2023/24 Undergraduate Module Catalogue

LUBS2291 Financial Accounting and Reporting

20 creditsClass Size: 205

Module manager: Jonathan Duxbury
Email: j.duxbury@leeds.ac.uk

Taught: Semesters 1 & 2 (Sep to Jun) View Timetable

Year running 2023/24

Pre-requisites

LUBS1235

Introductory Financial Accounting

This module is mutually exclusive with

LUBS2035	Finance for Small Business
LUBS2290	Intermediate 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 type	Number	Length hours	Student hours
Lecture	20	1.50	30.00
Seminar	10	1.00	10.00
Private study hours			160.00
Total Contact hours			40.00
Total hours (100hr per 10 credits)			200.00

Private study

This could include a variety of activities, such as reading, watching videos, question practice and exam preparation.

Opportunities for Formative Feedback

Your teaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.

Methods of assessment

Exams

Exam type	Exam 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: 27/09/2023

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