AC305-Financial Accounting and Reporting
Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:6
Terms in which taught: Autumn / Summer term module
Pre-requisites: AC101 Introduction to Accounting and AC206 Financial Accounting
Non-modular pre-requisites:
Co-requisites:
Modules excluded: AC312 Advanced International Financial Reporting
Module version for: 2017/8
Module Convenor: Mrs Alison Hennell
Email: a.hennell@henley.ac.uk
Summary module description:
This module builds on the knowledge acquired in AC206, Financial Accounting, with regards to the preparation of financial statements for single entities. It also covers in detail the preparation of consolidated financial statements.
Aims:
This module aims to enable students to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS). It requires students to explain accounting and reporting concepts and ethical issues and the application of IFRS to single entity and group scenarios.
Assessable learning outcomes:
By the end of the module it is expected that students will be able to:
1. Explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;
2. Prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios; and
3. Identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.
Additional outcomes:
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, including reflective, adaptive and collaborative learning.
Outline content:
Group accounts: basic principles
Consolidated statements of financial position
Consolidated statements of financial performance
Associates and joint ventures
Group accounts: disposals
Group statement of cash flows
Financial Instruments (IFRS 9)
Leases (IASI17)
Foreign exchange (IAS21)
Earnings per share (IAS33)
Distributable profits
Application of IFRS to single entity and group scenarios
Brief description of teaching and learning methods:
Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Workshops will focus on numerical practice and discussion of examination style
Summative Assessment Methods:
| Method |
Percentage |
| Written exam |
100 |
Other information on summative assessment:
Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.
where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
The University policy statement on penalties for late submission can be found at:
http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
Length of examination:
The exam will be in the Summer term and will be three hours long containing four or five written test questions. Students may use the IASB’s IFRS open book text.
Requirements for a pass:
This module contributes to the Financial Accounting and Reporting module of the ACA Professional level. In order to apply for ICAEW credit for prior learning, a minimum mark of 55% must be obtained in this module.
Reassessment arrangements:
Reassessment is by examination only in August / September of the same year.
Additional Costs (specified where applicable):
1) Required text books
Last updated: 31 March 2017