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ACCT2101: Financial Reporting

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Type	Tied
Level	2
Credits	20
Availability	Available in 2023/24
Module Cap	None.
Location	Durham
Department	Accounting

Prerequisites

ACCT1061 Financial Accounting OR ACCT1041 Introduction to Financial Accounting

Corequisites

None

Excluded Combinations of Modules

ACCT2031 Corporate Financial Reporting

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). Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios.

Content

International accounting and reporting concepts and ethics
Single company financial statements
Consolidated financial statements

Learning Outcomes

Subject-specific Knowledge:

On completion of this module students should:
Have an understanding of the contribution and inherent limitations of financial statements
Have an understanding of single company financial statements
Have an understanding of consolidated financial statements, the different methods of consolidation and the preparation of group accounts

Subject-specific Skills:

On completion of this module students should:
Be able to apply the International Accounting Standards Boards (IASB) conceptual framework for financial reporting and identify and explain key ethical issues
Be able to prepare and present financial statements from accounting data for single entities in conformity with IFRS and explain the application of IFRS to specified single entity scenarios
Be able to 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
Be able to describe the principal differences between IFRS and UK GAAP, and prepare simple extracts from financial statements in accordance with UK GAAP, for both single entity and consolidated financial statements

Key Skills:

Planning and organisational skills
Critical analysis and judgement skills
Communication and reporting skills

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Learning will be based on knowledge transfer from workshops, blended learning materials, and independent study; workshop activities and discussions will provide the technical awareness of topics in a comprehensive form.
The formative assessment will provide feedback to students regarding their understanding of financial reporting treatments and concepts.
The summative timed invigilated examination addresses students understanding of the main financial reporting concepts and technical treatments.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total	Monitored
Workshops	20	2 per week	2 hours	40	Yes
Revision webinar	1	Once	2 hours	2
Preparation, Reading and Independent Study				158
Total				200

Summative Assessment

Component: Examination		Component Weighting: 100%
Element	Length / Duration	Element Weighting	Resit Opportunity
In-person Written Examination	3 hours	100	Same

Formative Assessment

Practice test

More information

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