| Unit name | International Financial Reporting |
|---|---|
| Unit code | EFIMM0122 |
| Credit points | 20 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Ms. McNally |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | School of Accounting and Finance - Business School |
| Faculty | Faculty of Social Sciences and Law |
The unit introduces the core accounting area of international financial reporting. The module 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 covers accounting concepts and the need for accounting regulation and then examines the accounting behind the statement of financial position (balance sheet), the comprehensive income statement, the statement of changes in equity and the cash flow statement 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 covers accounting narratives and sustainability reporting. The module is based around a set of real financial statements (e.g. Marks & Spencer’s Annual Report).
The unit aims are:
On successful completion of this unit, the students will be able to
1. Prepare, understand and critically evaluate the financial statements of businesses reporting under international financial reporting standards.
2. Appreciate the accounting behind the financial statements, and to have an understanding of sustainability reporting and the regulatory environment.
3. Have an understanding of sustainability reporting and the regulatory environment.
4. Prepare group accounting statements and understand the need for such statements in a multinational context.
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
This unit will be assessed by 100% exam
The students require a standard accounting text:
Walton, P. and Aerts, W. (2017), Global financial accounting and reporting, 4th edition, South western Cengage Learning.
Melville, A. (2017), International Financial Reporting, 6th Edition, Pearson.
Students are also referred to journal articles (e.g. Accounting and Business Research) as directed in lecture and tutorial materials
