module specification

To provide an understanding of advanced accounting theories, concepts and approaches and their relationship to decision making processes
To establish explicit contacts between the theoretical approaches to the development of accounting theory and the practice of financial reporting in the UK and Internationally

AC5001 International Financial Reporting

To establish explicit contacts between the theoretical approaches to the development of accounting theory and the practice of financial reporting in the UK and Internationally

To discuss the benefits and problems associated with the development of an International Conceptual Framework for financial accounting.

To provide an understanding of advanced accounting theories, concepts and approaches and their relationship to decision making processes.

To provide opportunities for the critical examination of advance financial reporting practice and techniques from a UK and International perspective.

To construct a consolidated statement of financial position and income statement for groups of companies in compliance with relevant accounting standards.

It also aims to develop students' skills, in particular:  
-Academic writing skills, -Communication skills, including oral presentation, -Critical thinking
-Interpersonal skills, including working with others , assessment and reflection

The contribution of the theoretical approaches to research in accounting to reporting practice.

Construction of consolidated statement of financial position for groups of companies.

Construction of consolidated income statement for groups of companies.

Globalisation and convergence.

International Conceptual Framework.

Alternative approaches to financial reporting including operating and financial review.

The impact of legal and cultural frameworks on the developement of accounting practice.

Analysis and interpretation of accounting statements for UK Plc's

Accounting problems in an international context, foreign currency translation and substance over form.

The syllabus will be divided into four sections:

Theoretical approaches to researching accounting.

Consolidated Financial Statements

Developments in International Financial Reporting

Analysis and interpretation of financial statements and specialised accounting techniques.

Each lecture session of 1.5 hours duration will be used to introduce broad approach and content.     In recognition of the need for students to practice the technical aspects of the syllabus seminars will run every week and last 1.5 hours. The first few weeks will involve discussion of seminal papers from the accounting literature followed by  summative student presentations. The remaining will use a more traditional approach with seminars being used for problem solving and student questions on pre-distributed examples.

On completing this module students will be able to:

Articulate the alternative approaches to the development of accounting theory and critically assess their impact on current reporting practice by UK PLC.s and internationally.,

Understand why differences and similarities arise in international accounting.

Understand the rationale for global and regional accounting harmonisation and critically evaluate recent developments in this field.

Construct a consolidated statement of financial position for groups of companies in compliance with relevant accounting standards.

Construct a consolidated income statement for groups of companies in compliance with relevant accounting standards.

Perform a range of advanced techniques in the context of current financial reporting practice and articulate the current debates on issues in reporting in the UK and Internationally.

Critically assess the political process of standard setting and regulatory contexts within which the provision of external financial reporting operates.

The group presentation and individual write up prepares students for the extensive research they will need to undertake in the latter part of Current Issues in Accounting. The second essay will provide an opportunity to develop their critical skills. The examination will test the quantitative areas of the syllabus, particularly the preparation of financial statements for groups of companies.

Alexander D, Britton A,  Jorissen A.  (2011) International Financial Reporting and Analysis:. South-Western Cengage learning
Deegan C, Unerman J. (2011) Financial Accounting Theory, European edition, McGraw-Hill  ISBN 978-007712673-4
Godfrey J, Hodgson A, Tarca A, Hamilton J, Holmes S. (2010) Accounting Theory              Wiley & Sons  ISBN 978-0-470-81815-2
International Accounting Standards Board (2010) International Financial Reporting Standards
ISBN 978-1-907026-59-1
Lewis R, Pendrill D (2004) Advanced Financial Accounting, Prentice Hall,                          ISBN 0-273-65849-2
Riahi-Belkaoui A (2004) Accounting Theory, Thomson Learning ISBN 978-1-84480029-6
Roberts C, Weetman P, Gordon P.  (2008)  International Corporate Reporting, a comparative approach, Prentice Hall, ISBN 978-0-273-71473-6
UK and International GAAP  Ernst and Young  Tolley ISBN 0-4069-45527
www2.accaglobal.com/general/activities/library/financial_reporting/financial_reporting_articles/
www2.accaglobal.com/students/student_accountant/archive/2011/
www.cimaglobal.com/Students/2010-professional-qualification/Operational-level/F1-study-resources/Useful-articles/