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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 is an elective module available for WBS and non-WBS students. To find detailed availability and to apply for this module, log in to my.wbs.ac.uk using your normal IT login details and apply via the my.wbs module application system. Once you’ve secured a place on my.wbs you should apply via your home department’s usual process, which usually takes place via eVision. Note that you do not require the module leader’s permission to study a WBS module, so please do not contact them to request it.

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

Core text:
International Financial Reporting and Analysis – 9th Edition by Petra Inwinkl, Giovanna Michelon, Martin Hoogendoorn, Ann Jorissen, Collette Kirwan, Carien van Mourik, David Alexander.

Please note free access to the online, adaptive version, of this core text may be made available at the start of the module.

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
Maynard (2017, 2nd edition), Financial Accounting, Reporting and Analysis, OUP.

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 D6
Weighting Study time Eligible for self-certification
Class Test 20% 15 hours No

Closed Book with Multiple Choice Questions
In-person Examination 80% 58 hours No
  • Answerbook Gold (24 page)
  • Students may use a calculator
Assessment group R3
Weighting Study time Eligible for self-certification
In-person Examination 100% No

Exam

  • Answerbook Gold (24 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
  • IB337-15 Business Taxation

Courses

This module is Core for:

  • Year 2 of UIBA-N400 Undergraduate Accounting and Finance
  • UIBA-N404 Undergraduate Accounting and Finance (with Foundation Year and Placement/Undergraduate Partnership Programme)
    • Year 3 of N4N7 Accounting and Finance (Foundation Year and Intercalated)
    • Year 3 of N404 Accounting and Finance (Foundation Year and Placement)
    • Year 3 of N405 Accounting and Finance (Foundation Year and UPP)
    • Year 3 of N403 Accounting and Finance (with Foundation Year)
  • Year 3 of UIBA-N403 Undergraduate Accounting and Finance (with Foundation Year)
  • UIBA-N401 Undergraduate Accounting and Finance (with Placement Year/Undergraduate Partnership Programme)
    • Year 2 of N401 Accounting and Finance (Placement)
    • Year 2 of N402 Accounting and Finance (Undergraduate Partnership Programme)

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 1 of UIOA-EEU Undergraduate EU Exchange
  • Year 2 of UECA-L1N2 Undergraduate Economics and Management
  • Year 3 of UECA-L1N3 Undergraduate Economics and Management (with Intercalated Year)
  • Year 2 of UGEA-RN21 Undergraduate German and Business Studies
  • Year 2 of UIPA-L8N1 Undergraduate Global Sustainable Development and Business
  • Year 3 of UIPA-L8N2 Undergraduate Global Sustainable Development and Business Studies (with Intercalated Year)
  • 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
  • UIBA-N220 Undergraduate International Management (with Foundation Year)
    • Year 3 of N220 International Management (with Foundation Year)
    • Year 3 of N221 International Management with Accounting (with Foundation Year)
    • Year 3 of N226 International Management with Chinese (with Foundation Year)
    • Year 3 of N223 International Management with Digital Business (with Foundation Year)
    • Year 3 of N224 International Management with Entrepreneurship (with Foundation Year)
    • Year 3 of N222 International Management with Finance (with Foundation Year)
    • Year 3 of N227 International Management with French (with Foundation Year)
    • Year 3 of N225 International Management with Marketing (with Foundation Year)
    • Year 3 of N228 International Management with Spanish (with Foundation Year)
    • Year 3 of N229 International Management with Strategy and Organisation (with Foundation Year)
  • UIBA-N20J Undergraduate Management (with Foundation Year and Placement Year/Undergraduate Partnership Programme)
    • Year 3 of N20J Management (Foundation Year and Placement)
    • Year 3 of N20K Management (Foundation Year and UPP)
    • Year 3 of N23H Management with Digital Business (with Foundation Year and Placement Year)
    • Year 3 of N23J Management with Entrepreneurship (with Foundation Year and Placement Year)
    • Year 3 of N23G Management with Finance (with Foundation Year and Placement Year)
    • Year 3 of N255 Management with Marketing (with Foundation Year and Placement Year)
  • 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)
  • UIBA-N20C Undergraduate Management (with Placement Year/Undergraduate Partnership Programme)
    • Year 2 of N20M International Management (with Finance)
    • Year 2 of N20B Management
    • Year 2 of N20D Management (Undergraduate Partnership Programme)
    • Year 2 of N20C Management (with Placement Year)
    • Year 2 of N20Q Management with Accounting (with Placement Year)
    • Year 2 of N236 Management with Digital Business (with Placement Year)
    • Year 2 of N237 Management with Entrepreneurship (with Placement Year)
    • Year 2 of N232 Management with Finance
    • Year 2 of N233 Management with Finance (with Placement Year)
    • Year 2 of N253 Management with Marketing (with Placement Year)
    • Year 2 of N23L Management with Strategy and Organisation
    • Year 2 of N20R Management with Strategy and Organisation (with Placement Year)
  • Year 1 of UIOA-EUS Undergraduate USA Exchange