| Unit name | International Financial Reporting |
|---|---|
| Unit code | ACFIM0034 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. McNally |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
None |
| Units you may not take alongside this one |
None |
| School/department | School of Accounting and Finance - Business School |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
This unit provides an essential introduction to financial reporting in an international context which equips students with the required skills to construct and interpret financial statements prepared under International Financial Reporting Standards (IFRS). The unit also provides a critical appreciation of the role of accounting in the business world and beyond. The skills and understanding provided by the unit can equally be utilised as a stepping stone to careers in accounting or as a significant and invaluable tool in a range of other business careers. This unit is a mandatory unit as it is provides knowledge and skills fundamental to a masters in accounting, finance and management.
How does this unit fit into your programme of study?
The unit is a fundamental, and mandatory unit, on the MSc Accounting, Finance and Management. It also prepares students for the Advanced Financial Reporting optional unit in TB2.
An overview of content
The unit develops the understanding of the theoretical concepts and practices of financial accounting within an international context. An elementary understanding of accounting is provided before commencing the study of international financial reporting. The unit explores accounting concepts, the need for accounting regulation, and the role of conceptual frameworks. The unit then examines the accounting behind the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows, prepared under International Financial Reporting Standards (IFRS). The production of consolidated financial statements for groups of companies is investigated including both the reasoning and the practical application. The unit also examines accounting narratives and a field of ever-growing importance - sustainability reporting.
How will students be, personally, different as a result of the unit
Students will have a solid grounding in the fundamentals of accounting, its underlying concepts, and financial reporting under International Financial Reporting Standards. Students will be have the ability to take a questioning and critical approach to discuss accounting and financial reporting regulation, as well as sustainability reporting and accounting narratives. Students will have an appreciation of the impact of accounting and accounting regulation on business and the world as a whole.
Learning objectives
On successful completion of this unit, the students will be able to:
Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities.
Tasks which help you learn and prepare you for summative tasks (formative):
Students are required to construct answers to weekly tutorial questions which prepare them for the summative assessment. Feedback on their performance is provided through peer-to-peer discussion in the small-group tutorial class, discussion with , and demonstration by, their small-group tutor, and self-study with the tutorial solutions provided at the end of each week. Students are also provided with a range of online activities and quizzes with solutions which help them consolidate their learning and develop their skills in preparation for the summative assessment.
Tasks which count towards your unit mark (summative):
2 hour exam (100%) covering ILO1, ILO2, ILO3 and ILO4.
When assessment does not go to plan
Any reassessment required will be a like-for-like assessment, in this case a 2 hour exam of equivalent difficulty.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ACFIM0034).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
