ACC40090 Financial Reporting

Academic Year 2019/2020

Financial reporting is the means whereby managers provide an account to investors of the financial performance of their company. Financial reporting is one of the primary means of communicating with investors and is a lynchpin of corporate governance. This module addresses various aspects of financial reporting from the perspective of the average investor, focussing on the corporate governance mechanisms that enhance the quality of financial reports together with a detailed understanding of the content of annual reports. There are three key aspects to how information appears in financial reports: (i) accounting for transactions; (ii) presenting financial information; (iii) disclosure of information. The module has a strong applied element, including consideration of basic final accounts.

Financial Reporting is concerned with reporting information to external parties, primarily investors. It is subject to legal, accounting and stock exchange regulations. Management accounting on the other hand is concerned with the provision of information internally in organisations for use by managers. No regulations apply to management accounting and organisations can choose the methods of providing information internally to managers.

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Curricular information is subject to change

Learning Outcomes:

After completing this module, student should be able to:
1. Prepare an income statement, balance sheet and statement of changes in equity in a form suitable for publication, and in this way be able to understand and read such primary financial statements with greater ease than prior to the module.
2. Prepare a cash flow statement in compliance with IAS 7 Cash Flow Statements, and in this way be able to understand and read such statements with greater ease than prior to the module, and be able to appreciate the value of the additional information and insights provided by such statements.
3. Understand the additional disclosures in, and to, published income statements as required by international accounting standards and, as such, understand better the ways in which companies report financial performance.
4. Appreciate some theoretical and conceptual aspects of financial reporting and the corporate governance mechanisms to enhance the quality of financial information as set out in some relevant financial reporting academic literature.

Indicative Module Content:

The module comprises nine topics, as follows:
1. Introduction to financial accounting
2. Year-end adjusting entries
3. Manufacturing accounts
4. The annual report and published financial statements
5. International Accounting Standards – Format of published financial statements
6. Statement of comprehensive income
7. Statement of changes in income
8. Reporting financial performance
9. Cash flow statements

Student Effort Type Hours
Lectures

34

Specified Learning Activities

50

Autonomous Student Learning

41

Total

125

Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.  
Assessment Strategy  
Description Timing Component Scale Must Pass Component % of Final Grade
Continuous Assessment: Group readings Unspecified Graded No

5

Examination: End of Module examination 2 hour End of Trimester Exam Graded No

65

Continuous Assessment: Comprehensive assessment and critique of the annual report/financial statements Week 8 Graded No

15

Continuous Assessment: Assessment of accounting policies of a group of companies Week 4 Graded No

15


Carry forward of passed components
No
 
Resit In Terminal Exam
Spring Yes - 2 Hour
Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

I provide individual feedback on the presentations of readings to each group at the end of the class at which the reading was presented. I provide written feedback attached to each written assignment on its return to the group.

Name Role
Ms Agnieszka Wisniewska Tutor

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