Financial Reporting (Level 8)

This part of the module discusses and critically reviews the conceptual and regulatory frameworks within which financial accounting operates. In expanding upon material covered in first year Financial Accounting, it includes discussion of how International Financial Reporting Standards (IFRS) are developed (and governed) and ethical issues in modern financial reporting.

The part of the module discusses and applies accounting standard requirements relating to revenue from contracts with customers, financial instruments, leases, non-current assets held for sale and discontinued activities, impairment of assets, intangible assets, inventory and biological assets, the effects of foreign exchange rates, events after the reporting period, changes in accounting policies, changes in estimates and correction of prior period errors.

This part of the module discusses and applies the requirements of relevant accounting standards and legislation for the purpose of preparing and presenting single entity financial statements for a small limited liability company in Ireland. This part of the module considers the requirements of statutory financial statements and abridged financial statements.

This part of the module applies a variety of techniques to critically review and interpret prepared financial statements. In expanding upon the material covered in first year Financial Accounting, it includes consideration of once-off transactions, seasonality, accounting policies, earnings management, non-financial data, imperfect data sets and necessary caveats when drawing conclusions. Reporting financial performance and government grants.

This part of the module reviews current and ethical issues in financial reporting. These issues may relate to such matters as emerging information technologies, ongoing changes in the professional accountancy environment and the changing roles of accountants in the modern business environment.