AC6064 - Advanced Financial Reporting (2023/24)
| Module specification | Module approved to run in 2023/24 | ||||||||||
| Module title | Advanced Financial Reporting | ||||||||||
| Module level | Honours (06) | ||||||||||
| Credit rating for module | 15 | ||||||||||
| School | Guildhall School of Business and Law | ||||||||||
| Total study hours | 150 | ||||||||||
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| Assessment components |
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| Running in 2023/24(Please note that module timeslots are subject to change) |
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Module summary
To develop advanced knowledge and skills in understanding and applying accounting standards, other regulations and financial reporting framework in the preparation of financial statements of entities, including groups, and how to analyse and interpret those financial statements.
Students will develop analytical skills and apply these in the analysis, filtering and evaluation of data and drawing reasoned conclusions.
Module aims:
To account for specialised transactions in accordance with international financial reporting standards.
To understand a business combination and how to account for it.
To interpret an entity’s financial statements to give advice from the perspectives of different stakeholders.
Syllabus
- Accounting for specialised transactions including financial instruments, leasing, foreign currency transactions, employee benefits and share-based payments, fair values etc. - LO1
- Preparation of consolidated financial statements including an associate - LO2
- Analysing and interpreting the financial statements of single entities and groups - LO3
Balance of independent study and scheduled teaching activity
Scheduled teaching activity is a weekly 2-hour lecture and a 1-hour seminar. Independent study is supported by practice questions, case studies, past exam questions and published academic and professional articles. Online resources will be widely used in the teaching and learning of the module.
Learning outcomes
On completing the module, students will be able to:
LO1: Develop critical advanced skills for accounting for specialised transactions,
LO2: Prepare and present financial statements for business combinations,
LO3: Critically analyse and interpret financial statements.
Assessment strategy
Formative assessment will be provided throughout the whole study period and ongoing feedback will be provided accordingly to help students identify their strengths and weaknesses and target areas that need more work.
Formal summative assessment will comprise: a 2-hour closed book exam. An additional 15 minutes reading time will be allowed for the examination.
Bibliography
Essential reading
Alexander et al (2017) International Financial Reporting and Analysis, 7th ed. Cengage Learning (AL) (Online Version available through University Library)
Recommended readings
Melville, A. (2019) International Financial Reporting 7th ed. Pearson Education (MA) (Online version available through the University Library)
Elliot & Elliot (2017) Financial Accounting, Reporting and Analysis 18th ed. Prentice Hall (EE)
Professional journals and financial press
Websites
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
ICAEW www.icaew.com
ACCA www.accaglobal.com
ICAEW online journal www.accountancymagazine.com
Accountancy Age www.accountanyage.com
Financial Times www.ft.com
Electronic Databases: FAME