This module focuses on the financial reporting requirements of companies and builds on concepts already studied in the first-year Financial Accounting module. In this module students will consider the concepts and principles that govern the practices of financial accounting, and examine their application through a variety of financial reporting standards across a number of different accounting areas, from non-current assets to contingent liabilities, from inventories to pensions.
On successful completion of the module, students will be able to:
This is a very practical subject and students will be required to apply their learning each week. The module is taught within one teaching block and there will normally be two four-hour class sessions each week. These class sessions will be used to deliver and demonstrate topic material and also for students to undertake practical examples and exercises. Formative feedback will be provided during the class sessions on student activities.
Students will be encouraged to use spreadsheets, where appropriate, to present quantitative answers to exercises.
Canvas will be used extensively. In addition to providing access to the learning materials, Canvas will be used to provide a forum so that students can discuss issues with, and ask questions of, their cohort to aid peer learning, and to provide quizzes and self-review forms to aid student reflection on personal learning on the module.
Due to the experiential nature of the learning on this degree, and the importance of professional development enabling students to develop practical skills, learn from and interact with others, attendance is compulsory. Any students not attending a minimum of 80% of their timetabled sessions will be at risk of academic failure or termination from the course.
Definitive UNISTATS Category | Indicative Description | Hours |
---|---|---|
Scheduled learning and teaching | There will normally be eight hours of class contact for 7 teaching weeks, incorporating lecture, demonstration and student activities. During teaching week 8 there will be one four-hour revision session. | 60 |
Guided independent study | Guided independent study will include pre- and post-class reading, practical exercises and research | 240 |
Total (number of credits x 10) | 300 |
Summative assessment will take the form of a piece of coursework, a presentation and an exam, representing 20%, 10% and 70% of the total module mark respectively.
Coursework: Ratio analysis group report (1,500 words)
This report will require the analysis of published financial statements, allowing students to become intimate with published annual reports and to link the published data to current business issues.
Presentation:
The presentation element will require students to work together to prepare an answer to a previous exam question and to present this to a group of their peers through use of IT tools such as PowerPoint. This provides a way for students to pool knowledge gained across the module and to prepare them for the final exam.
As well as providing a peer learning experience, the use of group work also enables students to develop their skills at working with others, which will develop their employability attributes.
Feedback will be provided on formal assessment and also on other class exercises and guided independent activities. There will, therefore, be plenty of opportunity for students to learn from both summative and formative feedback and develop their learning from the continuous assessment process.
The exam will be a total of three hours in duration comprising three detailed questions which will assess both understanding and application of the topics and financial accounting standards.
Learning Outcome | Assessment Strategy |
---|---|
1) Discuss the regulatory framework for financial reporting | Summative: exam Formative: independent and in-class activities |
2) Prepare and present financial statements (and extracts) which conform with international accounting standards | Summative: exam and presentation Formative: independent and in-class activities |
3) Analyse and interpret financial statements | Summative: coursework Formative: independent and in-class activities |
4) Give a formal presentation to a group of people | Summative: presentation Formative: independent and in-class activities |
Description of Assessment | Definitive UNISTATS Categories | Percentage |
---|---|---|
Group report | Coursework | 20 |
Group presentation – group and individual mark | Practical exam | 10 |
Three-hours duration | Written exam | 70 |
Total (to equal 100%) | 100% |
It IS NOT a requirement that any major assessment category is passed separately in order to achieve an overall pass for the module.
The Institute of Chartered Accountants in England and Wales ACA Professional Stage Application Level. Financial Accounting and Reporting Study Manual for Exams in 2016. ICAEW.
Elliott, B. and Elliott, J. (2015) Financial Accounting and Reporting. Seventeenth edition, Financial Times/Prentice Hall .
Ernst & Young. International GAAP 2016: Generally Accepted Accounting Practice under International Financial Reporting Standards. Wiley.
Holmes, G., Sugden, A. and Gee, P. (2008) Interpreting Company Reports and Accounts. Tenth edition, Financial Times/Prentice Hall.
International Accounting Standards Board. International Financial Reporting Standards.
Recently published accounts of UK-listed companies