ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title FINANCIAL REPORTING 2
Code ACFI309
Coordinator Mr A Deller
Finance and Accounting
Adam.Deller@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 6 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ACFI201 FINANCIAL REPORTING 1; ACFI101 INTRODUCTION TO FINANCIAL ACCOUNTING 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

6

      24

6

48
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 6
 
      120 mins X 1 totaling 24
60 mins X 1 totaling 6
 
 
Private Study 102
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 3 hours Weighting: 100% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty app  3 hours    100       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             

Aims

This module is designed to build upon the knowledge and skills gained in earlier financial reporting modules by covering the preparation of group financial statements including associates and joint ventures.  It will also develop an understanding of group accounting principles and issues arising from group accounting including fair values, intangibles and impairment.

The module also addresses other key accounting standards including those relating to leases, borrowing costs and related parties.

The module should enable students to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS).

Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios


Learning Outcomes

(LO1) Students will be able to explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues.

(LO2) Students will be able to prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios.

(LO3) Students will be able to identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.

(S1) Improving own learning/performance - Self-awareness/self-analysis

(S2) Improving own learning/performance - Reflective practice

(S3) Communication (oral, written and visual) - Presentation skills - written

(S4) Communication (oral, written and visual) - Following instructions/protocols/procedures

(S5) Communication (oral, written and visual) - Report writing

(S6) Time and project management - Personal organisation

(S7) Time and project management - Personal action planning

(S8) Critical thinking and problem solving - Evaluation

(S9) Critical thinking and problem solving - Problem identification

(S10) Information skills - Information accessing:[Locating relevant information] [Identifying and evaluating information sources]

(S11) Skills in using technology - Using common applications (work processing, databases, spreadsheets etc.)

(S12) Skills in using technology - Information accessing

(S13) Skills in using technology - Online communications skills

(S14) Numeracy/computational skills - Reason with numbers/mathematical concepts

(S15) Numeracy/computational skills - Confidence/competence in measuring and using numbers

(S16) Numeracy/computational skills - Problem solving

(S17) Global citizenship - Relevant economic/political understanding

(S18) Global citizenship - Ethical awareness

(S19) Commercial awareness - Relevant understanding of organisations

(S20) Personal attributes and qualities - Resilience

(S21) Personal attributes and qualities - Flexibility/Adaptability

(S22) Personal attributes and qualities - Integrity


Teaching and Learning Strategies

Teaching Method: Online Asynchronous Learning Material
Description: 12 x 2 hour
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Synchronous Lecture
Description: 12 x 1 hour sessions
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Seminar
Description: 6 x 1 hour seminars
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Biweekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 102
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the tutorial activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module.

Costs Information:
Additional costs may include reasonable printing costs and purchase of recommended texts.

There are the following non-modular requirements:
ACFI101, ACFI201

This module is a pre-requisite for the following modules:
ACFI302

Skills/Other Attributes Mapping

Skills / attributes: Personal attributes and qualities - Integrity
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Personal attributes and qualities - Flexibility/Adaptability
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Personal attributes and qualities - Resilience
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Commercial awareness - Relevant understanding of organisations
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Global citizenship - Ethical awareness
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Global citizenship - Relevant economic/political understanding
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy/computational skills - Problem solving
How this is developed: Th roughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy/computational skills - Confidence/competence in measuring and using numbers
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Numeracy/computational skills - Reason with numbers/mathematical concepts
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Skills in using technology - Online communications skills
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Skills in using technology - Information accessing
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Skills in using technology - Using common applications (work processing, databases, spreadsheets etc.)
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Information skills - Information accessing:[Locating relevant information] [Identifying and evaluating information sources]
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Critical thinking and problem solving - Problem identification
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Critical thinking and problem solving - Evaluation
How this is develope d: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Time and project management - Personal action planning
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Time and project management - Personal organisation
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Communication (oral, written and visual) - Report writing
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Communication (oral, written and visual) - Following instructions/protocols/procedures
How this is developed: Throughout the module - tutorial questions, rev ision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Communication (oral, written and visual) - Presentation skills - written
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable): Examination

Skills / attributes: Improving own learning/performance - Reflective practice
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)

Skills / attributes: Improving own learning/performance - Self-awareness/self-analysis
How this is developed: Throughout the module - tutorial questions, revision questions, mock exams
Mode of assessment (if applicable)


Syllabus

 

IFRS 16 Leases (leasee accounting only but including sale and leaseback)
IFRS 9 Financial Instruments
IAS 24 Related Party Disclosures
IFRS 10 Consolidated Financial Statements
IAS 28 Investments in Associates
IFRS 11 Joint Arrangements
IAS 36 Impairment of Assets (emphasis on intangibles)
IAS 38 Intangible Assets
IFRS 3 Business Combinations
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.