Introductory description

N/A.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Published financial statements and financial reporting regulation
Topics from:

• Non-current assets and impairment
• Leases
• Intangible assets
• Financial instruments
• Inventories
• Provisions, contingencies and events after the reporting period

The definition of the reporting entity and preparation of group financial statements

• The concept of control, group structures, consolidation after the date of acquisition, shares, reserves, fair value, equity accounting, levels of aggregation.
• Special purpose entities, joint arrangements and off balance-sheet finance.

Current developments in financial reporting.

Learning outcomes

By the end of the module, students should be able to:

• Demonstrate detailed knowledge of published financial statements formats, disclosure and the regulations and underpinning concepts used in preparing key financial statement entries.
• Understand the definition of the reporting entity, the concept of control, levels of aggregation of accounting information and off-balance sheet activities.
• Demonstrate knowledge of the concepts and conventions in the preparation of group financial statements.
• Demonstrate awareness of current developments in financial reporting theory and practices.
• Assess the nature of accounting information and be able to describe the relationships between different types of financial statements and accounting numbers.
• Understanding of the theoretical basis of accounting and the effect this has upon accounting practices.
• Critically evaluate and interpret accounting numbers and the use of accounting policies.
• Develop and demonstrate analytical, and problem solving skills.

Indicative reading list

Required text:
Maynard, (2017 2nd edition), Financial Accounting, Reporting & Analysis, OUP

Other useful texts:

• Alexander, D., Britton, A., Jorissen, A., Hoogendoorn, M. and van Mourik, C. (2014), International Financial Reporting and Analysis, 6th edition, Cengage Learning
• Elliott, B. and Elliott, J. (2013), Financial Accounting and Reporting, 16th edition, FT Prentice Hall
• Collins, B. and McKeith, J. (2013), Financial Accounting and Reporting, 2nd edition, McGraw Hill
• Mackenzie, B., Coetsee, D., Njikizana, T., Chamboko, R., Colyvas, B. and Hanekom, B. (2013), Wiley IFRS 2013: Interpretation and Application of International Financial Reporting Standards,John Wiley & Sons
• Picker, R., Leo, K., Loftus, J., Wise, V., Clark, K. and Alfredson, K., (2012), Applying International Financial Reporting Standards, 3rd edition, John Wiley & Sons

Other relevant resources:
Students are also encouraged to refer to relevant journal articles. Some of the useful journals are: Economia (UK); British Accounting Review (UK); Accounting, Organizations and Society (UK); Accounting and Business Research (UK); Journal of Business Finance and Accounting (UK); Journal of Accountancy (US); The Accounting Review (US); Journal of Accounting Research (US).

Web-based resources: An electronic version of International GAAP from Wiley (available from library online resources)

Regulatory organisations and other useful accounting websites:
http://www.ifrs.org The International Financial Reporting Standards Foundation and the International Accounting Standards Boards
http://www.frc.org.uk The Financial Reporting Council
http://www.fasb.org/ The US Financial Accounting Standards Boards
http://www.icaew.com The Institute of Chartered Accountants in England and Wales
http://www.accaglobal.com/ Association of Chartered Certified Accountants
http://www.cimaglobal.com/ Chartered Institute of Management of Accountants
http://www.icas.org.uk/ Institute of Chartered Accountants of Scotland
http://www.accountingeducation.com/ Website for the accounting education community http://www.accountingweb.co.uk Accounting news site

Subject specific skills

Technical skills related to the preparation and interpretation of published group financial statements.

Transferable skills

Develop and demonstrate written communication skills.
Develop and demonstrate team work and oral communication.