Preparing Financial Statements
| Module title | Preparing Financial Statements |
|---|---|
| Module code | BEA1020DAZ |
| Academic year | 2024/5 |
| Credits | 30 |
| Module staff |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 12 |
| Number students taking module (anticipated) | 50 |
|---|
Module description
This module will give you the knowledge and skills to prepare financial statements, or extracts thereof, in accordance with International Financial Reporting Standards (IFRS) and UK Generally Accepted Accounting Practice (GAAP). In doing so you will apply the regulatory framework of financial accounting that applies to sole traders, partnerships, companies, charities, and public sector organisations, and identify and use appropriate digital technology to achieve desired outputs in the context of producing statutory of financial reports.
Furthermore, you will apply the principles and recognise the significance of reconciling internal system records with external information sources such as banks and suppliers.
By the end of this module, you will be able to analyse and interpret the reasons for differences between internal and external source documentation and produce reconciliations that clearly identify those differences and required actions.
You will develop as a conscientious and diligent accountant with a passion for attention to detail striving for completeness and accuracy.
Module aims - intentions of the module
This module will provide you with the skills and knowledge for drafting the financial statements of single limited companies and consolidated financial statements for groups of companies. You will explore the application of international accounting standards when drafting the financial statements, along with the regulatory and conceptual frameworks that underpin the preparation of limited company financial statements.
You will also explore the principles and significance of reconciling internal system records with external information sources such as banks and suppliers to ensure accuracy of the financial statements you are preparing. Finally you will have the opportunity to explore a range of digital technology available in the production of producing statutory of financial reports.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Describe the regulatory framework of financial accounting that apply to sole traders, partnerships, companies, charities, and public sector organisations.(K1)
- 2. Describe the Accounting concepts and standards in UK GAAP and IFRS as applicable to sole traders, partnerships, companies, charities, and public sector organisations. (K2)
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 3. Identify the technology available for financial accounting, reporting, and internal controls.(K3)
- 4. Explain the principles and significance of reconciling internal system records with external information sources such as banks and suppliers. K10
- 5. Analyse and interpret the reasons for differences between internal and external source documentation and produce reconciliations that clearly identify those differences and required actions. (S9)
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 6. Prepare financial statements, or extracts thereof, in accordance with International Financial Reporting Standards (IFRS) and UK Generally Accepted Accounting Practice (GAAP). (S1)
- 7. Identify and use appropriate digital technology to achieve desired outputs in the context of producing statutory of financial reports. (S2)
- 8. Demonstrate conscientious and diligent attention to detail that strives for completeness and accuracy. (B1)
Syllabus plan
This is a continuation of the first module introducing financial statements to producing Financial Statements for Limited companies whilst following IFRS and GAAP
- Reporting frameworks that underpin financial reporting
- Draft statutory financial statements for limited companies
- Draft consolidated financial statements
Internal Controls will include
- The role and responsibilities of the accounting function within an organisation
- Reconciliation
- Impact of technology on accounting systems
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 34 | 266 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled teaching and learning activities? | 34 | 4 masterclasses and 4 webinars? |
| Guided independent study | 60 | Reading, research, web based activities on ELE?? |
| Guided independent study | 206 | Work activities?? |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Scenario case study - Financial Accounting? | 4 Artefacts | 1,2,5,6,7 | Written |
| Scenario case study - Internal Controls & Technology | 2 Artefacts | 3,4,8 | Written |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 50 | 0 | 50 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Case study report | 50 | 3000 words with artefacts | 1,2,4,5,8 | Written |
| Exam | 50 | 150 minutes | 3,6,7 | Written |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Case study report | Case study report | 1,2,4,5 | 6 weeks |
| Exam | Exam | 3,6,7 | 6 weeks |
Re-assessment notes
Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.
Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%
Indicative learning resources - Basic reading
Basic reading:
- Cox, D. (2021). Drafting and Interpreting Financial Statements Tutorial, Osborne Books
- Thomas, A. and Ward, A>M> (2019). Introduction to Financial Accounting, 9th edition: McGraw Hill Edition
Indicative learning resources - Other resources
- Association of Accounting Technicians (AAT) student learning portal
| Credit value | 30 |
|---|---|
| Module ECTS | 15 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 4 |
| Available as distance learning? | Yes |
| Origin date | 06/03/24 |
| Last revision date | 27/11/2024 |
