Module Directory

This module is designed to deepen students' technical expertise in key areas of financial reporting. It focuses on enhancing practical skills in preparing complex financial statements, with an emphasis on cash flows, consolidated accounts, and taxation. The module also explores the finer points of accounting for business combinations, investments, and events after the reporting period. By integrating theoretical knowledge with real-world practice through industry insights, the module aims to bridge the gap between academic learning and practical application, preparing students for advanced professional roles in accounting and finance.

The aims of this module are:

• To provide an in-depth understanding of critical and advanced areas in financial reporting. It is designed to enhance students' technical skills in preparing and analysing complex financial statements, such as statement of cash flows, consolidated accounts, and taxation. The module also delves into the nuances of accounting for business combinations, investments, and post-reporting events, ensuring students are well-versed in the comprehensive and accurate presentation of financial information. By incorporating real-world insights from accounting professionals, the module not only imparts theoretical knowledge but also bridges the gap between academic learning and practical application, preparing students for challenging professional roles in accounting and finance.


• To develop the ability to prepare and interpret Statements of Cash Flows, understanding its significance in assessing the financial health and liquidity of an entity, across two dedicated sessions for an in-depth understanding.

By the end of this module, students will be expected to be able to:

1. Gain the requisite knowledge in the principles and preparation of consolidated financial statements, including the statement of financial position and comprehensive income, with a focus on accurately reflecting the financial status of a business group.


2. Understand the principles of business combinations, including the treatment of goodwill and impairment processes, as well as the accounting for associates and joint ventures, emphasizing the equity and proportionate consolidation methods.


3. Acquire a detailed understanding of accounting for taxation in financial reporting, covering various tax-related accounting policies and treatments, and gain insights from professionals in the field through a specialized talk.


4. Understand the treatment and disclosure of events occurring after the reporting period and the significance of segmental reporting in providing detailed financial insights into different areas of a business.

Professional body requirements

• In order to meet accreditation requirements students will be required to pass this module.

Syllabus information

• Preparation of Statement of Cash Flows I


• Preparation of Statement of Cash Flows II


• Consolidated accounts. The principles


• Consolidated accounts. Statement of financial position


• Consolidated accounts. Statement of comprehensive income


• Consolidated accounts. Accounting for associates and joint ventures


• Goodwill and the impairment process


• Accounting for taxation 1


• Accounting for taxation 2—talk by an accounting firm


• Events after the reporting period and segmental reporting

This module will be delivered via:

• Ten 2-hour lectures and workshops (weeks 16-25 )
• Five one-hour classes (weeks 16-25)

The lectures will explore the main areas and themes covered in the module. The workshops will be used flexibly depending on the topic covered in the lecture to elaborate or expand on the lecture material or to demonstrate the solution to problems or questions. The material covered in the classes will be drawn from a wide variety of sources such as textbooks, journal articles, learning materials for professional exams, past exam papers etc. As such, the class question for each week will be uploaded on Moodle the week before. Students are expected to read the references in the reading list and prepare problems and exercises as specified in advance of the classes, so that they can take an active part in discussing the various issues that will be considered in the classes.