ACCT07030 2022 Financial Reporting 4

Discuss and apply the rules of a selection of International Accounting Standards to financial statements.

Prepare and Interpret Statements of Cash Flows as outlined in IAS 7.

Prepare financial statements for companies.

Distinguish between information to be included in specific financial statements, notes to financial statements and workings.

The strategy is based on a mix of

Lecture Strategy used to introduce each topic to students. It is used as a means of conveying information on a new topic to students.

Active Learning where students produce written work during the lecture. This aims to improve students' understanding and retention of information and can be very effective in developing higher order cognitive skills such as problem solving and critical thinking.

Discussion Strategies where students are engaged in discussion to deepen their learning and motivation by propelling them to develop their own views and hear their own voices. It provides a good environment for interaction and is the first step in encouraging students to talk.

 Final Exam:  Written exam including numerical and/or theoretical questions

Final exam should be supervised in person or proctored if online.

Formative assessment scaffolds in preparation for the final exam.

Detailed feedback is provided for formative assessment.  Multiple opportunities are afforded to the student to take these formative assessments.

Final Exam:  Written exam including numerical and/or theoretical questions

Final exam should be supervised in person or proctored if online.

LO No 1 Discuss and apply the rules of a selection of International Accounting Standards to financial statements.

IAS 1 Presentation of financial statements, IAS 2 Inventories, IAS 7 Statements of Cash Flow, IAS 8 Accounting Policies, IAS 10 Events after reporting period, IAS 12 Income Taxes (Current tax only), IAS 16 Property, Plant and Equipment, IAS 20 Government grants, IAS 40 Investment Property

Lo No 2 Prepare and Interpret Statements of Cash Flows as outlined in IAS 7.

Prepare Statement of Cash Flow with 3 sub headings together with relevant workings

Interpret performance of company and liquidity situation from reading a Statement of Cash Flows

Define Cash and Cash Equivalents

LO No 3 Prepare financial statements for companies.

Prepare Statement of Profit or Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity

Make adjustments for scenarios related to  rules of IASs e.g. revaluations of property, plant and equipment, prior period errors, change in accounting policy, capital grants received, damage to inventory etc

LO No 4 Distinguish between information to be included in specific financial statements, notes to financial statements and workings.

Minimum information to be included on 'face' of financial statements, disclosure requirements required by IASs and Companies Acts to be included in Notes to the Financial Statements and workings used and referenced to financial statements to show how figures included in accounts were calculated.