Financial Reporting (ICAS TPS Module)

Module description

To be taken by students on BSc Accounting only.

The objective of Test of Professional Skills subjects is to equip students with the practical skills in core areas necessary for an entry level professional accountant. This requires the development of an understanding of relevant concepts, principles and techniques, the ability to apply these in realistic settings and the exercise of judgement in selecting and advising on the most appropriate treatment. The TPS examinations test both the understanding and the application of these skills and techniques. 

The aim of the Financial Reporting course is to develop a thorough understanding of and ability to apply appropriate principles in accounting for transactions and events using International Accounting standards. The course also covers the preparation and construction of final financial statements for both an individual company and groups, including relevant disclosure notes   Coverage of the key differences between International Accounting Standards and UK Accounting Standards is also provided.

Taught outside of the University Term Calendar

Full module specification

Module title:Financial Reporting (ICAS TPS Module)
Module code:BEA3013K
Module level:3
Academic year:2016/7
Module lecturers:
  • - Lecturer
Module credit:30
ECTS value:

15

Pre-requisites:

BEA1008K Introduction to Financial Accounting and BEA2001K Financial Accounting

Co-requisites:
Duration of module: Duration (weeks) - term 1:

11

Duration (weeks) - term 3:

6

Module aims

The objective of Test of Professional Skills subjects is to equip students with the practical skills in core areas necessary for an entry level professional accountant. This requires the development of an understanding of relevant concepts, principles and techniques, the ability to apply these in realistic settings and the exercise of judgement in selecting and advising on the most appropriate treatment. The TPS examinations test both the understanding and the application of these skills and techniques. 

The aim of the Financial Reporting course is to develop a thorough understanding of and ability to apply appropriate principles in accounting for transactions and events using International Accounting standards. The course also covers the preparation and construction of final financial statements for both an individual company and groups, including relevant disclosure notes   Coverage of the key differences between International Accounting Standards and UK Accounting Standards is also provided.

ILO: Module-specific skills

  • 1. apply generally accepted accounting principles
  • 2. recommend the appropriate accounting treatment under International Financial Reporting Standards to account for specific transactions
  • 3. prepare journal entries, with supporting calculations, to record a range of transactions in accordance with any relevant guidance on accounting treatment
  • 4. compare International Financial Reporting Standards and UK Standards in the context of convergence
  • 5. advise on how certain issues may be dealt with under UK Accounting Standards
  • 6. construct primary financial statements for an individual company
  • 7. construct primary financial statements for a Group
  • 8. construct appropriate disclosures for inclusion within the annual report and accounts
  • 9. explain the accounting requirements relating to small and medium-sized entities

ILO: Discipline-specific skills

  • 10. prepare accurate solutions, in an appropriate format, to accounting issues presented
  • 11. advise, with reference to the accounting standards, on the most appropriate accounting treatment for a given situation
  • 12. appraise a given situation identifying what matters require to be accounted for and/or corrected
  • 13. prepare financial statements that contain sufficient information and disclosures to satisfy regulatory requirements specific to the size and nature of an entity
  • 14. advise on suggested practise with reference to regulatory requirements, and recommending alternatives where available
  • 15. research accounting matters with reference to International Financial Reporting Standards
  • 16. advise on key current developments within the accounting profession that may have implications for a given situation
  • 17. apply recognition and measurement principles to specific financial statement items to prepare financial statements

ILO: Personal and key skills

  • 18. use judgement to identify the important issues and make appropriate recommendations
  • 19. apply analytical and problem solving skills to a situation
  • 20. demonstrate written and numerical communication skills to present information clearly, logically and be able to prioritise key information
  • 21. demonstrate an ability to undertake independent study and to time and priority manage

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
1191810

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Contact Hours119face-to-face taught classes comprising lectures and workshops
Private Study181precourse, home study including weekends and evenings

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Workshop exercisesWorkshop exercises are variable1-21Verbal in classes and suggested solutions provided
Mock examsMock 1 – 40 mark paper of 1 hour 40 minutes Mock 2 – 40 mark paper of 1 hour and 40 minutes Mock 3 – 50 mark paper of 2 hours and 15 minutes Mock 4 – 50 mark paper of 2 hours and 15 minutes1-21Marked papers and suggested solutions provided

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
01000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination100A written examination of 2 x 2 ¼ hour papers. The pass mark is 50%.1-9Mark awarded and suggested solution and Examiners report provided
0
0
0
0
0

Syllabus plan

Accounting Principles
Financial Statements
Tangible Non-current Assets
Intangible Assets
Impairment of Assets
Inventories  and Contracts
Financial Instruments
Accounting for Leases
Provisions, Contingent Liabilities and Contingent Assets and Events After the Balance Sheet Date
Employee Benefits
Share Capital Movements and Distributable Profits
Foreign Currency Translation
Cash Flow Statements
Disclosure in Financial Statements
Accounting for Investments
Acquisitions Accounting 1
Acquisitions Accounting 2
Accounting for Associates
Group Accounting Requirements
Vertical groups and Disposals
Foreign SubsidiariesFair Values and Goodwill
Corporate Reporting
Accounting for Tax

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

The required texts for the module are:
1. CA Education Financial Reporting course notes, workshop exercises and question banks
2. International Financial Reporting Standards (Red book)
3. Company Law Handbook

Origin date

03/06/2014

Last revision date

03/06/2014