Financial Reporting 2024-25
Bangor Business School
Module - Semester 1
The content may include but will not be limited to demonstrating an understanding of the following: Presentation of financial statements under international accounting standards; accounting for inventory; property, plant & equipment, including investment property; government grants; borrowing costs; intangible assets; impairment of assets; legal requirements of group accounting and preparation of financial statements for groups; accounting for associated companies; accounting policies; Restatement of prior period results; accounting for the disposal of subsidiaries and accounting for discontinued operations; joint ventures; statements of cash flow; accounting for foreign currency transactions and translation; earnings per share; and limitations of financial statements and creative accounting.
-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.
-excellent -A- to A+ (70%+): Outstanding Performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.
-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.
- Apply a critical and analytical approach to accounting and the development of accounting and financial reporting standards.
- Apply knowledge and skills in constructing financial statements to include group and individual entities, for example statement of cash flow and consolidated Balance Sheet and Income Statement, in accordance with international accounting and financial reporting standards.
- Demonstrate an understanding of the financial statements, in accordance with international accounting and financial reporting standards, interpreting financial statements using ratios.
- Develop and demonstrate an understanding of financial accounting by appraising the objective, development and application of international accounting and financial reporting standards in relation to the presentation of financial statements, non-current assets, and inventory.
- Develop knowledge, skills and application in areas surrounding the disclosure of accounting policies, accounting adjustments, creative accounting, restatement of results, discontinued operations, and foreign currency
- Evaluate the limitations of financial reporting and the problems of creative accounting.
- Identify and distinguish the different types of relationships that can exist when a company invests in another company, including associates and subsidiaries, and apply the appropriate accounting methods.
Assessed group presentation - involves interpretation of a set of accounts. Individual marks will be based on the group's mark moderated by peer-assessment.
Exam (Centrally Scheduled)
The exam will include the construction of a set of (group) financial statements, demonstrate an understanding, and appraisal, of accounting standards and conventions and will be a mixture of computational and narrative work.