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AC305: Financial Accounting and Reporting
Module code: AC305
Module provider: Business Informatics, Systems and Accounting; Henley Business School
Credits: 20
Level: 6
When you'll be taught: Semester 1
Module convenor: Mrs Kate Jones, email: kathryn.jones@henley.ac.uk
Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC206 (Compulsory)
Co-requisite module(s):
Pre-requisite or Co-requisite module(s):
Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC312 (Compulsory)
Placement information: na
Academic year: 2024/5
Available to visiting students: No
Talis reading list: Yes
Last updated: 19 November 2024
Overview
Module aims and purpose
This module builds on the knowledge acquired in AC206, Financial Accounting, with regards to the preparation of financial statements for single entities in accordance with IFRS. It covers some of the more advanced standards including leases, foreign exchange and financial instruments. The module also includes the preparation of consolidated financial statements in accordance with IFRS, including accounting for associates and JVs and the disposal of subsidiaries.
This module aims to enable students to prepare complete single entity and consolidated financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS). It requires students to explain accounting and reporting concepts and ethical issues and the application of IFRS to single entity and group scenarios.
Module learning outcomes
By the end of the module, it is expected that students will be able to:
- Explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board鈥檚 (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;
- Prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios; and
- Identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them in conformity with IFRS and explain the application of IFRS to specified group scenarios.
Module content
Consolidated statements of financial position
Consolidated statements of financial performance
Associates and joint ventures
Group accounts: disposals
Consolidated statements of cash flows
Revenue recognition (IFRS 15)
Financial Instruments (IFRS 9)
Leases (IFRS 16)
Foreign exchange (IAS21)
Earnings per share (IAS33)
Distributable profits
Application of IFRS to single entity and group scenarios
Structure
Teaching and learning methods
Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Seminars will focus on numerical practice and discussion of examination style questions.
Study hours
At least 44 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.
聽Scheduled teaching and learning activities | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Lectures | 18 | ||
Seminars | 18 | 8 | |
Tutorials | |||
Project Supervision | |||
Demonstrations | |||
Practical classes and workshops | |||
Supervised time in studio / workshop | |||
Scheduled revision sessions | |||
Feedback meetings with staff | |||
Fieldwork | |||
External visits | |||
Work-based learning | |||
聽Self-scheduled teaching and learning activities | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Directed viewing of video materials/screencasts | |||
Participation in discussion boards/other discussions | |||
Feedback meetings with staff | |||
Other | |||
Other (details) | |||
聽Placement and study abroad | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Placement | |||
Study abroad | |||
聽Independent study hours | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Independent study hours | 88 | 68 |
Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.
Semester 1 The hours in this column may include hours during the Christmas holiday period.
Semester 2 The hours in this column may include hours during the Easter holiday period.
Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.
Assessment
Requirements for a pass
Students need to achieve an overall module mark of 40% to pass this module.
This module contributes to the Financial Accounting and Reporting module of ICAEW ACA Professional level. In order to apply for ICAEW credit for prior learning, students must be registered on the BA Accounting and Business programme and must obtain a minimum mark of 55% in this module.
Summative assessment
Type of assessment | Detail of assessment | % contribution towards module mark | Size of assessment | Submission date | Additional information |
---|---|---|---|---|---|
In-person written examination | Exam | 100 | 3 hours | Semester 2, Assessment Period |
Penalties for late submission of summative assessment
The Support Centres will apply the following penalties for work submitted late:
Assessments with numerical marks
- where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
- the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
- where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
- where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
Assessments marked Pass/Fail
- where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
- where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.
The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
Formative assessment
Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.
Opportunities for informal feedback are available throughout the course in lectures and seminars and may take the form of response to questions and activities and feedback from marked independent study. Exam style questions will be practised in seminars and additional material made available on Blackboard for independent study. Marking guides and feedback are provided where appropriate so that students can assess their own performance.
Reassessment
Type of reassessment | Detail of reassessment | % contribution towards module mark | Size of reassessment | Submission date | Additional information |
---|---|---|---|---|---|
In-person written examination | Exam | 100 | 3 hours | During the University resit period August/September |
Additional costs
Item | Additional information | Cost |
---|---|---|
Computers and devices with a particular specification | ||
Printing and binding | ||
Required textbooks | ||
Specialist clothing, footwear, or headgear | ||
Specialist equipment or materials | Calculator meeting University requirements | 拢15 |
Travel, accommodation, and subsistence |
THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.