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Financial Reporting

Overview

Module description

This module focuses on the key accounting concepts which underpin the development of financial reporting. You will learn how to account for complex accounting transactions in accordance with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).

The aims of the module are to:

  • develop technical skills in financial reporting
  • critically assess theoretical issues and recent developments in accounting practices
  • prepare and analyse financial statements, including the preparation of consolidated accounts and the preparation of accounts from incomplete financial data
  • evaluate the advantages and issues of regulatory framework, including the provisions of a selection of accounting standards and the statement of principles
  • develop communication skills, both oral and written
  • develop skills in summarising and critically assessing professional reports and statements and academic articles.

Indicative module syllabus

  • Intro and conceptual framework
  • Financial statements
  • Property, plant and equipment
  • Intangibles
  • Inventory and construction contract
  • Leases
  • Liabilities
  • Employee benefits
  • Financial instruments
  • Revenue
  • Taxation
  • Statement of Cash Flow
  • Consolidation
  • Earnings per share
  • Ratios, analysis and interpretation

Learning objectives

By the end of this module, you will be able to:

  • critically assess the objectives of accounting, users of accounting and characteristics of accounting
  • critically assess the current standard setting process under IASB
  • apply and critically assess the provisions of a selection of accounting standards
  • account for the recognition and measurements of the following accounting transactions: property, plant and equipment; impairment losses; non-current intangible assets; research and development expenditure; inventories and construction contracts; finance and operating leases; shares and reserves; and liabilities
  • prepare cash flow statements in single company accounts
  • prepare consolidated accounts and understand when group accounts should be prepared and when companies should be excluded from consolidated accounts
  • prepare financial statements using different accounting conventions.