IB233-15 Financial Reporting 1
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
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.
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
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
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).
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
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.
Demonstrate written communication skills.
Demonstrate team work and oral communication skills.
|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%)|
Private study description
Directed reading; assessment & examination preparation; private study; with an overall total of 150 hours.
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
|Class Test||20%||15 hours|
|In-person Examination||80%||58 hours|
Assessment group R1
|In-person Examination - Resit||100%|
Feedback on assessment
Feedback via my.wbs.
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:
If you pass this module, you can take:
- IB3M6-15 Corporate Reporting
- IB3N3-15 Auditing and Accountability
- IB234-15 Financial Reporting 2
This module is Optional for:
UIBA-MN34 Law and Business Four Year (Qualifying Degree)
- Year 3 of MN34 Law and Business Studies Four Year (Qualifying Degree)
- Year 4 of MN34 Law and Business Studies Four Year (Qualifying Degree)
UECA-3 Undergraduate Economics 3 Year Variants
- Year 2 of L116 Economics and Industrial Organization
- Year 2 of L116 Economics and Industrial Organization
- Year 2 of UIPA-L8N1 Undergraduate Global Sustainable Development and Business
- Year 3 of UIBA-MN31 Undergraduate Law and Business Studies
UIBA-MN32 Undergraduate Law and Business Studies
- Year 3 of MN32 Law and Business Studies (Four-Year)
- Year 4 of MN32 Law and Business Studies (Four-Year)
UIBA-MN37 Undergraduate Law and Business Studies (Qualifying Degree) with Intercalated Year
- Year 2 of MN37 Law and Business Studies (Qualifying Degree) with Intercalated Year
- Year 5 of MN37 Law and Business Studies (Qualifying Degree) with Intercalated Year
UIBA-MN35 Undergraduate Law and Business Studies with Intercalated Year (3+1)
- Year 3 of MN35 Law and Business Studies with Intercalated Year (3+1)
- Year 4 of MN35 Law and Business Studies with Intercalated Year (3+1)
UIBA-MN36 Undergraduate Law and Business Studies with Intercalated Year (4+1)
- Year 2 of MN36 Law and Business Studies with Intercalated Year (4+1)
- Year 5 of MN36 Law and Business Studies with Intercalated Year (4+1)
This module is Option list A for:
- Year 3 of UESA-HN15 BEng Engineering Business Management
- Year 4 of UESA-HN13 BEng Engineering Business Management with Intercalated Year