ACCT07015 2016 Financial Reporting 3

General Details

Full Title
Financial Reporting 3
Transcript Title
Financial Reporting 3
N/A %
Subject Area
ACCT - Accounting
BUS - Business
07 - NFQ Level 7
05 - 05 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Caroline McNulty, Helen Grady
Programme Membership
SG_BACCO_H08 202100 Bachelor of Arts (Honours) in Business in Accounting L8

Introduce the student to the ideas of good corporate governance and social responsibility and further develop their accounting skills allowing the students to prepare financial statements of a more complex nature.

Learning Outcomes

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


Explain what ethical behaviour and good corporate governance entail


Describe the framework underlying the preparation and presentation of financial statements.

Record a large variety of business transactions using the double-entry system
Prepare financial statements for different business structures

Teaching and Learning Strategies

The strategy is based on a mix of

Lecture Strategy used to introduce each topic to students. It is used as a means of conveying information on a new topic to students.

Active Learning where students produce written work during the lecture. This aims to improve students' understanding and retention of information and can be very effective in developing higher order cognitive skills such as problem solving and critical thinking.

Discussion Strategies where students are engaged in discussion to deepen their learning and motivation by propelling them to develop their own views and hear their own voices. It provides a good environment for interaction is the first step in encouraging students to talk.

Module Assessment Strategies

written exam which can be theoretical and/or numerical or project.

Repeat Assessments

Learning outcomes can be met by repeat exam only.

Module Dependencies

ACCT06020 201600 Financial Reporting 2

Indicative Syllabus

Ethical considerations. Corporate governance, what is it, what is best practice at the present time? What is the role of the IASB in the preparation of accounting laws, standards and other pronouncements?

Double entry book-keeping, correction of errors, control accounts, vat accounting.

Prepare year end financial statements for sole traders, not-for-profit organisations, manufacturers and limited companies (excluding groups).  Prepare year end accounts from incomplete records.



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 In class Q/A sessions:::: also MCQ's Formative Open Book Exam - % OnGoing 1,2,3,4
2 Problem solving practice Formative Open Book Exam - % OnGoing 1,2,3,4
3 Written test containing theoretical and/or numerical questions Continuous Assessment Closed Book Exam 20 % Week 9 1,2,3,4

End of Semester / Year Assessment

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

Full Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Independent Learning UNKNOWN Personal study 3 Weekly 3.00
Lecture Flat Classroom Lecture 4 Weekly 4.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Recommended Reading
2015-07-09 International Financial Reporting: A Practical Guide Pearson Education Limited
ISBN 1292086238 ISBN-13 9781292086231

INTERNATIONAL FINANCIAL REPORTING: A Practical Guide "If the accounting student was only to purchase one textbook in their student lives then it should without a doubt be Melville's International Financial Reporting" Raymond Holly, Galway-Mayo Institute of Technology (Ireland) With more than 120 countries in the world now using international financial reporting standards (IFRS), knowledge of the standards issued by the International Accounting Standards Board (IASB) is vital to students' success in financial accounting. Melville's International Financial Reporting employs a practical, applied approach in exploring and explaining the key international standards. With a focus on how to implement the standards, this text delivers a focused, user-friendly introduction to international financial reporting. Renowned for clear and concise language, this fifth edition brings the book completely up-to-date with international standards issued as of 1 January 2015. Key features * Unique practical approach * Class-tested by professional and degree students * Worked examples with solutions in every chapter * Chapter-end exercises featuring questions from past exam papers of key professional accountancy bodies Visit for our suite of resources to accompany this textbook, including a complete solutions guide, PowerPoint slides for each chapter and opportunities for extra practice. Alan Melville FCA BSc Cert Ed. is a best-selling author. Previously a Senior Lecturer at Nottingham Trent University, he has many years' experience of teaching accounting and financial reporting.

Recommended Reading
2012-01-01 An Introduction to Financial Accounting McGraw Hill Higher Education
ISBN 9780077132682 ISBN-13 9780077132682

The new seventh edition of Introduction to Financial Accounting by Andrew Thomas and Anne Marie Ward has been fully revised and updated to reflect the very latest developments in this dynamic field and offers contemporary and comprehensive coverage of Financial Accounting today.

Recommended Reading
2015-08-28 International Financial Accounting and Reporting Chartered Accountants Ireland
ISBN 1910374296 ISBN-13 9781910374290

Module Resources

Non ISBN Literary Resources

Alan Melville, 2015 International Financial Reporting: A Practical Guide Pearson Education Limited
ISBN-10 1292086238, ISBN-13 9781292086231

Andrew Thomas, 2012 An Introduction to Financial Accounting McGraw Hill Higher Education

International Financial Accounting and Reporting. Dr. Ciaran Connolly. Inst. of Chartered Accountants

Guidance and Standards issued by the IASB :

IAS 1 Presentation of Financial Statements    IAS 2  Inventories   IAS 8  Accounting policies



URL Resources

IFRS Foundation and the IASB website for IAS and IFRS standards, technical summaries and interpretations

IAS Plus website for IAS and IFRS news and updates

ACCA website for past examination papers

Other professional body websites for students:

Other Resources

Relevant articles from the business press, professional accounting publications etc.

Additional Information