This module aims to:

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

Enable students to understand and critically evaluate 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.

(LO1) Students will be able to demonstrate knowledge and understanding at an advanced level of a range of tools and techniques related to financial reporting concepts, necessary for establishing organisational objectives.

(LO2) Students will be able to 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) Students will be able to 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) Students will be able to 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) Students will be able to analyse and appraise the components of conceptual framework for accounting.

(LO6) Students will have developed a critical awareness of how theory, practice and rules apply to specific reporting issues which have been subjects of controversy and regulation in recent years.

(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.

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

(S4) Teamwork. Students will work in teams to develop a conceptual understanding 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 information.

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

2 hour lecture x 10 weeks
1 hour seminar x 5 weeks
125 hours self-directed learning

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

The IASB Conceptual Framework and the standard setters of IFRS;

Preparation of financial statements;

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

Income and asset value measurements systems: Revenue recognition and impairment of assets;

Reporting financial performance and earnings management

Non-financial information disclosure: corporate social responsibility, accountability, governance and ethics.