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Module Catalogue

IB233-15 Financial Reporting 1

Department
Warwick Business School
Level
Undergraduate Level 2
Module leader
Jodie Lucas
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 underpinning conceptual framework

  • The objectives of financial reporting and the qualitative characteristics of financial information
  • The IASB’s Conceptual Framework
  • The elements of financial reporting and their recognition and presentation
  • Measurement in financial reporting

The regulatory framework of financial reporting

  • Statutory legislation – UK Companies Acts
  • True and fair
  • The IASB and international financial reporting standards (IASs and IFRSs)

The information needs of a wider stakeholder group

  • An introduction to corporate governance and audit
  • Ethics in financial reporting

Published financial statements and accounting regulation

  • The format of published accounts, accounting policies and disclosure
  • Reporting performance – discontinued operations, estimates and judgement, accounting for events after the reporting date
  • Accounting for assets - property, plant and equipment, investment property, inventories, held for sale assets, leased assets
  • Assessing performance – measures used by investors including discontinued operations, operating segment analysis

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 (scheduled sessions) 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 D5
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 R2
Weighting Study time Eligible for self-certification
In-person Examination 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, IB2D3 or IB146 will also be required to complete 'bridging'
material in advance of IB233.

To take this module, you must have passed:

Post-requisite modules

If you pass this module, you can take:

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

Courses

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)
  • Year 2 of UECA-3 Undergraduate Economics 3 Year Variants
  • UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
    • Year 2 of L1CA Economics, Psychology and Philosophy
    • Year 2 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
    • Year 2 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
    • Year 2 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
    • Year 3 of L1CA Economics, Psychology and Philosophy
    • Year 3 of L1CC Economics, Psychology and Philosophy (Behavioural Economics Pathway)
    • Year 3 of L1CD Economics, Psychology and Philosophy (Economics with Philosophy Pathway)
    • Year 3 of L1CE Economics, Psychology and Philosophy (Philosophy and Psychology Pathway)
  • UPHA-L1CB Undergraduate Economics, Psychology and Philosophy (with Intercalated Year)
    • Year 4 of L1CG Economics, Psychology and Philosophy (Behavioural Economics Pathway) (with Intercalated Year)
    • Year 4 of L1CH Economics, Psychology and Philosophy (Economics with Philosophy Pathway) (with Intercalated Year)
    • Year 4 of L1CJ Economics, Psychology and Philosophy (Philosophy and Psychology Pathway) (with Intercalated Year)
    • Year 4 of L1CB Economics, Psychology and Philosophy (with Intercalated Year)
  • 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 Unusual option for:

  • UPHA-L1CA Undergraduate Economics, Psychology and Philosophy
    • Year 2 of L1CA Economics, Psychology and Philosophy
    • Year 3 of L1CA Economics, Psychology and Philosophy

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