Financial Reporting

Module code: EC3087

Module co-ordinator: Lynne Howey

In this module you will explore the IASB’s conceptual framework for financial reporting. We will consider the role and limitations of financial statements and discuss ethical issues in financial reporting. You will learn how to prepare complete single entity financial statements, together with extracts from those financial statements in accordance with IFRS, and we will investigate the key differences between UK GAAP and IFRS. We will examine when entities have to present consolidated financial statements, and the preparation of complete consolidated group financial statements in straightforward scenarios, together with extracts from those financial statements in accordance with IFRS.

Topics covered

  • Objectives of financial statements; differences between legal and best practice requirements in financial reporting
  • Preparing financial statements for companies that are fit for publication using IFRS
  • Current and proposed accounting standards
  • Difference in financial reporting using UK GAAP
  • Critical evaluation of company annual reports
  • Preparing consolidated group financial statements that are fit for publication using IFRS

Learning

  • 20 one-hour lectures
  • 5 one-hour tutorials

Assessment

  • Two pieces of coursework (10% + 10%)
  • Exam, 2 hours (80%)