BE170-7-SP-CO:
Advanced Financial Reporting
2024/25
Essex Business School
Colchester Campus
Spring
Postgraduate: Level 7
Current
Monday 13 January 2025
Friday 21 March 2025
20
15 July 2024
Requisites for this module
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(none)
(none)
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MSC N40012 Professional Accounting,
MSC N40024 Professional Accounting
The aim of this module is to introduce to the students the principles and techniques for accounting for a range of advanced financial reporting items and preparing and constructing for a set of consolidated financial statements. This module is intended for students who are majoring in accounting and those who are preparing for professional accounting qualifications.
The module will commence with the recognition and measurement principles for accounting for some key items in financial statements, including revenue, leases, provisions, financial instruments, intangible assets, income taxes, and foreign currency transactions, using International Financial Reporting Standards as reference. The module then moves to group account which covers topics such as accounting for business combinations, associates, joint arrangements, indirect holdings and acquisitions-in-stages and the preparation and presentation of consolidated financial statements. Last, the module prepares students w
The aims of this module are:
- To cover a range of advanced financial reporting issues including accounting for revenue, leases, provisions, financial instruments, intangible assets, income taxes, foreign currency transactions, and the preparation of financial statements for groups of entities.
- To provide students with an understanding of the ecosystems of organisations including the implications of markets, society, and regulation on financial reporting practices.
- To develop students’ knowledge and skills in applying accounting standards and the theoretical framework in a range of financial reporting items.
- To advance students’ knowledge of key financial reporting issues and their ability to critique current practices.
- To prepare students for CIMA professional qualification exams.
By the end of this module, students will be expected to be able to:
- Explain and discuss the role of markets, society, and regulation in shaping financial reporting standards and firm reporting practices.
- Prepare and present financial statements which conform with the International Financial Reporting Standards.
- Account for revenue, leases, provisions, financial instruments, intangible assets, income taxes, foreign currency transactions in accordance with international accounting standards, and evaluate these standards.
- Account for various business combinations in accordance with the International Financial Reporting Standards.
- Compare and critically evaluate the various methods of accounts consolidation.
- Discuss additional disclosure issues related to the group accounts such as related party disclosures and earnings per share.
Transferable Skills
- Dealing with complex issues both systematically and creatively, make sound judgements in the absence of complete data, and communicate their conclusions clearly to specialist and non-specialist audiences.
- Application of critical analytical skills, self-direction and originality in tackling and solving problems, and act autonomously in planning and implementing tasks at a professional or equivalent level.
- Develop the ethical awareness and the independent learning ability required for continuing professional development.
Professional body requirements
In order to meet CIMA accreditation requirements, students will be required to complete the syllabus listed below as well as all other compulsory modules listed in MSc Professional Accounting.
This module aims to cover the following CIMA syllabus:
- F2B: Financial reporting standards
- F2C: Group accounts
Syllabus information
- Introduction to advanced financial reporting and accounting for revenue
- Accounting for leases
- Accounting for provisions, contingent liabilities and contingent assets
- Accounting for financial instruments
- Accounting for intangible assets
- Accounting for income taxes and foreign currency transactions
- Group accounts – accounting for business combinations
- Group accounts – associates, joint arrangements, indirect holdings and acquisitions-in-stages
- Group accounts – construction and presentation of consolidated financial statements
- Guest lecture with CIMA - preparation for CIMA management case study exam
This module will be delivered via:
- One 2-hour lecture per week
- One 1-hour seminar per week
The module consists of 30 contact hours: two hours lectures and one hour seminar per week during the Spring term.
The purpose of the lecture is threefold: first, to discuss and outline the appropriate conceptual and technical knowledge in relation to financial reporting, second, to demonstrate the application of international accounting standards to various accounting items, and three, to stimulate students’ interest and direct their reading.
It is very important that students complete all the readings and homework immediately after each lecture because these are an integral part of the course.
The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's
reading list.
Assessment items, weightings and deadlines
| Coursework / exam |
Description |
Deadline |
Coursework weighting |
| Exam |
Main exam: In-Person, Closed Book, 120 minutes during Summer (Main Period)
|
| Exam |
Reassessment Main exam: In-Person, Closed Book, 120 minutes during September (Reassessment Period)
|
Exam format definitions
- Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
- In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
- In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
- In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary,
for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.
Your department will provide further guidance before your exams.
Overall assessment
Reassessment
Module supervisor and teaching staff
Dr Joshua Obeng-Nyarko, email: jkoben@essex.ac.uk.
Dr Joshua Obeng-Nyarko and Dr Azimjon Kuvandikov
Email: ebspgtad@essex.ac.uk
No
No
No
No external examiner information available for this module.
Available via Moodle
No lecture recording information available for this module.
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