MAN3081


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2011/2 Provisional Module Catalogue - UNDER CONSTRUCTION & SUBJECT TO CHANGE

Module Code: MAN3081

Module Title: COMPANY FINANCIAL REPORTING

Module Provider: School of Management	Short Name: MAN3081
Level: HE3	Module Co-ordinator: MCCARTNEY J Mrs (SoM)
Number of credits: 15	Number of ECTS credits: 7.5

Module Availability

Semester 1

Assessment Pattern

This field is used to indicate how the module is broken down such as into coursework and exams.

Units of Assessment

Weighting Towards Module Mark (%)

2 Hour Examination (Closed Book)

Class Test (Closed book 50 minutes)

Alternative Assessment

Qualifying Condition(s)

A weighted aggregated mark of 40% is required to pass the module.

Module Overview

The is in the process of moving from domestic accounting rules (UK GAAP), to international accounting rules (international GAAP). Existing standards, SSAP’s and FRS’s, are being phased out and replaced with international reporting standards (IFRS’s). As a result of this major transition this course is based on international GAAP which currently just applies to listed companies but will eventually apply to all companies.

Prerequisites/Co-requisites

Financial Accounting at levels 1 & 2

Business Taxation

Module Aims

· To provide an understanding of the accounting standard setting process

· To provide an introduction to the various regulatory bodies that currently exist and the existing regulatory framework

· To introduce the range of international accounting standards currently in issue

· To introduce students to key issues in the preparation of group financial statements

To provide an understanding of how the presentation of group financial statements are regulated by companies acts and accounting standards

Learning Outcomes

On successful completion of the module the students will be able to:

Prepare consolidated balance sheets for listed companies

Prepare consolidated income statements for listed companies

Apply IFRS’s in the preparation of the above financial statements

Understand the purpose and objectives of the regulatory bodies and the regulatory framework

Module Content

Subjects/topics covered in the module:

In the preparation of consolidated financial statements:

Wholly and partly owned subsidiaries

Associate companies

Inter- company issues arising on consolidation

Regulatory Framework

· Objectives of Regulatory Bodies – International Accounting standards Committee (IASC), International Accounting Standards Board (IASB), International Financial Reporting Interpretation Committee (IFRIC) & The Standards Advisory Council (SAC)

· Purpose, scope and current stage of development of the regulatory framework

· Aims and objectives of the range of international reporting standards currently in issue.

Methods of Teaching/Learning

The teaching and learning methods include the use of weekly two-hour tutorials to illustrate the regulations and allow the student to practice the practical application of the regulations with a range of weekly tutorial questions.

Lecture material will be supported by directed reading and weekly homework exercises will be set to test students’ understanding on an on-going basis.

U-learn will be used as an information portal and will contain lecture notes, practical exercises and model answers plus past exam papers and model answers.

Individual feedback will be given in tutorial on the class test and general feedback will be posted on U-learn.

Assessment Strategy:

Weekly tutorial and homework questions will build a students confidence to tackle individual components of consolidated financial statements.

As the course progresses students will see how all the individual components are pulled together in consolidated statements. Students will then understand the process and procedures required to produce these statements.

At this stage the students will be ready for the class test to demonstrate their understanding and experience all the elements that comprise an examination type question.

Following the class test, the focus will be on expanding their knowledge in applying the remaining IFRS’s in the production of consolidated statements. As the students will already understand the basic process used, this will benefit them.

Having completed consolidations applying the major IFRS’s the student will be in a position to sit the final examination.

Selected Texts/Journals

Essential Reading

A Pearson custom publication to be compiled (based on Frank Wood’s Business Accounting 2)

Woods & Sangster., “Business Accounting 2”. 11th edition. FT Prentice Hall. ISBN: 9780 2737 12138.