ACM006-International Financial Reporting and Regulation
Module Provider:
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4
Module Convenor: Dr Ekililu Salifu
Email: e.salifu@henley.ac.uk
Summary module description:
The module considers accounting as a social and institutional practice, and focuses on the wider social implications of financial reporting. Financial statements are a key source of information about the economic as well as overall activities of a firm. This course is intended to enhance the student's ability to relate economic events to financial statements and disclosures. It also seeks to aid in developing a coordinated set of concepts and principles to serve as a framework for analysing a wide variety of financial reporting issues. The course also explores the regulatory environment and political climate, and how these link with the development of existing and introduction of new standards and their underlying theories. The module covers a number of theoretical perspectives such as deductive approaches, based on the notion of financial accounting as the measurement of economic income and value (including applications to current accounting controversies); economic approaches, regarding corporate financial reporting as an information system, including signalling and disclosure, and studying the demand for and supply of accounting information in a market setting and its stock market impact; and regulatory/institutional approaches, examining the nature of and case for and against the regulation of corporate financial reporting. Illustrations are provided on how these theories are used in standard setting and in valuation.
Aims:
The main aim of the module is to enable students to understand and critically evaluate the mapping between underlying economic events and the information in financial statements, and how this mapping affects inferences about the economic activities and position of the firm. The curriculum put s strong emphasis on the wider social and political implications of financial reporting practice. Students are encouraged to relate economic events to diverse practices in financial statements, and to think critically of ongoing controversies and debates.
Assessable learning outcomes:
By the end of the module it is expected that the students will be able to:
1. Understand and appreciate financial reporting as a complex social practice.
2. Understand the role of political, cultural and institutional factors in production and application of accounting regulation.
3. Critically appraise various academic and professional arguments relating to the content of accounting standards and the standard setting process.
4. Apply and critically appraise the content of key financial reporting standards.
5. Analyse, summarise and synthesise selected relevant academic and professional literature.
Additional outcomes:
The module also aims to encourage the development of oral communication skills, and the student’s 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:
The module will cover a range of theoretical and practical perspectives considering financial accounting:
as the measurement of economic income and value (including applications to current accounting controversies).
as an information system, including accounting for financial instruments and disclosure, and studying the demand for and supply of accounting information in a market setting and its stock market impact;
as social and institutional practice examining the nature of and case for and against the regulation of corporate financial reporting.
Illustrations are provided on how these theories are used in the production of accounting policies and regulations.
Brief description of teaching and learning methods:
Lectures will be used for the exposition of the major concepts, principles and techniques under consideration. Workshops will be used for case studies, practical applications and student-led presentations or discussions. A reading list will be?provided that?covers key academic and professional papers and other writings in the financial accounting literature.
Summative Assessment Methods:
| Method |
Percentage |
| Written exam |
60 |
| Written assignment including essay |
40 |
Summative assessment- Examinations:
Written exam 60%?
2.5 hours in person exams to be sat in the summer term.
Summative assessment- Coursework and in-class tests:
Group coursework (word limit is 2,000 +/- 10%) and Individual reflective summary (500 words limit) be submitted in week 10 of the autumn term, followed by a group presentation based on the submitted coursework. The break down is as follows: Group coursework 25%; Individual reflective summary 5%, and Group presentation 10%. These together will contribute to 40% of the module mark.
Penalties for late submission:
Penalties for late submission on this module are in accordance with the University policy.?
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: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx?
Assessment requirements for a pass:
A weighted average mark of coursework and examination of 50%.
Reassessment arrangements:
By examination only (one 2.5-hours unseen written paper) in August.
Additional Costs (specified where applicable):
Cost
|
Amount
|
?1. Required text book
|
£50.00
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THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.
Last updated: 12 September 2023
THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.