Overview:
- Credits:
- 5.0
- Level:
- 4
- Semester:
- Autumn
- Subject:
- Accountancy
- School:
- Business
- Coordinator:
- Professor Niamh Brennan
ACC40090 Financial Reporting
Academic Year 2023/2024
Financial reporting is the means whereby managers provide an account of the financial performance of their company to external parties, primarily investors. Financial reporting is one of the primary means of communicating with investors and is a lynchpin of corporate governance. It is subject to legal, accounting and stock exchange regulations. This module addresses various aspects of financial reporting from the perspective of the average investor, focussing on the corporate governance mechanisms that enhance the quality of financial reports together with a detailed understanding of the content of annual reports. There are three key aspects to how information appears in financial reports: (i) accounting for transactions; (ii) presenting financial information; (iii) disclosure of information. The module has a strong applied element, including consideration of basic financial statements.Show/hide contentOpenClose All
Curricular information is subject to change
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.
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
| Student Effort Type | Hours |
|---|---|
| Lectures | 34 |
| Small Group | 1 |
| Specified Learning Activities | 50 |
| Autonomous Student Learning | 41 |
| Total | 126 |
Requirements, Exclusions and Recommendations
Not applicable to this module.
Module Requisites and Incompatibles
Not applicable to this module.
Assessment Strategy
| Description | Timing | Component Scale | % of Final Grade | ||
|---|---|---|---|---|---|
| Continuous Assessment: Comprehensive assessment and critique of the annual report/financial statements | Week 8 | n/a | Graded | No | 15 |
| Continuous Assessment: Group readings | Unspecified | n/a | Graded | No | 5 |
| Examination: End of Module examination | 2 hour End of Trimester Exam | No | Graded | No | 65 |
| Continuous Assessment: Assessment of accounting policies of a group of companies | Week 4 | n/a | Graded | No | 15 |
| Resit In | Terminal Exam |
|---|---|
| Spring | Yes - 2 Hour |
Feedback Strategy/Strategies
• Group/class feedback, post-assessment
How will my Feedback be Delivered?
I provide individual feedback on the presentations of readings to each group at the end of the class at which the reading was presented. I provide written feedback attached to each written assignment on its return to the group.
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