Advanced Financial Reporting
The aim of the module is to enhance your knowledge of the theory and practice of financial reporting. To this end, the module will cover advanced financial reporting topics such as: accounting for changing price levels, financial instruments, employee benefits, foreign currency transactions, various types of business combinations e.g. subsidiaries, associates, joint arrangements, indirect holdings and acquisitions-in-stages), and theories of accounting regulations and accounting choice.
Internationalisation is embedded in the content of this module through the use of the International Financial Reporting Standards (IFRSs). Moreover, the principles of financial reporting are broadly common across most countries.
All of the resources for the module are available on the ELE (Exeter Learning Environment).
The module content meets the standards of the professional accountancy bodies (e.g. ICAEW, ACCA, ICAS and CIMA) and the module is accredited by them.
Material taught in this module is highly relevant to accounting- and business-related jobs. The module also offers an opportunity for students to develop their numeracy and logical thinking skills.
Research in teaching
The module is informed by the module convenor’s research interest in financial reporting.
Full module specification
|Module title:||Advanced Financial Reporting|
BEA2019 and BEA2020
|Duration of module:||
Duration (weeks) - term 1: |
0Duration (weeks) - term 2:
11Duration (weeks) - term 3:
This module follows on from the second year Financial Accounting modules, study of which is a prerequisite for entry to this module. This module has three aims:
(1) to develop students’ knowledge and skills in applying accounting standards and the theoretical framework in: the preparation of financial statements for groups of entities; the accounting of financial instruments, employee benefits and foreign currency transactions; and the use of and problems with various income measurement and assets valuation bases.
(2) to provide students with an understanding of the economics and politics behind accounting standards setting and the accounting choice made by companies; and
(3) to advance students’ knowledge of advanced financial reporting issues and their ability to critique current practice.
ILO: Module-specific skills
- 1. prepare and present financial statements which conform with international accounting standards
- 2. account for changing price levels, financial instruments, employee benefits and foreign currency transactions in accordance with international accounting standards, and evaluate these standards;
- 3. account for various business combinations in accordance with international accounting standards
- 4. compare and evaluate the various methods of accounts consolidation.
- 5. explain and discuss the accounting choice of companies and the current state of accounting regulation from the theoretical perspectives of economics and politics.
ILO: Discipline-specific skills
- 6. analyse and draw reasoned conclusions concerning structured problems from a given set of data
- 7. apply logical thinking and numeracy skills to problems by using appropriate accounting and finance techniques
- 8. critically evaluate arguments and evidence
ILO: Personal and key skills
- 9. manage their own learning experience individually
- 10. use appropriate learning resources
- 11. communicate effectively in writing.
Learning activities and teaching methods (given in hours of study time)
|Scheduled Learning and Teaching Activities||Guided independent study||Placement / study abroad|
Details of learning activities and teaching methods
|Category||Hours of study time||Description|
|Scheduled Learning and Teaching Activity||10||Whole cohort sessions (10 weeks x 1 hour)|
|Scheduled Learning and Teaching Activity||10||Tutorials (10 weeks x 1 hour)|
|Guided Independent Study||130||Undertaking guided learning using learning material on ELE. Reading and preparation for tutorials and assessments|
|Form of assessment||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|Weekly tutorial problems for discussion||3 hrs preparation by student / 1 hr in-class discussion||1-11||In class and suggested solutions on ELE|
|Additional formative practice questions||3 hours preparation by students||1-11||Suggested solutions on ELE|
Summative assessment (% of credit)
|Coursework||Written exams||Practical exams|
Details of summative assessment
|Form of assessment||% of credit||Size of the assessment (eg length / duration)||ILOs assessed||Feedback method|
|In class test||20||1 hour||1-10||Suggested solutions on ELE|
|Written examination||80||2 hours||1-11||Suggested solutions on ELE|
Details of re-assessment (where required by referral or deferral)
|Original form of assessment||Form of re-assessment||ILOs re-assessed||Timescale for re-assessment|
|Written examination (80%)||Written examination (80%) (2 hours)||1-11||August reassessment period|
|In-class test (20%)||In-class test (20%) (1 hour)||1-10||August reassessment period|
If you pass the module overall you will not be referred in any component – even if you have not passed one of the individual components.
Students who fail the whole module will be re-assessed with an in-class test and/or summer examination, whichever is relevant as above.
- Accounting for changing price levels
- Accounting for financial instruments
- Accounting for employee benefits (pensions and share-based payments)
- Accounting for foreign currency transactions (and balances)
- Group accounts – Accounting for business combinations I
- Group accounts – Accounting for business combinations II
- Group accounts – Associates and Joint arrangements
- Group accounts – Indirect holdings and acquisitions-in-stages
- Group accounts – Statement of cash flows
- Economics and politics of accounting regulations and accounting choice
Indicative learning resources - Basic reading
- Alexander, D., Jorissen, A., Hoogendoorn, M., Van Mourik, C., & Kirwan, C. (2020). International financial reporting and analysis (8th ed.). Cengage Learning.
- Melville, A. (2019). International financial reporting: A practical guide (7th ed.). Pearson Education.
- Connolly, C. (2018). International financial accounting and reporting (6th ed.). Chartered Accountants Ireland.
Module has an active ELE page?
Indicative learning resources - Web based and electronic resources
ELE – https://vle.exeter.ac.uk/course/view.php?id=10023
Indicative learning resources - Other resources
Additional reading list (e.g. academic journal articles, etc.) will be provided at the end of every lecture.
Last revision date