Module Overview

International Financial Reporting 2

The aim of the this module is to extend and build on the knowledge and competence acquired in Financial
Accounting 1,2 and International Financial Reporting 1. In particular, the module’s objectives are as follows;
detailed examination of the Conceptual and Regulatory Framework, qualitative characteristics of useful
information and accounting concepts, detailed examination of selected accounting standards and
preparation of financial statements and financial statement interpretation and analysis.

Module Code

ACCF H2018

ECTS Credits


*Curricular information is subject to change

Conceptual and Regulatory Framework

Scope, Purpose and Objectives of the financial statements for external reporting. Identify the main user groups and their needs.Understand and identify the main elements of financial reports. Role of Regulatory Framework including the IFRS, IASB, IFRSAdvisory Council and IFRIC. Knowledge of duties and responsibilities of those charged with governance. Current and likely futuredevelopment in regulation and reporting.Define, understand and apply qualitative characteristics: relevance, faithfulrepresentation, comparability, verifiability, timeliness and understand ability. Define, understand and apply accounting concepts ofmateriality, substance over form, going concern, business entity concept, accruals, prudence and consistency.

Accounting Standards

Development of knowledge and understanding in terms of identification, definition, recognition, measurement and presentation ofelements of selected accounting standards in the preparation of the Financial Statements

Limited Liability Companies

Preparation of Financial Statements of single entity limited Companies to include issues arising from selected accountingstandards studied.

Interpretation and Analysis of Accounting Information

Preparation of the key ratios from the financial statements. Appraising and communicating the position and prospects of abusiness based on an analysis of profitability, liquidity, working capital efficiency and financial risk. Limitation of financialstatements and ratios analysis – window dressing and over trading. Structure and Presentation of financial analysis report.

Module Content & Assessment
Assessment Breakdown %
Formal Examination70
Other Assessment(s)30