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Module Catalogue

IB233-15 Financial Reporting 1

Department
Warwick Business School
Level
Undergraduate Level 2
Module leader
Lisa Weaver
Credit value
15
Module duration
10 weeks
Assessment
Multiple
Study location
University of Warwick main campus, Coventry

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Introductory description

This module builds on previous studies of financial accounting to further develop understanding students' ability to prepare financial statements and apply the requirements of International Financial Reporting Standards. Students will be introduced to the conceptual framework for financial reporting and develop skills in critical evaluation of the
regulatory environment.

Module web page

Module aims

This module aims to provide students with an understanding of the global regulatory environment for corporate financial reporting, and the techniques underlying current financial reporting practice. It will enable students to prepare, critically evaluate and discuss relevant sections of the annual report including published financial statements or extracts from financial statements and understand the information requirements of investors and a wider stakeholder group. The module also considers some of the wider issues relevant to financial reporting including creative accounting and organizational mechanisms related to financial reporting including corporate governance.

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.

The global regulatory framework of financial reporting and the underpinning conceptual framework

  • The IASB and international financial reporting standards (IASs and IFRSs)
  • The IASB’s Conceptual Framework
    The information needs of a wider stakeholder group
  • The content of a corporate annual report
  • Alternative performance measures
  • An introduction to corporate governance
    Published financial statements and the application and evaluation of accounting regulation
  • The format of published accounts and accounting policies, events after the reporting period
  • Disclosure relating to segmental reporting and discontinued operations
  • Accounting for assets – property, plant and equipment, investment property and inventories
  • Accounting for leased assets
    Ethics in financial reporting
  • Creative accounting and the use of judgement in financial reporting

Learning outcomes

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

  • Discuss and critically evaluate the international regulatory framework of financial reporting, including the conceptual framework.
  • Demonstrate an understanding of the information needs of all stakeholders including issues relating to corporate governance and ethics in relation to financial reporting.
  • Prepare an entity statement of financial position and statement of profit or loss and other comprehensive income, or extracts of the financial statements, in accordance with IFRS requirements.
  • Apply accounting concepts and IFRS requirements in specific scenarios and explain or evaluate the accounting treatment applied.
  • Assess the nature of accounting information and describe the relationships between different types of financial statements and accounting numbers.
  • Understand the global regulatory framework for accounting and the effect this has upon accounting practices.
  • Critically evaluate the use of accounting policies.
  • Demonstrate analytical and problem solving skills

Indicative reading list

Required text:
Maynard (2017, 2nd edition), Financial Accounting, Reporting and Analysis, OUP
Other useful texts:
Alexander, D., Jorissen, A., Hoogendoorn, M., van Mourik, C. and Kirwan, C. (2020), International Financial Reporting and Analysis, 8th edition, Cengage Learning
Elliott, B. and Elliott, J. (2022), Financial Accounting and Reporting, 20th edition, FT Prentice Hall
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 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 published by Ernst & Young LLP (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.accountingweb.co.uk Accounting news site
http://www.iasplus.comUseful summaries of international financial reporting standards

Subject specific skills

Demonstrate technical skills related to the preparation of published financial statements.
Critically evaluate accounting regulations
Identify and discuss ethical dilemmas in financial reporting.

Transferable skills

Demonstrate written communication skills.
Demonstrate team work and oral communication skills.

Study time

Type Required
Lectures 10 sessions of 1 hour (7%)
Seminars 9 sessions of 1 hour (6%)
Online learning (independent) 10 sessions of 1 hour (7%)
Private study 48 hours (32%)
Assessment 73 hours (49%)
Total 150 hours

Private study description

Directed reading; assessment & examination preparation; private study; with an overall total of 150 hours.

Costs

No further costs have been identified for this module.

You do not need to pass all assessment components to pass the module.

