Module Overview

International Financial Reporting 3

This module aims to build on the knowledge of accounting concepts, terminology, principles acquired in
previous Financial Accounting/reporting modules. In particular, students will build on their knowledge of the
requirements of International Financial Reporting Standards and the application of the standards to the
preparation of limited company financial statements including cash flow statements.

Module Code

ACCF H3023

ECTS Credits


*Curricular information is subject to change

See above 

Preparation and presentation of Financial Statements

Preparation of Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity in accordance with International Financial Reporting Standards.

International Accounting Standards

Study of the requirements and application of a range of accounting standards. Revision of introductory issues from previous years. Advanced Issues on Non-current assets including Non-current assets held for sale and discontinued operations, Property, plant and equipment revaluations, Investment properties, Impairment of assets. Current taxation, Provisions, Contingent Liabilities and Contingent Assets

Specific accounting issues.

Accounting treatment of leased assets in the Financial Statements of lessees and accounting for construction contracts..

Cash flow statements

Preparation of cash flow statements for individual companies and interpretation of same.

Financial accounting/Reporting is a core module in seven of the eight semesters of the Honours Degree programme. The teaching strategy for all of these modules is one which emphasises the need for the student to be actively engaged in the learning process, both in class and when they are studying in their own time. In order to achieve this, students are encouraged to ask and answer questions during class, to do examples in class as well as following solutions prepared by the lecturer. Where a new topic is introduced lecturers sometimes use brainstorming techniques to gauge what knowledge students already have of the topic. Accounting is a subject where cumulative knowledge is very important – thus, lecturers use a teaching strategy, which helps to build on students’ prior knowledge of accounting thereby encouraging a constructivist learning approach among students. At each stage of the teaching of these modules, double entry is used to help in this regard. Lecturers also use a concept-based approach to teaching International Financial Reporting Standards, which emphasises the underlying assumptions that inform these standards. At all levels there is a balance between explaining the theoretical aspects of this subject and demonstrating the practical impacts of that theory in the financial statements of a variety of organisation types. Knowledge of material covered in this and other pillars form the basis for an understanding of the advanced material covered in this pillar. Accounting, and in particular the study of International Financial Reporting Standards, is constantly changing. As the syllabi coverage in these modules is largely exemption driven the material covered is regularly updated, as International Financial Reporting Standards change. This requires lecturers to keep up to date through continuous professional development courses and their own research and ensures that material being learned by students is current. Class handouts and a comprehensive textbook support the teaching of the material in all years. Published accounts are also widely used in class by lecturers to emphasise the real- world nature of what students are learning and this aspect is also informed by the experience gained by lecturers who have practical knowledge of Financial Accounting in a business environment. Some companies now include a range of non-financial information in their financial statements including their use of clean technology, details about energy and water consumption and their efforts to protect local habitat and their involvement in local community issues. In our teaching of this pillar we will ensure students acquire knowledge regarding such disclosures and their impact in supporting sustainability.

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