ACC40380 Financial Reporting

Academic Year 2021/2022

Financial reporting is the means whereby managers provide an account of the financial performance of their company to external parties, primarily investors. Financial reporting is one of the primary means of communicating with investors and is a lynchpin of corporate governance. It is subject to legal, accounting and stock exchange regulations. 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 financial statements.

Show/hide contentOpenClose All

Curricular information is subject to change

What will I learn?

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 financial 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

How will I learn?

Student Effort Type	Hours
Lectures	24
Small Group	1
Specified Learning Activities	48
Autonomous Student Learning	53
Total	126

Am I eligible to take this module?

Requirements, Exclusions and Recommendations

Not applicable to this module.

Module Requisites and Incompatibles

Not applicable to this module.

How will I be assessed?

Assessment Strategy

Description	Timing	Open Book Exam	Component Scale	Must Pass Component	% of Final Grade
Class Test: Short Question Quiz	Week 5	n/a	Standard conversion grade scale 40%	No	15
Examination: End of Trimester Exam	2 hour End of Trimester Exam	No	Standard conversion grade scale 40%	No	65
Assignment: Group Assignment	Week 10	n/a	Standard conversion grade scale 40%	No	20

Carry forward of passed components
No

What happens if I fail?

Resit In	Terminal Exam
Spring	Yes - 2 Hour

Assessment feedback

Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Not yet recorded.