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