AC305: Financial Accounting and Reporting

Module code: AC305

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

Credits: 20

Level: Level 3 (Honours)

When you'll be taught: Semester 1

Module convenor: Mrs Kate Jones, email: kathryn.jones@henley.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC206 (Compulsory)

Co-requisite module(s):

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

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC312 (Compulsory)

Placement information: na

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 28 May 2024

Overview

Module aims and purpose

This module builds on the knowledge acquired in AC206, Financial Accounting, with regards to the preparation of financial statements for single entities in accordance with IFRS. It covers some of the more advanced standards including leases, foreign exchange and financial instruments. The module also includes the preparation of consolidated financial statements in accordance with IFRS, including accounting for associates and JVs and the disposal of subsidiaries.

This module 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). It requires students to explain accounting and reporting concepts and ethical issues and the application of IFRS to single entity and group scenarios.

Module learning outcomes

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

1. Explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board’s (IASB) conceptual framework for financial reporting and identify and explain key ethical issues;
2. Prepare and present financial statements from accounting data for single entities, whether organised in corporate or in other forms, in conformity with IFRS and explain the application of IFRS to specified single entity scenarios; and
3. 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.

Module content

Consolidated statements of financial position

Consolidated statements of financial performance

Associates and joint ventures

Group accounts: disposals

Consolidated statements of cash flows

Revenue recognition (IFRS 15)

Financial Instruments (IFRS 9)

Leases (IFRS 16)

Foreign exchange (IAS21)

Earnings per share (IAS33)

Distributable profits

Application of IFRS to single entity and group scenarios

Structure

Teaching and learning methods

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

Study hours

At least 44 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.

This module contributes to the Financial Accounting and Reporting module of ICAEW ACA Professional level. In order to apply for ICAEW credit for prior learning, students must be registered on the BA Accounting and Business programme and must obtain a minimum mark of 55% in this module.

The examination for this module will take place during a narrowly defined time window and will be held in a dedicated exam venue which may be a short distance away from the campus. There may be specific rules regarding entry to, and conduct in, the exam room. You will be advised of these rules in advance. The examination will be sat using ICAEW software. Marking and moderation will be carried out by the university in line with all other university assessments. Practice versions of the software will be made available in advance of the examination.

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.

Opportunities for informal feedback are available throughout the course in lectures and seminars and may take the form of response to questions and activities and feedback from marked independent study. Exam style questions will be practised in seminars and additional material made available on Blackboard for independent study. Marking guides and feedback are provided where appropriate so that students can assess their own performance.

Reassessment

Additional costs