Module Catalogues, Xi'an Jiaotong-Liverpool University   
 
Module Code: ACC405
Module Title: Financial Accounting and Reporting: IFRS
Module Level: Level 4
Module Credits: 5.00
Academic Year: 2021/22
Semester: SEM1
Originating Department: Department of Accounting
Pre-requisites: N/A
   
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).


Students will also be required to explain accounting and reporting concepts and ethical issues, and the application of IFRS to specified single entity or group scenarios.

Learning outcomes 
A. 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

B. prepare and present financial statements from accounting data for single entities in conformity with IFRS and explain the application of IFRS to specified single entity scenarios

C. 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

D. Describe the principal differences between IFRS and UK GAAP and prepare simple extracts from financial statements in accordance with UK GAAP, for both single entity and consolidated financial statements



Method of teaching and learning 
A range of teaching and learning methods will be utilized on this module. Core substantive knowledge will be delivered via a weekly 2-hour lecture, and the knowledge covered in lectures will be reinforced by practical student group work, culminating in participative tutorials of one-hour duration each week. Longer, case-based work will be delivered by means of two 2-hour seminars, which will again be participative in nature.


ICAEW exemption is offered according to final exam results, rather than overall assessment marks (final marks), based on ICAEW CPL policies.
Syllabus 
1 Accounting and reporting concepts and ethics 10%


2 Single company financial statements 60%


3 Consolidated financial statements 30%


TOTAL 100%


1. Accounting and reporting concepts and ethics

Students will be able to explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board's conceptual framework for financial reporting and identify and explain key ethical issues.


2. Single entity financial statements

Students will be able to prepare and present financial statements from accounting data for single entities in conformity with IFRS requirements and explain the application of IFRS to specified single entity scenarios.


3. Consolidated financial statements

Students will be able to identify the circumstances in which entities are required to present consolidated financial statements, prepare and present them from single entity financial statements in conformity with IFRS requirements and explain the application of IFRS to specified group scenarios.


Delivery Hours  
Lectures Seminars Tutorials Lab/Prcaticals Fieldwork / Placement Other(Private study) Total
Hours/Semester 26  15  13      96  150 

Assessment

Sequence Method % of Final Mark
1 Class Test 15.00
2 Class Test 15.00
3 Exam 70.00

Module Catalogue generated from SITS CUT-OFF: 12/2/2020 5:24:48 AM