Course Resources Archive

This module aims to provide an advanced level course examining the framework for, and the nature and importance of the external financial reporting environment for larger corporate entities under international financial reporting standards. It examines the influences of historical development of financial reporting in the UK and other economic areas on the development of global international standards including the ongoing relationships between international and national financial reporting standards.

Using the published accounts of listed companies, the module examines a range of technical issues relating to the preparation of published consolidated accounts and the international standards, including topical developments relevant to the selected study areas. The module considers how good corporate governance provisions including the internal and external audit framework are demonstrated in the financial statements, and also considers the professional and ethical requirements applying to accountants and others involved in the preparation and review of financial statements.

The syllabus involves study in areas including:

1. The conceptual and regulatory framework, the relationship between international and national financial reporting standards and critical examination of arguments for and against harmonisation or standardisation
2. A detailed understanding of the IASB Framework and the significance of these provisions for the coherent development of international standards, including the recognition and measurement of the elements of financial statements.
3. The development of standards under alternative principles-based and rules-based frameworks; the impact of corporate accounting scandals on the assessment of the adequacy of financial reporting standards under either basis
4. Modern accounting/financial reporting in its historical context and such influences on the development of national and international standards
5. An examination of the “anatomy” of published financial statements and the principal components of financial statements
6. Examination of the conceptual and technical issues relating to a range of specific reporting issues and the particular financial reporting standards addressing those issues.
7. The analysis in some detail, of a set of published financial statements from a chosen company and presentation of the research (group work)
8. An understanding of the significance of corporate governance principles to the disclosure requirements for published financial statements and the role of the external auditor within this framework.
9. The general principles of taxation of corporations, including deferred taxation
10. An understanding of the concepts of capital maintenance from an accounting and economic perspective; standards relating to revenue recognition, and the difficulties of measurement in relation to inflationary conditions.
11. Consideration of the ethical and professional framework in which those involved in accounting and corporate financial reporting are expected to operate and the various cultural and professional influences on such ethics.

A student passing this module should be able to gain:

1. An understanding of some of the contexts in which accounting and financial reporting operates – for example, the legal, ethical, social and natural environment; the accountancy profession; the capital markets; the public sector; (PLO1)
2.  Familiarity with the technical language and practices of accounting and financial reporting – for example, the meaning and practice of the concepts of recognition, measurement and disclosure in financial statements; (PLO2)
3. Skills in critically evaluating, analysing and interpreting economic transactions and events – for example, through the analysis of the financial statements of a major entity; (PLO3)
4. The ability to manage their learning independently, including being able to find, extract and analyse data from many different sources, and acknowledge and reference these appropriately; (PLO6)
5. Skills in the use of communications and information technology in finding, analysing and communicating information – for example, through the use of primary information sources, online databases, and presentation software; (PLO7)
6. Communication and numerical skills, including the ability to present quantitative and qualitative information, together with analysis, argument and commentary, in form which will be understood by its intended audience; (PLO8)
7. Interpersonal skills, including the ability to work in groups, and oral as well as written presentation skills.(PLO9)

The Library Catalogue contains full details of the current reading list for this module. Further details may also be found in the Module Guide.