AC305-Financial Accounting and Reporting

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn / Summer term module
Pre-requisites: AC110 Introduction to Accounting and AC206 Financial Accounting
Non-modular pre-requisites:
Modules excluded: AC312 Advanced International Financial Reporting
Current from: 2021/2

Module Convenor: Ms Helen Crofts

Type of module:

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 in accordance with IFRS. It covers some of the more advanced standards including leases, foreign exchange and financial instruments. The module also includes the preparation of consolidated financial statements in accordance with IFRS, including accounting for associates and JVs and the disposal of subsidiaries.


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:

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

Consolidated statements of cash flows 

Financial Instruments (IFRS 9)

Leases (IFRS 16)

Foreign exchange (IAS21)

Earnings per share (IAS33)

Distributable profits

Application of IFRS to single entity and group scenarios


Global context:

The module covers International Financial Reporting Standards.

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. Tutorials will focus on numerical practice and discussion of examination style questions.

Contact hours:
  Autumn Spring Summer
Lectures 18
Tutorials 18 8
Guided independent study:      
    Wider reading (directed) 20
    Exam revision/preparation 68
    Completion of formative assessment tasks 58
    Reflection 10
Total hours by term 0
Total hours for module 200

Summative Assessment Methods:
Method Percentage
Written exam 100

Summative assessment- Examinations:

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.

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Formative assessments are available in the textbook for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students are provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that 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:
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.

Assessment requirements for a pass:

Requirement for a University pass is a minimum mark of 40%.

This module contributes to the Financial Accounting and Reporting module of the ACA Professional Stage. In order to apply for ICAEW credit for prior learning, students must be registered on the BA Accounting and Business programme and must obtain a minimum mark of 55% in this module.

Reassessment arrangements:
Reassessment is by examination only in August / September of the same year.

Additional Costs (specified where applicable):

Required text book-  Financial Accounting and Reporting IFRS. ICAEW.:£45

Calculator - £15: Casio FX-83GTPLUS or Casio FX-85GTPLUS

Last updated: 19 May 2021


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