MMM062-International Financial Reporting 1

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn term module
Non-modular pre-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Dr Ronita Ram


Summary module description:
This module develops students’ knowledge and understanding of International Financial Reporting Standards and the relevant regulatory and institutional framework of financial accounting.

This module aims to develop students’ critical knowledge and understanding of decision-useful investor-related financial reporting via a consideration of the principles and methods that underlie the preparation and presentation of the main financial statements in an international context. It also introduces students to the regulatory and institutional infrastructure of the financial reporting.

Assessable learning outcomes:
By the end of the module is it expected that the student will be able to:
1. Describe and explain the key elements of the international regulatory framework for international decision-useful financial reporting
2. Describe, explain and apply the key elements of the conceptual framework for international decision-useful financial reporting
3. Explain the preparation, presentation, measurement and meaning of the primary financial statements and their contents and draft such statements
4. Undertake an analysis of financial statements
5. State, explain, apply and critically appraise the contents of a range of international financial reporting standards
6. Analyse, summarise, synthesise and evaluate selected relevant academic and professional literature

Additional outcomes:
Students should gain improved ability to understand the nature of accounting, even that in their own countries. The module also aims to encourage the development of oral communication skills, and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning skills. Students are encouraged to develop additional IT skills by use of relevant web resources and communication techniques, including Blackboard.

Outline content:
• Main users and producers of accounting information, financial versus management accounting
• Usefulness and objectives of financial reporting – conceptual framework of financial reporting
• Causes of variation between national accounting practices
• Implications of the internationalization of accounting practice
• Processing accounting data – from double entry book keeping to final statements
• Balance sheet (statement of financial position), recognition and valuation of assets and liabilities
• Income statement and a statement of comprehensive income
• Statement of changes in equity
• A cash flow statement
• Corporate reporting, features of a limited company
• Basis of corporate governance, regulatory framework of the financial reporting
• Analysing and interpreting financial statements – financial ratios

Global context:
Focus on global financial accounting and reporting regulations.

Brief description of teaching and learning methods:
Lecture/workshops will be used for the exposition of the major concepts, principles and techniques under consideration. Lecture exposition will be interspersed with student driven application.

Contact hours:
  Autumn Spring Summer
Lectures 20 2
Practicals classes and workshops 18
Guided independent study 160
Total hours by term 198.00 2.00
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 80
Class test administered by School 20

Other information on summative assessment:
1h closed book MCQ class test
2h closed book exam covering numerical and discursive elements

Formative assessment methods:
Formative assessments are available in the text book for all topics. In addition further questions are available on Blackboard and students will practise them in the workshops or will be required to complete them during their self-study time. Marking guides and feedback are provided where appropriate so that students can assess their own performance.

Penalties for late submission:
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:

Length of examination:
One 2 hour closed book unseen written exam in the Summer term.

Requirements for a pass:
A minimum mark of 50% is required for a University pass.

Reassessment arrangements:
Reassessment by means of a single exam which takes place in August/September of the same year.

Additional Costs (specified where applicable):

Last updated: 31 March 2017

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