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.

The overall aim of this module is to provide students with the opportunity to explore a selection of more advanced financial reporting topics in some detail and to consider some of the wider aspects of corporate reporting.
This module uses real life examples of corporate communication including Annual Reports and Integrated Reports to illustrate and critically examine how companies inform their stakeholders on key issues.

Module web page

Module aims

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.

This is an indicative list of potential syllabus topics - this may vary depending on emerging trends,e.g. exposure draft of a new IFRS or discussion paper on developments in corporate reporting:

• Consolidated financial statements for changes in group structure
• Employee benefits including accounting for pension plans
• Share-based payment
• Leases
• Integrated Reporting
• Alternative performance measures
• Ethics in financial reporting

Learning outcomes

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

• Apply the relevant requirements of IFRS in a given situation.
• Appreciate developments in corporate reporting regulation within which accounting policy choices should be made.
• Develop personal viewpoints and articulate opinions on current issues in corporate reporting.
• Prepare and present clear, concise and effective communications in respect of corporate reporting issues for a range of both internal and external stakeholders of an organisation.
• Recognise ethical dilemmas facing preparers of financial reports and recommend appropriate responses.

Indicative reading list

Students will be expected to read, as directed, relevant pronouncements of regulatory bodies including:

• International Accounting Standards Board (www.ifrs.org)
• Financial Reporting Council (www.frc.org)
• International Integrated Reporting Council (www.integratedreporting.org)
• International Federation of Accountants (www.ifac.org)
  Chapters from selected textbooks may also be used for directed reading:
  Maynard J. (2013), Financial Accounting, Reporting and Analysis, Oxford University Press
  Weaver L. (2014), Managing the Transition to IFRS-based Financial Reporting, Wiley

Subject specific skills

Critically evaluate the regulatory and theoretical frameworks for the preparation of financial statements and other corporate reports.
Assess the validity of accounting policies in the context of the conceptual framework for financial reporting and the requirements of International Financial Reporting Standards.
Recommend accounting treatments, prepare extracts from financial statements, and justify accounting policies in given scenarios.
Apply professional scepticism to recognise situations where corporate information should be challenged, and where the information provided is incomplete or technically incorrect.

Transferable skills

Appreciate the need for a holistic approach to corporate reporting, applying regulatory requirements in the context of a specific organisational environment.
Understand the the critical use of judgement in financial reporting, and the consequences of decisions on users of corporate reports.