performance, and explain the main contemporary issues for organisations.

(LO1) Acquire knowledge of a range of tools and techniques related to financial reporting and management accounting concepts, necessary for establishing organisational objectives.

(LO2) Understand and appraise the main elements of companies’ fundamental financial statements prepared in accordance with the regulatory structure of International Financial Reporting Standards [IFRS].

(LO3) Prepare and interpret financial statements, including, statement of profit or loss, statement of financial position, statement of changes in equity, and statement of cash flows.

(LO4) Comprehend and appraise the regulatory requirements contained within the key IFRS covering, assets, liabilities, income and expenses, and be able to apply these in evaluating published financial statements and produce written reports.

(LO5) Analyse and interpret companies’ management accounting information for planning, coordination, decision making, performance measurement, control, and business strategy.

(S1) Adaptability. Students will work on case studies about real business problems which will equip them to adapt and deal with different organisational circumstances.

(S2) Problem solving. Students will work on analysing problems in published accounts/management accounting case studies.

(S3) Commercial awareness. Students will work on case studies about real business operations.

(S4) Teamwork. Students will work in teams to develop a conceptual understandings of problems and issues.

(S5) Organisation skills. Students will develop organisation skills through effectively managing and solving real life case studies in tutorials.

(S6) Communication skills. Students will develop oral communication skills through presentations and written communication skills in their assignments.

(S7) International awareness. Students will develop international awareness through the use of case studies on multi-national organisations.

(S8) Lifelong learning. Students will develop this skill through the preparation and interpretation of financial statements and management accounting information.

(S9) Ethical awareness. Students will develop ethical awareness by understanding issues related to accountability, governance and corporate social responsibility.

Lectures x 25 hours
Tutorials x 10 hours
Self-Directed Learning x 115 hours

An introduction to the current regulatory structure and financial accounting system;

Preparation of financial statements;

Income and asset value measurements systems;

Statement of financial position – equity, liability and asset and liability measurement and disclosure in financial statements;

Corporate social responsibility, accountability, governance and ethics;

Introduction to management accounting systems and its role in contemporary organisations;

The balanced scorecard and business strategy;

Costs management concepts, accumulating and assigning costs to products and services;

Activity-based cost systems;

Using budgets for planning, control and co-ordination;

Financial control: decentralisation, performance measurement, and transfer pricing.