Professional Financial Reporting Practice module (BU52007)
Learn about the practical and theoretical aspects of the application of accounting standards and the preparation of published financial statements.
What you will learn
In this module you will:
- learn about the conceptual and regulatory framework of financial reporting, accountability (including Corporate Governance and Environmental & Social Reporting), the professional and ethical duties of accountant, and the accounting standards applicable to companies (related to property, leases, revenues, financial instruments, provisions and contingencies, current and deferred tax etc.)
- prepare and analyse single entity and group financial statements
- discuss related theoretical issues, ongoing debates, current developments, and research
By the end of this module, you will be able to:
- describe the conceptual and regulatory framework of financial reporting, the accountability of a business organisation, the professional and ethical duty of accountants, and their underlying theories, concepts and principles
- describe extant accounting standards (UK and International) and their underlying theories, concepts, and principles for profit oriented and not-for profit organisations (including disclosure requirements where appropriate)
- critically evaluate the possible alternative accounting treatments available within the extant accounting standards (UK and International) while applying the current requirements, developments, and research, making informed professional judgements and decisions
- apply the extant accounting standards (UK and International) and prepare and interpret a set of published accounts for a single entity (Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Accounts) and for a group (Consolidated Statement of Profit or Loss and Other Comprehensive Income, Consolidated Financial Position)
- use appropriate resources to seek out information on the latest developments and research in financial reporting and make informed professional judgements and decisions
- manipulate and present data gathered from a variety of sources in a coherent manner and demonstrate use of information and communication technologies.
Assignments / assessment
- class test (20%)
- sage class test (20%)
- final exam component (60%)
Teaching methods / timetable
This module will be delivered via on-campus (face-to-face) lecture sessions and tutorials.
- two hour lecture sessions twice a week
- two hour tutorial weekly
During certain weeks additional sessions may be arranged to provide additional examples or invite guest lecturers.
This module is available on following courses: