Financial Reporting 2
Financial Reporting 2 2022-23
Bangor Business School
Module - Semester 2
The content may include but will not be limited to demonstrating and application of the: 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; limitations of financial statements and creative accounting.
-threshold -D- to D+A sound grasp of the techniques of accounting or financial statement preparation are shown but significant errors are made in accounting or in the final financial statements. Conceptual issues are covered in a superficial way with evidence of critical analysis, but only limited engagement with additional material shown beyond the lecture content.
-good -B- to B+Techniques used in accounting and financial statement preparation are well understood and fully shown but with minor errors made in the detail of the computation. Final accounts and financial statements are substantially correct and presented appropriately for publication, but may contain a few errors. Conceptual awareness is shown at a high level with evidence of reading and the development of ideas outside lecture material, but still with some misunderstanding not of a fundamental nature.
-excellent -A- to A*Accounting and financial statement preparation shows full competence at the technical level, with correct or substantially correct accounts, disclosures and financial statements, drafted suitably for publication. There is demonstration of reading and thorough understanding at the conceptual level, with very few examples of misunderstanding. The work is of the standard expected of a competent trainee accountant.
-another level-C- to C+A technically competent grasp of the techniques of accounting or financial statement preparation are shown, but with some made in accounting or in the final financial statements. Conceptual issues are generally covered well, but with some misunderstanding, with some use of additional material shown beyond the lecture content. A critical understanding of accounting is shown, but with some shortcomings in analysis or synthesis.
- Apply at a scholarly level a critical and analytical approach to accounting and the development of accounting and financial reporting standards.
- Demonstrate an understanding of the financial statements by prepare individual and consolidated financial statements drafted to a level suitable for published accounts, including joint ventures and foreign currency adjustments, in accordance with international accounting and financial reporting standards. Demonstrate application of ratios to demonstrate an understanding of the financial health of the financial statements.
- Discuss at the level expected of a competent accountant, explain the objective, examine the development, and application of international accounting and financial reporting standards in relation to the disclosure of accounting policies, the restatement of results, discontinued operations, statements of cash flow and foreign currency.
- Evaluate with close insight the limitations of financial reporting and the problems of creative accounting.
- Understand and demonstrate complex accounting adjustments and disclosures required when a company disposes of its investment in another company.
Exam S2 2hrs
Class test - 1 hour; test comprises: - MCQ and - short written questions