Understand and critically evaluate the role of the conceptual framework for financial reporting.

Analysis

Enquiry & Analysis

Understand and critically evaluate the role of the international regulatory framework for financial reporting.

Analysis, Knowledge, Understanding & Analysis

Prepare, present and analyse financial statements which conform with International Accounting Standards.

Analysis, Application, Communication, Knowledge & Problem Solving

1. Online Test (1 hour) – 20% LO 1

2. Written Exam (2 hours) plus 10 mins reading time (80%) (LOs 2 &, 3)

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. IAS 2 – Inventories, cost of inventories, cost formulas, net realisable value.



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. IAS 12 Income Taxes, current tax, deferred tax, the effect of taxable temporary differences on accounting and taxable profits.

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.

The learning strategy for the module requires students to commit 200 learning hours (including assessment) of which there will be 48 hours of tutor-led learning and 152 hours of independent and self-directed study.



Concepts, theories and principles will be explored, practised and demonstrated. Practical skills enhanced by recommended videos and talks. LinkedIn Learning will be used to direct self-study learning throughout the study block. Cognitive and personal skills developed in open-ended problem-solving exercises. Oral feedback will be given during sessions. The assessment will examine the wider learning outcomes expressed in the descriptor.



You will undertake ‘formative’ assessments during the module to help you monitor your learning and provide you and us with ongoing feedback on your progress, that helps you prepare for the ‘summative assessment(s) during or at the end of the module.



In-class sessions play a crucial role in the learning process, where formative assessments are essential for providing ongoing feedback to both students and the teaching team. Examples of formative assessments include quizzes, class exercises, draft submissions, and peer reviews, all of which help gauge students' understanding of the course material. These assessments enable instructors to identify areas where students may need additional support and adjust teaching strategies as needed. This practical implementation ensures that even in a remote learning environment, students receive the necessary support and preparation for their summative assessments.



Feedback and feedforward on this module in the dual award program would follow the steps implemented:

Cross-Institution Moderation: Implement a moderation process where a sample of feedback from both institutions is reviewed collaboratively. This allows for adjustments to be made to ensure that the quality and tone of feedback are aligned.

Structured Feedforward: Both institutions would follow a consistent approach to feedforward, providing clear, actionable advice on how students can improve in future assessments. This helps students apply feedback effectively across all their modules.

Melville A, (2022). International Financial Reporting A Practical Guide. 8th Edition Pearson. ISBN-13: 9781292439433

Bragg S.M, (2011). IFRS Made Easy. Wiley. ISBN- 9780470890707

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

Websites of International Accounting Bodies

Module study guide and handbook

The University Library and Learning Resources - books and academic journals

The module VLE

Learning support materials and booklets

Internet

Microsoft Office Excel

Microsoft Office PowerPoint

Computer-based quizzes