ACCT08034 2022 Financial Accounting 7

General Details

Full Title
Financial Accounting 7
Transcript Title
Financial Accounting 7
Code
ACCT08034
Attendance
N/A %
Subject Area
ACCT - Accounting
Department
BUS - Business
Level
08 - NFQ Level 8
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, Helen Grady
Programme Membership
SG_BACCO_K08 202200 Bachelor of Business (Honours) in Business with Accounting (Add-on)
Description

The aim of this module is to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Discuss conceptual and regulatory frameworks for financial reporting

2.

Account for transactions in accordance with IFRS

3.

Analyse and interpret financial statements

4.

Prepare and present financial statements for partnerships

5.

Prepare and present financial statements for single entities in accordance with IFRS

Teaching and Learning Strategies

The student will engage with the content of the module through pre-lecture reading, informative video presentations, lectures and quizzes.

The student will develop an understanding of module content through technical articles and use of software applications to complete and review examples.

The student will apply their learning through completion of practical exercises.

Module Assessment Strategies

Objective test and final written examination

Repeat Assessments

Repeat objective test and / or final examination

Module Dependencies

Prerequisites
ACCT07033 201600 Financial Accounting 6
Co-requisites
None
Incompatibles
ACCT08033 202200 Financial Reporting 5 None

Indicative Syllabus

LO1 - Discuss conceptual and regulatory frameworks for financial reporting

  • Discuss the need for a conceptual framework and the characteristics of useful information.
  • Explain recognition criteria and measurement concepts
  • Describe the regulatory framework 
  • Compare IFRS and a national regulatory framework

LO2 - Account for transactions in accordance with IFRS

  • Accounting for transactions in financial statements including tangible non-current assets, intangible assets, impairment of assets, inventory, leasing, taxation, reporting financial performance and government grants.

LO3 - Analyse and interpret financial statements

  • Prepare a statement of cash flows for a single entity in accordance with relevant accounting standards. 
  • Compare the usefulness of cash flow information with that of other financial statements.
  • Interpret a statement of cash flows (together with other financial information) to assess the performance and financial position of an entity.

LO4 - Prepare and present financial statements for partnerships

LO5 - Prepare and present financial statements for single entities in accordance with IFRS

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 Objective testing Continuous Assessment Assessment 20 % Week 8 1,2
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Written test containing theoretical and numerical questions Final Exam Closed Book Exam 80 % End of Term 1,2,3,4,5
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Independent Learning Not Specified Personal study 3 Weekly 3.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Lecture Flat Classroom Lecture 1 Weekly 1.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Required Reading
2021 FINANCIAL REPORTING - STUDY TEXT.
ISBN 1787408604 ISBN-13 9781787408609
Recommended Reading
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.

Recommended Reading
2018 INTERNATIONAL FINANCIAL ACCOUNTING AND REPORTING.
ISBN 1912350025 ISBN-13 9781912350025

Recommended Reading
Financial Accounting and Reporting Pearson Education Limited.

Module Resources

Non ISBN Literary Resources

The core text for this module is: Kaplan (Current Year) Financial Reporting - Study Text.

Updated Literary Resources

International Financial Accounting and Reporting - Dr. Ciaran Connolly - Inst. of Chartered Accountants in Ireland - 2009.

Financial Accounting and Reporting. Elliott B and Elliott J - 2010

Guidance and Standards issued by the IASB:

IAS 1 Presentation of Financial Statements.IAS 2 Inventories. IAS 7 Cash Flow Statements. IAS 8 Accounting policies.

IAS 10 Post Balance Sheet events. IAS 11 Construction contracts IAS 12 Income taxes

IAS 16 Property, plant and equipment IAS 17 Leases IAS 18 Revenue. IAS 20 Government grants.

IAS 40 Investment property

Journal Resources
URL Resources

IFRS website for accounting standards, technical summaries, interpretations and news updates
https://www.ifrs.org/
 

Other professional body websites for student resources:

https://www.accaglobal.com/ie/en.html
https://www.charteredaccountants.ie/
https://www.cimaglobal.com/Our-locations/Ireland/
https://www.cpaireland.ie/

Other Resources

Moodle page

Relevant articles from professional journals available through the above professional accounting body websites

 

Additional Information