AC216: International Corporate Financial Reporting

Module code: AC216

Module provider: Business Informatics, Systems and Accounting; Henley Business School

Credits: 20

Level: Level 2 (Intermediate)

When you'll be taught: Semester 1

Module convenor: Dr Ekililu Salifu, email: e.salifu@henley.ac.uk

Module co-convenor: Dr Biao Mi, email: biao.mi@henley.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE MM1F27 (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC206 (Compulsory)

Placement information: No placement specified

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 28 May 2024

Overview

Module aims and purpose

This module aims to develop and add to the knowledge, understanding and skills of financial accounting and reporting acquired on the level 4 module MM1F27-Business in Practice: Accounting for managers. The module also aims to foster in students, an inquiring and critical attitude towards issues in financial accounting and reporting. The module looks closely at the content and application of a range of international financial reporting standards. The module is designed for students following a range of degree programmes who already have prior knowledge of financial accounting.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Describe, explain and discuss aspects of the theoretical and regulatory framework affecting the preparation and presentation of financial statements.
2. Describe, explain, apply and discuss the contents selected International Financial Reporting Standards (IFRS).
3. Prepare a complete set of financial statements from accounting data for single entities in conformity with IFRS.
4. Display evidence of the professional skills of assimilating and using information and structuring problems and solutions.

Module content

The regulatory and conceptual framework of financial reporting;
The preparation and presentation of single-entity financial statements
Reporting financial performance
Accounting for tangible non-current assets
Intangible assets; impairment of assets
Accounting for Revenue and inventories
Provisions, contingencies and events after the reporting period.

Structure

Teaching and learning methods

Lecture/workshops will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Separate workshops will focus on numerical practice and discussion of examination style questions.

Study hours

At least 20 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Formative assessments are available for all weeks of the module to enable students to practice techniques and exam style questions. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Reassessment

Additional costs