This capstone module considers financial reporting in a wider business and social context and brings together different threads from the previous modules across the range of subjects studied. The theoretical ideas unpinning financial regulation and reporting are evaluated, as are alternative methods of accounting. The wider business context is considered, such as the role of financial reporting within corporate governance and the importance of ethics and ethical behaviour. This module also widens the scope of financial reporting to larger reporting entities and considers in detail the ideas underpinning, and the reporting requirements for, reporting for a group of companies. The module encourages students to consider current issues which are debated by the media and professionals, in order to build an up-to-date knowledge base of the subject area. The assessment strategy demonstrates a strong focus on developing students' employability skills and graduate attributes through a series of presentations with individual feedback and support.
On successful completion of the module, students will be able to:
This is a very practical subject and students will be encouraged to apply their learning each week. Class sessions are normally held in three-hour blocks. The first part of the class session will normally be used as a seminar to demonstrate and discuss the application of the theory from previous classes in an interactive environment. These seminar sessions will provide formative feedback on exercises completed independently at home and in class. The remainder of the session will be used to introduce and/or explain the next topic. In addition, part of some of the lecture sessions will be dedicated to providing detailed feedback on communication and presentation skills, thus strengthening employability attributes.
Canvas will be used extensively. In addition to providing access to the learning materials, Canvas will also be used to provide a student forum so that students can discuss issues with, and ask questions of, their cohort to aid peer learning and to aid student reflection of personal learning on the module.
| Definitive UNISTATS Category | Indicative Description | Hours |
|---|---|---|
| Scheduled learning and teaching | There will normally be three hours of class contact per teaching week, in the form of combined lecture/seminar sessions | 60 |
| Guided independent study | Guided independent study will include reading, practical exercises and research | 240 |
| Total (number of credits x 10) | 300 | |
Summative assessment will take the form of coursework throughout the year, a series of three group-prepared presentations, for which each individual will present and be individually marked, and an end-of-module exam.
The coursework will take place in class sessions. There will be regular short, fortnightly assessments during the first teaching block and then two larger in-class assessments in the second teaching block, where the topics are taught over a number of weeks.
The series of three group presentations will require every student to do an individual presentation and be individually marked. These presentations will develop student confidence and professional presentation skills and, as well as providing a peer learning experience, the use of group work will also enable students to develop their skills at working with others. These skills will develop their employability attributes. The first presentation is followed by a 'speed meet' event at which students meet, network and have mini interviews with local employers.
The exam will be three hours in duration and will assess both understanding and application of the topics. There will normally be three questions with one mainly numerical question focusing on the consolidated accounts of a complex group of entities; one narrative question requiring students to articulate ideas and arguments logically and show knowledge, independent research and critical evaluation; and a final question of a combination of numeric and narrative elements.
Independent and class exercises will be used to provide formative feedback to students. 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.
| Learning Outcome | Assessment Strategy |
|---|---|
| 1) Discuss and apply the concepts of control and ownership through the construction of consolidated accounts for a complex group of entities | Summatively by exam and coursework |
| 2) Explicate the importance of, and rationales behind, a variety of theoretical models of financial reporting | Summatively by exam and coursework |
| 3) Critically evaluate current issues, events and/or regulations concerning financial reporting | Summatively by exam and coursework |
| 4) Critically discuss ethical and professional conduct issues | Summatively by exam and coursework |
| 5) Articulate ideas and arguments logically and present with confidence | Summatively by exam, practical exam and coursework |
| Description of Assessment | Definitive UNISTATS Categories | Percentage |
|---|---|---|
| A variety of short coursework activities throughout the year | Coursework | 20% |
| Series of three group-prepared presentations | Practical exam | 10% |
| Three-hour exam | 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. (core text used in level 5)
Elliott, B. and Elliott, J., 2015. Financial Accounting and Reporting. 16th ed. Financial Times/Prentice Hall.
Alexander, D., Britton, A., Jorissen, A., Hoogendoorn, M. and van Mourik, C., 2014. International Financial Reporting and Analysis. 6th ed. Australia: Cengage Learning.
Alexander, D. and Nobes, C., 2013. Financial Accounting: an International Introduction. 5th ed. Financial Times/Prentice Hall. (esp. harmonisation and convergence topic)
Choi, F. and Meek, G., 2014. International Accounting. Harlow: Pearson.
Deegan, C., 2014. Financial Accounting Theory. 4th ed. North Ryde: McGraw Hill.
Glautier, M., Underdown, B. and Morris, D., 2010. Accounting: Theory and Practice. Financial Times/Prentice Hall.
Nobes, C., 2010. Current Debates in International Accounting. Cheltenham: Edward Elgar.
International Accounting Standards Board. International Financial Reporting Standards [online] IASB. Available at: www.ifrs.org/IFRSs/Pages/IFRS.aspx
Institute of Chartered Accountants in England and Wales. Accountancy. ICAEW
British Accounting Review
Accounting and Business