IB234-15 Financial Reporting 2
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.
Module aims
To build upon Financial Reporting 1;
To develop the ability to prepare, critically evaluate and interpret detailed information to be included in published financial statements.
To develop students’ understanding of the theories of accounting, the regulatory environment for financial reporting, and the structure of group financial statements.
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 the application and evaluation of global financial reporting regulation
Topics from:
- Measurement in financial reporting
- Intangible assets
- Impairment
- Recognition of revenue
- Earnings per share
- Provisions and contingent liabilities and assets
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 how to evaluate published earnings measures.
- 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.
- Understand 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
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 & 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, 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 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.com Useful summaries of international financial reporting standards
Subject specific skills
Technical skills related to the preparation and interpretation of published group financial statements.
Critically evaluate financial reporting regulations.
Transferable skills
Develop and demonstrate written communication skills.
Develop and demonstrate team work and oral communication.
Study time
| Type | Required |
|---|---|
| Lectures | 10 sessions of 2 hours (13%) |
| Seminars | 9 sessions of 1 hour (6%) |
| Other activity | 1 hour (1%) |
| Private study | 47 hours (31%) |
| Assessment | 73 hours (49%) |
| Total | 150 hours |
Private study description
Directed reading; weekly quiz; examination preparation; private study.
Other activity description
Revision Lecture.
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-class test |
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| In-person Examination | 80% | 58 hours | No |
|
On-campus closed book exam
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Assessment group R4
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| In-person Examination | 100% | No | |
|
Exam
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Feedback on assessment
In-class and on my.wbs
Pre-requisites
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
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
- 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