You will learn how to apply accounting standards, theoretical frameworks and principles to a range of financial statements.

Prepare limited company accounts for internal use, using international terminology, Objective and purpose of financial statements. IAS 1 – Presentation of financial statements, components of financial statements, structure and content of financial statements. The statement of financial position. The statement of comprehensive income. Statement of changes in equity. The notes to the financial statements.

Interim financial reporting, IAS 8 - Accounting Policies, Changes in Accounting Estimates & Errors, accounting estimates, prior period errors, classification of non-current assets as held for sale, measurement of non-current assets held for sale, presentation of non-current assets held for sale, discontinued operations. IAS 16 – Property, Plant & Equipment, the definition of property, plant and equipment, recognition of property, plant and equipment, compute the initial measurement of property, plant and equipment, identify the subsequent measurement of property, plant and equipment, account for revaluation and disposal gains and losses for non-current assets, calculate depreciation based on the cost and revaluation models

IAS 23 - Borrowing costs. IAS 20 – Accounting for Government Grants and Disclosure of Government Assistance. IAS 40 - Investment property, consider why the treatment of investment properties should differ from other properties. The need for regulation, sources of regulation, generally accepted accounting practice, and principles-based versus rules-based framework. The International Accounting Standards Board (IASB). IASBs standard-setting process includes revisions to and interpretations of standards, Purpose and scope of the IASB conceptual framework, objective of financial statements. Qualitative characteristics of financial information, underlying assumptions, elements of financial statements. Recognition and measurements of the elements of financial statements. Concepts of capital and capital maintenance. Discounting and present value

IAS 38 – Intangible Assets, the definition of an intangible asset, distinguish between goodwill and other intangible assets, initial recognition and measurement of intangible assets, subsequent measurement of intangible assets, and research and development expenditure. amortisation of intangible assets. IAS 36 – Impairment of Assets, indications of impairment, recoverable amount, recognition and measurement of an impairment loss, Cash-generating units, reversal of impairment losses. IAS 17 – Leases, classification of leases, accounting for operating leases, accounting for finance leases. Accounting for sale and leaseback agreements. Recognition of a provision, distinguishing between legal and constructive obligations, measurement of a provision, application of the recognition and measurement rules. IAS 37 – Provisions, Contingent Liabilities & Contingent Assets. IAS 10 – Events after the Reporting Period, IAS 12 Income Taxes, current tax, deferred tax, the effect of taxable temporary differences on accounting and taxable profits.

Online Test (1 hour) (20%) (LO 1)

An exam length: 2 hours plus 10 minutes reading time. (80%) (LOs 2-4)

148 hours of student-centred activities involving reading, self-assessed exercises, case study analysis, feedback and revision.

52 hours of contact time will engage students with 26 hours of formal lectures/large group activity and 26 hours of workshops in which students will engage with a mix of lectures/tutorials/large and small group activities, including presentations and peer assessment and undertake formative assessment.

The increased contact hours above the University standard are to provide essential learning opportunities to gain the appropriate level of attainment for Professional Body exemptions.

The number of study hours for this module is 200 hours to meet the Professional Body accreditation requirements

The lectures will provide the main advanced financial accounting themes, analysis of concepts and their application. This knowledge will be reinforced by the preparation and discussion of questions in the tutorials and by students self-directed study time. The latter will include visiting corporate websites to support the knowledge acquired.

1. Understand and critically evaluate the role of the conceptual framework for financial reporting Analysis
Enquiry & Analysis

2. Understand and critically evaluate the role of the international regulatory framework for financial reporting Analysis
Knowledge, Understanding & Analysis

3. Prepare, present and analyse financial statements which conform with international accounting standards Analysis
Application, Communication, Knowledge & Problem Solving

4. Reflect on accounting international standards associated with specific areas of accounting.
Reflection

The University Library and Learning Resources

Books and academic journals

The module VLE

Electronic databases

Learning support materials

IT facilities

Presentation facilities

Melville A, (2017). International Financial Reporting A Practical Guide. 6th Edition Pearson. ISBN 978-1-292-20074-3

Bragg S.M, (2011). IFRS Made Easy. Wiley. ISBN 978-0-470-89070-7

Online resources will be used, as appropriate, such as:

Websites of UK CCAB Accounting Bodies

Websites of International Accounting Bodies

You will learn how to apply accounting standards, theoretical frameworks and principles to a range of financial statements including a statement of financial position which conforms with international accounting standards.