ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | FINANCIAL REPORTING 1 | ||
Code | ACFI201 | ||
Coordinator |
Mr PMJ Farrelly Finance and Accounting Peter.Farrelly@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2024-25 | Level 5 FHEQ | First Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
ACFI101 INTRODUCTION TO FINANCIAL ACCOUNTING |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
24 |
6 |
30 | ||||
Timetable (if known) | |||||||
Private Study | 120 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 3 Hours Weighting: 100 % Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Ap | 3 | 100 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Aims |
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To enable candidates to prepare single entity financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS). |
Learning Outcomes |
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(LO1) Students will be able to draw up a set of financial statements which comply with the major provisions of IAS1 and other key International Accounting Standards; |
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(LO2) Students will be able to understand and apply key international accounting standard regulations with respect to presentation, disclosure, recognition and measurement for individual company financial statements; |
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(LO3) Students will be able to assess the concepts underlying financial reporting through a knowledge of the IASBs Conceptual Framework. |
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(S1) Adaptibility |
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(S2) Improving own learning/performance - Reflective practice |
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(S3) Communication (oral, written and visual) - Presentation skills - written |
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(S4) Communication (oral, written and visual) - Following instructions/protocols/procedures |
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(S5) Communication (oral, written and visual) - Report writing |
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(S6) Critical thinking and problem solving - Problem identification |
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(S7) International awareness |
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(S8) Lifelong learning skills |
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(S9) Ethical awareness |
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(S10) Numeracy/computational skills - Problem solving |
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(S11) Numeracy/computational skills - Numerical methods |
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(S12) Global citizenship - Ethical awareness |
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(S13) Commercial awareness - Relevant understanding of organisations |
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(S14) Personal attributes and qualities - Integrity |
Teaching and Learning Strategies |
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Teaching Method: Lecture Teaching method: Seminars Self-Directed Learning Hours: 120 This module is a pre-requisite for the following modules: Skills/Other Attributes Mapping Skills / attributes: Personal attributes and qualities - Integrity Skills / attributes: Commercial awareness - Relevant understanding of organisations Skills / attributes: Global citizenship - Ethical awareness Skills / attributes: Numeracy/computational skills - Numerical methods Skills / attributes: Numeracy/computational skills - Problem solving Skills / attributes: Ethical awareness Skills / attributes: Lifelong learning skills Skills / attributes: International awareness Skills / attributes: Critical thinkin
g and problem solving - Problem identification Skills / attributes: Communication (oral, written and visual) - Report writing Skills / attributes: Communication (oral, written and visual) - Following instructions/protocols/procedures Skills / attributes: Communication (oral, written and visual) - Presentation skills - written Skills / attributes: Improving own learning/performance - Reflective practice Skills / attributes: Adaptability |
Syllabus |
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The regulatory structure of the International Accounting Standards Board (IASB); Preface to IFRS IASB conceptual framework for financial reporting; Presentation of Financial Statements; Property, Plant and Equipment; Impairment of Assets; IFRS5 Non Current Assets held for sale and discontinued operations (excluding disposal groups); Inventories; Provisions, contingent liabilities, and contingent assets; Events after the Reporting Period; Revenue; Construction Contracts; Accounting Policies, changes in accounting estimates and errors; Income tax (current tax adjustments only); Accounting for Government grants and disclosure of government assistance; Effects of foreign exchange rates (individual companies only); Financial Instruments (basic concepts); Statement of Cash Flows; Earnings Per Share (excluding diluted EPS). |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |