ACCT07015 2022 Financial Reporting 3
Full Title
Financial Reporting 3
Transcript Title
Financial Reporting 3
Code
ACCT07015
Attendance
N/A %
Subject Area
ACCT - Accounting
Department
BUS - Business
Level
07 - NFQ Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Caroline McNulty, Aileen Brennan
Programme Membership
SG_BACCO_H08 202200 Bachelor of Arts (Honours) in Accounting
SG_BACOO_H08 202300 Bachelor of Arts (Honours) in Accounting
Description
The aim of this module is to build on prior learning, examine more complex scenarios and apply rules in correction of errors, club accounts, incomplete records and manufacturing accounts. Examine international accounting standards and their practical application in preparing financial statements and calculations.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Discuss and apply the rules of international accounting standards in the preparation of financial statements.
2.
Record a large variety of business transactions using the double-entry system
3.
Prepare financial statements for different entities.
4.
Prepare financial statements for sole traders with limited information available.
5.
Explain what ethical behaviour and good corporate governance entail.
Teaching and Learning Strategies
Weekly class, practice of practical questions in class, online quizzes e.g. WIRIS, open discussions and self study.
Module Assessment Strategies
Moodle Quiz e.g. WIRIS
Final written exam - must be supervised in person or online proctored.
Repeat Assessments
Repeat examination as all learning outcomes are covered.
Final written exam - must be supervised in person or online proctored.
Module Dependencies
Prerequisites
ACCT06020 202200 Financial Reporting 2
Co-requisites
None
Incompatibles
None
Indicative Syllabus
LO No 1: Discuss and apply the rules of international accounting standards in the preparation of financial statements.
IAS 2 Inventories (and practical application in manufacturing accounts).
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS 16 Property, Plant and Equipment
LO No 2: Record a large variety of business transactions using the double-entry system
Double entry book-keeping, correction of errors, control accounts,
LO No 3 : Prepare financial statements for different entities.
Prepare year end financial statements for sole traders, not-for-profit organisations, and manufacturers
LO No 4: Prepare financial statements for sole traders with limited information available
Prepare year end accounts from incomplete records.
LO No 5: Explain what ethical behaviour and good corporate governance entail.
Ethical considerations. Corporate governance, what is it, what is best practice at the present time? What is the role of the IASB.
Coursework & Assessment Breakdown
Coursework & Continuous Assessment
20 %
End of Semester / Year Formal Exam
80 %
Coursework Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Moodle exam e.g. WIRIS quiz | Coursework Assessment | Closed Book Exam | 20 % | Week 8 | 1,2,3,5 |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Written exam (supervised in person or proctored online) | Final Exam | Closed Book Exam | 80 % | End of Term | 1,2,3,4 |
Full Time Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Independent Learning | UNKNOWN | Personal study | 3 | Weekly | 3.00 |
| Lecture | Flat Classroom | Lecture | 3 | Weekly | 3.00 |
| Lecture | Computer Laboratory | lecture and practice questions | 1 | Weekly | 1.00 |
Total Full Time Average Weekly Learner Contact Time 4.00 Hours
Required & Recommended Book List
Recommended Reading
2019 International Financial Reporting 7th Edition
ISBN 1292293128 ISBN-13 9781292293127
2019 International Financial Reporting 7th Edition
ISBN 1292293128 ISBN-13 9781292293127
International Financial Reporting delivers a focused, user-friendly introduction to international financial reporting and how to implement the IASB standards for undergraduate students.
Required Reading
2019-02-21 Introduction to Financial Accounting, 9e
ISBN 1526803003 ISBN-13 9781526803009
2019-02-21 Introduction to Financial Accounting, 9e
ISBN 1526803003 ISBN-13 9781526803009
Module Resources
Non ISBN Literary Resources
Introduction to Financial Accounting, 9th Edition
Andrew Thomas & Anne Marie Ward
ISBN: 9781526803009 2019
International Financial Reporting: A Practical Guide, 7th Edition
Alan Melville
©2019 |Pearson |
Guidance and Standards issued by the IASB :
IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 8 Accounting policies
Updated Literary Resources
Journal Resources
URL Resources
IFRS Foundation and the IASB website for IAS and IFRS standards, technical summaries and interpretations
http://www.ifrs.org/IFRSs/Pages/IFRS.aspx
IAS Plus website for IAS and IFRS news and updates
http://www.iasplus.com/en/standards
ACCA website for past examination papers
http://www.accaglobal.com/us/en/student/exam-support-resources.html
Other professional body websites for students:
http://students.charteredaccountants.ie/en/
http://www.cimaglobal.com/Students/
http://www.cpaireland.ie/study-cpa
Other Resources
Relevant articles from the business press, professional accounting publications etc.
Additional Information
None