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2019/20 Undergraduate Module Catalogue

LUBS2291 Financial Accounting and Reporting

20 creditsClass Size: 90

Module manager: Franklin Nakpodia (Sem 1) Richard Crossley (Sem 2)
Email: F.Nakpodia@leeds.ac.uk R.M.Crossley@leeds.ac.uk

Taught: Semesters 1 & 2 View Timetable

Year running 2019/20

Pre-requisites

LUBS1235Introductory Financial Accounting

This module is mutually exclusive with

LUBS2035Finance for Small Business
LUBS2290Intermediate Financial Accounting

This module is approved as a discovery module

Module summary

This module aims to provide you with knowledge of the theoretical underpinnings which drive the current regulations and corporate guidance for UK companies. In addition, it covers the practical aspects of financial accounting and reporting required of companies following the International Financial Reporting Standards in the UK. It covers the technical accounting for a wide range of issues and will enable you to build on existing technical knowledge to a standard that allows you to apply and critically evaluate the rules and principles being applied under IFRS. By the end of this module, you should be able to analyse the key aspects in a set of financial statements and be able to critically assess the accounting methods adopted.

Objectives

This module covers the financial accounting and reporting required of companies following the International Financial Reporting Standards in the UK. It covers the technical accounting for a wide range of issues and will enable you to build on existing technical knowledge to a standard that allows you to apply and critically evaluate the rules and principles being applied under IFRS. By the end of this module, you should be able to analyse the key aspects in a set of financial statements and be able to critically assess the accounting methods adopted.

Learning outcomes
Upon completion of this module students will be able to:
- Explain why there is a need for regulation and standards in financial reporting and the problems caused by necessary flexibility for accounting standards and be able to identify and analyse the effects of creative accounting.
- Demonstrate an awareness of current developments including recognising the difference between accounting for profit and accounting for cash.
- Evaluate the purpose, form and requirements of accounting standards covering a variety of aspects of financial reporting, such as tangible and intangible assets, group accounts and interpretation of financial statements prepared under IFRS.

Skills outcomes
Upon completion of this module students will be able to:
- Apply technical knowledge to a variety of scenarios to enable further analysis and interrogation
- Structure, analyse, interrogate and communicate information


Syllabus

Indicative content
- Introduction to the regulation of accounting and international financial reporting standards
- Form and content of published accounting statements: Income Statement, Statement of Financial Position, Statement of Cashflows, other legal requirements
- Specific international accounting standards: such as property, plant and equipment, intangible assets, accounting for business combinations
- Interpretation of financial statements
- Current developments

Teaching methods

Delivery typeNumberLength hoursStudent hours
Lecture202.0040.00
Seminar101.0010.00
Private study hours150.00
Total Contact hours50.00
Total hours (100hr per 10 credits)200.00

Private study

Students are required to undertake specified pre-reading and question preparation in advance of the classes based on the material introduced in the lectures.

Opportunities for Formative Feedback

Students will be able to monitor their progress through fortnightly seminars. Model answers and answers and marking schemes for workshop and past examination papers will also be made available against which students can assess their own performance.

Methods of assessment


Exams
Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)3 hr 100.00
Total percentage (Assessment Exams)100.00

The resit for this module will be 100% by 3 hour examination.

Reading list

The reading list is available from the Library website

Last updated: 10/12/2019

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