AC6070 - Advanced Financial Reporting (2026/27)
| Module specification | Module approved to run in 2026/27, but may be subject to modification | ||||||||||||
| 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 2026/27(Please note that module timeslots are subject to change) | No instances running in the year |
Module summary
This module focuses on the preparation of financial statements for UK limited companies, the critical assessment of published accounts, with an understanding of the UK regulatory framework. Students will also be exposed to the need and sources of regulation, the purpose of accounting standards and worldwide use of IFRS.
The aims of this module are as follows:
1) You will understand the regulatory framework for corporate reporting.
2) You will understand the need for International Financial Reporting Standards (IFRS)
3) You will understand the application of the relevant regulatory framework and accounting standards.
4) You will be able to prepare financial statements for UK limited companies in a format suitable for publication;
5) You will be able to conduct a critical assessment of company performance.
6) The module also aims to help students in the development of the following skills:
. academic writing;
. researching
. analysis and presentation of financial data;
. communication, including oral presentations;
. interpersonal, including effective team working;
. self-assessment and reflection.
Prior learning requirements
Co-requisite for PSRB Accreditation: AC6064
Syllabus
• - Sources of regulation and the standard-setting process (LO1 and LO2)
- IFRS and Conceptual framework (LO2)
- Preparation of financial statements: (LO3)
• statement of financial position
• statement of comprehensive income
• statement of changes in equity
• statement of cash flows
- Interpretation of accounts: using ratio analysis to assess companies’ performance (LO4)
Balance of independent study and scheduled teaching activity
Teaching will take the form of a 2-hour lecture and 1-hour seminar sessions.
The lecture will introduce the context and outline of each subject area using illustrated examples and scenarios.
The seminar session will focus on application of the subject knowledge to practical scenarios.
Lecture and seminar content and questions will be available to the students on online VLE platforms to attempt prior to the class.
Students will be encouraged to reflect on their learning each week and to practise additional questions at home.
Learning outcomes
On successful completion of this module, students will be able to:
LO1) demonstrate an understanding of the need and application of regulations
LO2) demonstrate an understanding of relevant international accounting standards for financial reporting;
LO3) prepare financial statements for UK companies to comply with the legal and
regulatory framework of financial reporting and prepare a range of supporting
documentation to a professional standard.
LO4) calculate, interpret and report on ratios for UK public companies.
Bibliography
Core Textbook
• International Financial Reporting: A Practical Guide, Melville, A., 8th edition, 2022, published by Pearson Education, ISBN-: 1292439432/9781292439433
Other Recommended textbooks
• Financial Accounting, Reporting and Analysis, Maynard, J., 2nd edition, 2017, published by Oxford University Press, ISBN: 0198745311/9780198745310
• Financial Accounting and Reporting, Elliott, B., and J. Elliott, 20th edition, 2022, published by Pearson Education, ISBN: 9781292401065
Other sources
Accountancy Magazine – www.accountancymagazine.com
ACCA Student Newsletter – www.accaglobal.com
ICAEW www.icaew.com
ICAEW online journal www.accountancymagazine.com
CIMA Student – www.cimaglobal.com
Financial Reporting Council – www.frc.org.uk
International Accounting Standards Board Council – www.ifrs.org