Assessment group D4
Weighting Study time Eligible for self-certification
Class Test 20% 15 hours No
In-person Examination 80% 58 hours No
  • Answerbook Green (8 page)
  • Students may use a calculator
Assessment group R1
Weighting Study time Eligible for self-certification
In-person Examination - Resit 100% No

Exam

  • Answerbook Green (8 page)
  • Students may use a calculator
Feedback on assessment

Feedback via my.wbs.

Past exam papers for IB233

Pre-requisites

Students taking IB133 or IB146 will also be required to complete a 'bridging' module in advance of IB233.

To take this module, you must have passed:

Post-requisite modules

If you pass this module, you can take:

  • IB3M6-15 Corporate Reporting
  • IB3N3-15 Auditing and Accountability
  • IB234-15 Financial Reporting 2

Courses

This module is Core for:

  • Year 2 of UIBA-N400 Undergraduate Accounting and Finance
  • Year 3 of UIBA-N403 Undergraduate Accounting and Finance (with Foundation Year)

This module is Optional for:

  • UIBA-N20B BSc in Management
    • Year 2 of N20B Management
    • Year 2 of N20B Management
    • Year 2 of N23K Management with Accounting
    • Year 2 of N234 Management with Digital Business
    • Year 2 of N235 Management with Entrepreneurship
    • Year 2 of N232 Management with Finance
    • Year 2 of N252 Management with Marketing
    • Year 2 of N23L Management with Strategy and Organisation
  • Year 3 of UCSA-I1N1 Undergraduate Computer Science with Business Studies
  • Year 4 of UCSA-I1NA Undergraduate Computer Science with Business Studies (with Intercalated Year)
  • Year 1 of UIOA-EEU Undergraduate EU Exchange
  • Year 2 of UGEA-RN21 Undergraduate German and Business Studies
  • Year 2 of UIPA-L8N1 Undergraduate Global Sustainable Development and Business
  • Year 2 of UIBA-N1RA Undergraduate International Business with French
  • Year 2 of UIBA-N1RB Undergraduate International Business with German
  • Year 2 of UIBA-N1RC Undergraduate International Business with Italian
  • Year 2 of UIBA-N1RD Undergraduate International Business with Spanish
  • UIBA-N20F Undergraduate International Management
    • Year 2 of N20F International Management
    • Year 2 of N20F International Management
    • Year 2 of N20S International Management (with Accounting)
    • Year 2 of N20T International Management (with Chinese)
    • Year 2 of N20P International Management (with Entrepreneurship)
    • Year 2 of N20M International Management (with Finance)
    • Year 2 of N20U International Management (with French)
    • Year 2 of N20L International Management (with Marketing)
    • Year 2 of N20V International Management (with Spanish)
    • Year 2 of N20W International Management (with Strategy and Organisation)
    • Year 2 of N20N International Management with Digital Business
    • Year 2 of N20E Management (with Foundation Year)
    • Year 2 of N234 Management with Digital Business
  • Year 2 of UIBA-MN3A Undergraduate Law and Business Studies
  • UIBA-N20E Undergraduate Management (with Foundation Year)
    • Year 3 of N20E Management (with Foundation Year)
    • Year 3 of N23N Management with Accounting (with Foundation Year and Placement Year)
    • Year 3 of N23M Management with Accounting (with Foundation Year)
    • Year 3 of N23E Management with Digital Business (with Foundation Year)
    • Year 3 of N23F Management with Entrepreneurship (with Foundation Year)
    • Year 3 of N23D Management with Finance (with Foundation Year)
    • Year 3 of N252 Management with Marketing
    • Year 3 of N254 Management with Marketing (with Foundation Year)
    • Year 3 of N23P Management with Strategy and Organisation (with Foundation Year)
  • Year 2 of UMAA-G1N4 Undergraduate Mathematics with Business Studies
  • Year 4 of UMAA-G1N5 Undergraduate Mathematics with Business Studies (with Intercalated Year)
  • Year 4 of UPXA-F3ND Undergraduate Physics and Business Studies (with Intercalated Year)
  • Year 3 of UPXA-F3N2 Undergraduate Physics with Business Studies
  • Year 1 of UIOA-EUS Undergraduate USA Exchange