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

IAS 2 – Inventories, cost of inventories, cost formulas, net realisable value. IFRS15 – Revenue from Contracts with Customers, the five-step model, identifying the contract, identifying performance obligations. determining and allocating the transaction price, satisfaction of performance obligations, and contract costs. IAS 33 – Earnings Per Share, the significance of EPS, calculation of basic EPS, shares issued during the accounting period, bonus issues, rights issues, calculation of diluted EPS.

IAS 27 Consolidated & Separate Financial Statements. IFRS 3 – Business Combinations. IFRS 10 – Consolidated Financial Statements, the requirement to prepare consolidated financial statements, the group statement of financial position at the date of acquisition, the group statement of financial position in subsequent years, partly-owned subsidiaries, preference shares, elimination of intra-group balances, unrealised profits, reporting date and accounting policies, group statement of comprehensive income, group statement of changes in equity, subsidiary acquired partway through an accounting period. IAS 28 – Investment in Associates and Joint Ventures, associates and significant influence, the equity method. application of the equity method. IAS 31 – Interests in Joint Ventures, accounting for an interest in a jointly controlled entity.

IAS 7 – Statement of Cash Flows, cash and cash equivalents, classification of cash flows by activity, interest, dividends and taxes, reporting cash flows from operating activities, distinguish between the primary aims of not-for-profit and public sector entities and those of profit-oriented entities, the extent to which International Financial Reporting Standards (IFRSs) are relevant to specialise, not-for-profit and public sector entities.

1. Online test (1 hour) (20%) (LO 1)

2. An unseen exam length: 2 hours plus 10 minutes of 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 International Financial Reporting Standards (IFRSs) for financial reporting Analysis
Enquiry & Learning

2. Prepare, present and analyse statements of cash flows which conform with international accounting standards Analysis
Knowledge, Understanding & Analysis

3. Prepare and present accounts for business combinations in accordance with international accounting standards
Application, Communication, Knowledge & Problem Solving

4. Reflect on accounting international standards associated with specific areas of accounting.
Understanding & 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 build on the financial reporting knowledge apply accounting standards, theoretical frameworks and principles to business combinations financial statements which conforms with international accounting standards.