Module Code - Title:
AC6161
-
ADVANCED FINANCIAL REPORTING I
Year Last Offered:
2025/6
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
Financial Accounting information must be understood within regulatory, legislative, theoretical and conceptual contexts in order to meet the need of users. This first advanced financial reporting module aims to build on students existing knowledge of financial reporting within the complex regulatory environment. This module aims to give students an in-depth knowledge and competence to prepare financial statements in accordance with International Financial Reporting Standards (IFRS) and relevant legislation.
Syllabus:
The students will develop an in-depth understanding of the regulatory, legal and ethical framework in which financial reporting occurs. Students will develop an understanding of the principles of the IFRS regulatory framework, and of the local GAAP (UK & Ireland). Students will explore the impact of Accounting Standards and Accounting Policies for complex business transactions. The module will equip students with the ability to apply International Financial Reporting Standards (IFRS) to a specified range of business transactions, and how to prepare financial statements in line with the applicable standards. Students will explore the ethical implications arising in financial and non-financial reporting (including sustainability reports and integrated reports). Students will develop in-depth knowledge of accounting for complex business transactions and applying the disclosure requirements correctly.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students will be able to:
1. Discuss the principal variance between different accounting standards.
2. Apply multiple accounting frameworks to a range of complex business transactions.
3. Critically evaluate and apply a comprehensive knowledge of IFRS in the preparation and presentation of published financial statements.
Affective (Attitudes and Values)
On successful completion of this module, students will be able to:
1. Appraise and apply appropriate ethical considerations in preparation of financial statements.
2. Demonstrate an appreciation of ethical concerns for the accountant, and the impact of non-financial data, including sustainability reports and integrated reports.
Psychomotor (Physical Skills)
On successful completion of this module, students will be able to:
How the Module will be Taught and what will be the Learning Experiences of the Students:
The Module will be taught through a combination of lectures, tutorials and guest speakers through which the student will acquire the technical skills and knowledge required to prepare financial statements under IFRS. This module will prioritise the graduate attributes of being 'responsible' and 'articulate' by providing students with opportunities to discuss and engage with complex real-tax financial transactions, and communicate the correct disclosure for such transactions, whilst understanding fully the consequences of such disclosures for a range of stakeholders.
Research Findings Incorporated in to the Syllabus (If Relevant):
Prime Texts:
Connolly, C. (2018)
International Financial Accounting and Reporting. 6th edition.
, Chartered Accountants Ireland
Other Relevant Texts:
IFRS (2023)
International Financial Reporting Standards, 2023.
, IFRS
Programme(s) in which this Module is Offered:
MSIACCTFA - ACCOUNTING
Semester(s) Module is Offered:
Autumn
Module Leader:
Philip.ORegan@ul.ie