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UK Financial Reporting

Module description

UK Financial Reporting refers to the process and framework through which companies in the United Kingdom communicate their financial information to various stakeholders, including investors, creditors, regulatory authorities, and the public. Financial reporting is a crucial aspect of corporate governance and transparency, as it provides a comprehensive view of a company's financial performance and position.
Within this module we will use the regulatory framework of financial accounting that applies to sole traders, partnerships, companies, charities, and public sector organisations through accounting concepts and standards in UK GAAP and IFRS.
We will produce financial statements including: Income Statement (Profit and Loss Accounts), and Statement of Financial Position (Balance Sheets) using the accounting equation.
We will also explore how financial reporting and standards evolve and the importance for accountants to maintain up to date knowledge of the regulations surrounding financial reporting in the UK.

Module aims - intentions of the module

The main aim of this module is to provide you with the specialised knowledge and critical understanding of the regulatory framework of financial accounting through the application of accounting concepts and standards.  You will have the opportunity to develop your understanding of preparing financial and non-financial information developed in earlier modules to allow you to be able to analyse this data and make evidenced based recommendations.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Interpret the regulatory framework of financial accounting that apply to sole traders, partnerships, companies, charities, and public sector organisations. (K1)
• 2. Apply accounting concepts and standards in UK GAAP and IFRS in relation to financial reporting of sole traders, partnerships, companies, charities, and public sector organisations. (K2)
• 3. Use technology available for financial reporting. (K3)

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 4. Analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends. (K4), (S3)
• 5. Use data analytics tools, visualise findings, make evidenced-based recommendations for future action and communicate them. S4
• 6. Identify and use appropriate digital technology to achieve desired outputs in the context of producing statutory of financial reports. S2
• 7. Prepare financial statements, or extracts thereof, in accordance with International Financial Reporting Standards (IFRS) and UK Generally Accepted Accounting Practice S1

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 8. Demonstrate conscientious and diligent attention to detail that strives for completeness and accuracy. (B1)
• 9. Demonstrate rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action. (B2)

Syllabus plan

This UK Financial Reporting module will further develop the knowledge and skills gained in earlier modules and will include:

• An overview of UK Financial Reporting requirements
• Technology used for financial reporting
• Financial and non-financial internal data
• Ratio Analysis
• Benchmarking
• Data analytic tools

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

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

• Maynard, J. (2017). Financial accounting, reporting and analysis (2nd ed.). Oxford: Oxford University Press.
• Service, C.L. (2020). Gripping GAAP (2020 ed.), Durban: LexisNexis

Indicative learning resources - Web based and electronic resources

Professional accountancy bodies and financial reporting websites

• The International Accounting Standards Board (IASB) website that has up to date information on the latest developments in IFRS as well as technical summaries of the IASB standards, http://www.ifrs.org
• IAS PLUS, a Deloitte hosted website with summaries of all the IASB’s standards (IFRS and IAS), model financial statements and much more, www.iasplus.com
• The Institute of Chartered Accountants of Scotland (ICAS) has a financial reporting section, https://www.icas.com/
• The Institute of Chartered Accountants in England and Wales (ICAEW) has a financial reporting section, https://www.frc.org.uk/

Indicative learning resources - Other resources

• Association of Accounting Technicians (AAT) student learning portal

Key words search

UK Financial Reporting