ACM010-International Financial Accounting

Module Provider:
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Dr Ronita Ram

Type of module:

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 and related accounting standard setting debates.

Assessable learning outcomes:

By the end of the module is it expected that the student will be able to:

  • Describe, explain and apply the key elements of the conceptual framework for international decision-useful financial reporting. 

  • Explain the preparation, presentation, measurement and meaning of the primary financial statements and their contents and draft such statements. 

  • Undertake an analysis of financial statements. 

  • State, explain, apply and critically appraise the contents of a range of international financial reporting standards. 

  • State and explain various theoretical and/or topical aspects of financial accounting and critically appraise their contributions to the current financial reporting and practice. 

  • 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:

  • ?Usefulness and objectives of financial reporting – conceptual framework of financial reporting

  • Implications of the internationalization of accounting practice

  • 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 

  • Analysing and interpreting financial statements – financial ratios

  • Basis of corporate governance, regulatory framework of the financial reporting

  • Various theoretical and/or topical aspects of financial accounting

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
Seminars 16
Guided independent study:      
    Wider reading (independent) 12
    Wider reading (directed) 30
    Exam revision/preparation 20 40
    Advance preparation for classes 10
    Preparation for tutorials 12
    Completion of formative assessment tasks 10
    Revision and preparation 20
    Reflection 10
Total hours by term 160 0 40
Total hours for module 200

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

Summative assessment- Examinations:

2hour in person closed book exam in the Summer term covering numerical and discursive elements.

Summative assessment- Coursework and in-class tests:

50 minutes closed book MCQ class test.

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:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy “Penalties for late submission for Postgraduate Flexible programmes”, which can be found here:
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:

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

Reassessment arrangements:

Reassessment by examination only which takes place in August/September of the same year.

Additional Costs (specified where applicable):




Required text book (tbc) 


Last updated: 2 August 2023


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