module specification

This module aims to develop knowledge and skills in understanding and applying International Financial Reporting Standards (IFRS). It will also include the theoretical framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret financial statements.  Students will also be exposed to the qualitative characteristics of useful information for users of financial reports.

This module aims to enable students to achieve the following:

1)    understand the conceptual framework for financial reporting

2)    appreciate the role of regulatory framework for financial reporting

3)    develop an interest in the need for International Financial Reporting Standards

       (IFRS)

4)   prepare financial statements for single companies and for groups in accordance with

      generally accepted accounting principles (GAAP) and relevant International Accounting 

      Standards (IAS) / International Financial Reporting Standards (IFRS).

5)   analyse and interpret information from financial reports

The module also aims to facilitate the development of the following skills:

.    academic writing;

.    researching

.    analysis and presentation of financial data;

.    use of accounting packages such as Sage, etc. in financial reporting;

.    communication, including oral presentations;

.    interpersonal, including effective team working;

.    self assessment and reflection.

Note: If there are not sufficient student numbers to make a module viable, the School reserves the right to cancel such a module. If the School cancels a module it will use its reasonable endeavours to provide a suitable alternative.

N/A

Critically assess and explain the need for conceptual and regulatory framework for financial reporting, including the characteristics of useful information for user of accounts.

Explain why a regulatory framework is needed, including the advantages and disadvantages of IAS/IFRS over a national regulatory framework. (LO1 and LO2)

Apply and critically assess the provisions of a selection of accounting standards.

Account for the recognition and measurements of accounting standards, including the following:

• property, plant and equipment
• impairment losses
• non-current intangible assets
• research and development expenditure
• inventories and construction contracts
• finance and operating leases
• liabilities
• revenues
• taxation (LO3)

Preparation of single entity financial statements, e.g.

statement of profit or loss (and other comprehensive income)

statement of financial position

statement of changes in equity

statement of cash flows

Preparation of consolidated financial statements including as associate. (LO3)

Critically analyse and interpret the financial statements of single entities and groups.  (LO4)

Teaching will take the form of a lecture 2-hours per week and seminar 1 hour per week.

This approach offers flexibility in blended delivery which allows for distinct lectures and seminars to enhance blended learning.

The lecture will introduce the context and outline of each subject area using illustrated examples and scenarios, pre-distributed to the student.

The seminar program will focus on problem solving, application of concepts in industry and organisations. It will enable students to lead and contribute to discussion and debate on contemporary and ethical reasons for presentation (where choice is possible) and current issues in financial reporting.

This will also enhance students research and analytical skills for experiential learning and reflection.

Questions will be pre-distributed to allow students to attempt answers in advance of the seminar. Use will be made of actual published accounts wherever possible.

On successful completion of this module, students will be able to:

1)   demonstrate an understanding of the need of regulations and sources of regulation

2)   demonstrate an understanding of the process of international standard setting and regulations for financial reporting.

3)   evaluate the reporting of information for single companies and for groups in accordance with GAAP and relevant IAS/IFRS Standards

4)   undertake analysis and interpretation of information from financial reports.

Students will complete two kinds of assignment:

• Some assignments will contribute to their overall mark and grades – summative assessment.
• Some assignments will not contribute to their overall mark and grades but will be important to help them progress in their understanding of the subject – formative assessment.

Formal Assessment will comprise of three-hour unseen written examination (100%).

Reading List Talis Link:

https://rl.talis.com/3/londonmet/lists/F1876FB6-98A0-D05F-F6E9-30570C3468C0.html?lang=en-GB&login=1

INTERNATIONAL FINANCIAL REPORTING

Core text:

Melville, A., (2017) International Financial Reporting: A Practical Guide, 6th edition, Pearson Education, ISBN-: 9781292200743

Additional texts

Maynard, J. (2013) Financial Accounting, Reporting and Analysis, , 1st edition, Oxford University Press, ISBN-13: 9780199606054

Elliott, B., and J. Elliott (2015) Financial Accounting and Reporting, 17th  edition, Pearson Education, ISBN-13: 9781292080505

Other sources

Accountancy Magazine – www.accountancymagazine.com

ACCA Student Newsletter – www.accaglobal.com

CIMA Student  – www.cimaglobal.com

Financial Reporting Council – www.frc.org.uk

International Accounting Standards Board Council – www.ifrs.org