This is the introductory core financial reporting module for the MCF programme. Students will begin by reviewing the basic elements and concepts of financial statements, accounting terminology and how financial statements link together;

They will consider the evolution of the international regulatory framework for financial reporting;

The module will introduce group accounting; accounting for taxes; accounting for property, plant, equipment and impairment of assets; and accounting for intangibles plus inventories;

Students will also practice and review the applications of financial statement analysis and earnings per share calculations;

In addition, participants will study the role of corporate governance guidelines and business ethics in modern business.

(LO1) Understand and critically evaluate the tools, definitions and acceptable practices of international financial reporting based on the International Financial Reporting Standards (IFRS) as they apply to assets, liabilities, income and expenses.

(LO2) Demonstrate the ability to critically analyse IFRS-compliant financial statements and interpret and evaluate these statements.

(LO3) Understand how financial and real economic fluctuations affect IFRS financial statements and organisational value.

(LO4) Understand and critically evaluate corporate governance reporting and ethical considerations.

(LO5) Apply in a basic context the key elements of financial reporting regulations as set out in key IFRS covering presentation, disclosure, recognition and measurement.

(S1) Communication Skills: Students will have opportunities to develop written and oral communication skills through group discussions, in-class presentations and coursework. This will be assessed by written assignments, reports, the dissertation and short individual and group presentations.

(S2) Problem Solving and Decision Making: Students will be challenged to think critically about organisational issues and dilemmas. They will do this by gathering and synthesising information, analysing alternative perspectives and options and presenting a considered opinion or course of action in their course assessment.

(S3) Numeracy Skills: Students will learn to apply financial and statistical techniques. These are developed as part of the modules covering finance, accounting, economics and econometrics.

(S4) Information and Communication Technology Skills: Students will have opportunities to improve their ICT skills. Students will demonstrate skills in the use of software applications including word processing, visual presentations, data bases, econometric packages, spreadsheets and using the internet for information searches in the course of researching and presenting coursework.

(S5) Group Working and Networking Skills: In class assignments for students will require them to work in groups and manage the interaction and relationships with other group members. In doing so, they will gain experience in negotiation, persuasion, influencing and managing conflict. Furthermore, students will be required to engage with fellow students and external business contacts in establishing a networked resource for the exchange of ideas and the development of future business relationships.

(S6) Personal Effectiveness: This applies to all modules where students will be encouraged to think critically about theory and practice and to challenge and critique assumptions about management, economic and financial theory.

(S7) Time management. This applies to all modules of the programme and is relevant for planning scheduled work and meeting assessment deadlines. This will be evident in the students’ independent management of their assignments and coursework and by meeting coursework deadlines.

Teaching Method 1 - Virtual classroom hours (for online modules)
Notes: Number of hours per week, per student expected in the virtual classroom in discussion, dedicated to group work and individual assessment is 7.

Teaching Method 2 - Non-classroom hours (for online modules)
Notes: Number of hours per week, per student expected for reading, research and other individual work to support engagement in the classroom is 13.

The fundamentals of financial statements;

Statements of cash flows and financial measurement systems;

A framework for financial reporting;

Corporate governance and accountability;

Interpreting results: financial statement analysis;

Fair value accounting and off balance sheet finance;

Consolidated accounts;

Measuring intangibles and inventories.