MMM062-International Financial Reporting 1

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Dr Ronita Ram
Email: ronita.ram@henley.ac.uk

Type of module:

Summary module description:

This module develops students’ knowledge and understanding of International Financial Reporting Standards and the relevant regulatory and institutional framework of financial accounting.Ìý

Aims:

This module aims to develop students’ critical knowledge and understanding of decision-useful investor-related financial reporting via a consideration of the principles and methods that underlie the preparation and presentation of the main financial statements in an international context. It also introduces students to the regulatory and institutional infrastructure of the financial reporting.Ìý

Assessable learning outcomes:

By the end of the module is it expected that the student will be able to:Ìý

1. Describe and explain the key elements of the international regulatory framework for international decision-useful financial reporting.Ìý


2. Describe, explain and apply the key elements of the conceptual framework for internationalÌýdecision-useful financial reporting.


3. Explain the preparation, presentation, measurement and meaning of the primaryfinancial statements and their contents and draft such statements.


4. Undertake an analysis of financial statements.


5. State, explain, apply and critically appraise the contents of a range of international financial reporting standards.


6. Analyse, summarise, synthesise and evaluate selected relevant academic and professional literature.

Additional outcomes:

Students should gain improved ability to understand the nature of accounting, even that in their own countries. The module also aims to encourage the development of oral communication skills, and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning skills. Students are encouraged to develop additional IT skills by use of relevant web resources and communication techniques, including Blackboard.Ìý

Outline content:

• Main users and producers of accounting information, financial versus management accountingÌý


• Usefulness and objectives of financial reporting – conceptual framework of financial reporting?Ìý


• Causes of variation between national accounting practicesÌý


• Implications of the internationalization of accounting practiceÌý


• Processing accounting data – from double entry book keeping to final statements?Ìý


• Balance sheet (statement of financial position), recognition and valuation of assets and liabilitiesÌý


• Income statement and a statement of comprehensive incomeÌý


• Statement of changes in equity?Ìý


• A cash flow statementÌý


• Corporate reporting, features of a limited companyÌý


• Basis of corporate governance, regulatory framework of the financial reportingÌý


• Analysing and interpreting financial statements – financial ratiosÌý

Global context:

Focus on global financial accounting and reporting regulations.Ìý

Brief description of teaching and learning methods:

Lecture/workshops will be used for the exposition of the major concepts, principles and techniques under consideration. Lecture exposition will be interspersed with student driven application.

Contact hours:

Ìý	Autumn	Spring	Summer
Lectures	20		2
Tutorials	18
Guided independent study:	Ìý	Ìý	Ìý
Ìý Ìý Wider reading (independent)	10
Ìý Ìý Wider reading (directed)	30
Ìý Ìý Exam revision/preparation	20		40
Ìý Ìý Advance preparation for classes	10
Ìý Ìý Preparation for tutorials	10
Ìý Ìý Completion of formative assessment tasks	10
Ìý Ìý Revision and preparation	20
Ìý Ìý Reflection	10
Ìý	Ìý	Ìý	Ìý
Total hours by term	158	0	42
Ìý	Ìý	Ìý	Ìý
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	80
Class test administered by School	20

Summative assessment- Examinations:

2hourÌýclosed book examÌýin the Summer termÌýcovering numerical and discursive elements.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Ìý

Summative assessment- Coursework and in-class tests:

1hourÌýclosed book MCQ class test, in mid November (timetable week 12)

Formative assessment methods:

Formative assessments are available in the text book for all topics. InÌýadditionÌýfurther questions are available on Blackboard and students will practise them in the workshops or will be required to complete them during their self-study time. Marking guides and feedback are provided where appropriate so that students can assess their own performance.Ìý

Penalties for late submission:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy £Penalties for late submission for Postgraduate Flexible programmes£, which can be found here: /cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmissionpgflexible.pdf
The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
A minimum mark of 50% is required for a University pass.

Reassessment arrangements:

Reassessment byÌýexamination onlyÌýwhich takes place in August/September of the same year.Ìý

Additional Costs (specified where applicable):

Cost	Amount
1. Required Text Book	£45.00

Ìý

Last updated: 22 September 2022