The aim of this module is to introduce students to more advanced financial accounting/reporting and auditing techniques and to a more detailed application and interpretation of the requirements of International Financial Reporting and Auditing Standards in the preparation of single company and consolidated financial statements and the audit reports thereon.
Group Accounting Standards
Discussion and application of International accounting standards relevant to the preparation and disclosure requirements of group accounts including those covering the accounting treatment of associates and Joint ventures.
Preparation of Consolidated (Group) Financial Statements:
Preparation of Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position and Consolidated Statement of Changes in Equity taking account of some advanced issues such as the impact of pre-acquisition dividends; intra-group adjustments; full goodwill method; impact of preference shares on NCI; other IFRS related adjustments. Complex Group structures;Accounting for Associates and joint ventures in Group Financial Statements.
International accounting standards
Study of a range of accounting standards including those dealing with the accounting treatment of deferred tax, Revenue recognition, Property, plant and equipment and the impairment of individual assets and cash generating units.
Auditing:
Audit and assurance services overview;Analysis of issues and preparation of audit report in relation to the audit of group financial statements; Principal auditors; The consolidation process; Joint audits.
Auditing
Understand and be able to critically evaluate: the implications of inappropriate audit opinions with reference to company collapses; & current developments in audit.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |