Short Title:International Financial Reporting 1
Full Title:International Financial Reporting 1
Module Code:FACC H2003
 
Credits: 5
NFQ Level:6
Field of Study:Accounting and taxation
Module Delivered in 3 programme(s)
Reviewed By:MARTIN NOLAN
Module Author:Simon Magennis
Module Description:The aim of this module is to extend the knowledge and competence acquired in year 1 financial accounting modules in the preparation of financial statements of partnerships, and of single entity limited companies through the introduction of financial reporting standards.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Prepare the Income Statement and Balance Sheet of a partnership, taking into account changes to its profit sharing and ownership structures, including dissolutions and conversions to a limited liability company.
LO2 State, discuss and apply selected accounting issues and standards.
LO3 Prepare and present single company financial statements (Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Financial Position) that involve the application of elements of IAS 1, IAS 2, IAS 8, IAS 10 and IAS 32, as well making other basic adjustments.
LO4 Execute the necessary double entries in relation to issues identified in preparing financial statements for a single entity limited liability company and a partnership.
LO5 Prepare the journals to reflect the accounting entries required to correct accounting errors, including the use of a suspense account.
Pre-requisite learning
Co-requisite Modules
No Co-requisite modules listed
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change) %
Partnership
- Income Statement and Balance Sheet - Change in profit sharing ratios. - Introduction and elimination of Goodwill. - Admission and retirement of partners. - Dissolution of Partnership, including Garner V Murray rule. - Conversion to a limited liability company.
45.00%
Limited Liability Companies
- Introduction to limited company financial statements, components and formats, including local and international accounting issues. - Preparation of Financial Statements of single entity limited companies (Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Financial Position) including basic adjustments, accruals and prepayments,impact of VAT, taxation charge and provision, depreciation methods and calculations, and issues arising from IAS 1, IAS 2, IAS 8 (changes in accounting estimates only), IAS 10 and IAS 32. - Introduction to limited company – legal issues. Limited Liability Company v partnership v sole trader – advantages and disadvantages. - IAS 1 revised – Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Financial Position, classification and presentation of income, expenses, assets, liabilities and equity (including different types of reserves) in accordance with IAS 1 presentation requirements. - Introduction to Annual reports, Accounting policy notes and notes to the financial statements. - Presentation of Loan notes and related finance costs. - Introduction to accounting standards, role and use. - IAS 2 Inventories including accounting concepts and valuation methods, components of cost, NRV and NRV test, accounting policy and disclosures. - Introduction to IAS 8 including distinction between estimates and accounting policies, introduction to accounting policies and prior period adjustments and calculation of impact of change in accounting estimate re depreciation. - IAS10 – adjusting events with examples, non-adjusting events with examples, impact of adjusting and non-adjusting events on financial statements, accounting for equity dividends, going concern issues. - IAS 32 Financial Instrument disclosure and presentation issues. Equity versus Liability and classification of redeemable and non-redeemable preference shares. Presentation of preference shares and their dividends in SOCE or finance costs.
45.00%
Suspense Accounts
- Nature of accounting errors - Nature and use of suspense account - Model for correction of accounting errors - Preparation of journals to reflect the accounting entries required to correct accounting errors - impact of correcting journals on suspense account
10.00%
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Continuous Assessment The continuous assessment will be in the form of class test/s covering one or more learning outcomes 1,2,4,5 30.00 n/a
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.00 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based instruction 4.00 Every Week 4.00
Independent Learning Independent reading & study 5.00 Every Week 5.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class based instruction 2.00 Every Week 2.00
Independent Learning Independent reading & study 7.00 Every Week 7.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 

Module Resources

Required Book Resources
  • Bill Collins and John McKeith, Financial accounting and reporting, Ed 1 Ed., McGraw Hill [ISBN: 9780077114527]
Recommended Book Resources
  • Frank Wood, Business Accounting 1, Latest Ed., Financial Times
  • Frank Wood, Business Accounting 2, Latest Ed., Financial Times
  • IASB 2012, International Financial Reporting Standards 2012, IASB London
  • A. Thomas and A-M Ward 2009, Introduction to Financial Accounting, 6th Ed., McGraw-Hill
  • ACCA Study text 2012, Paper F3 Financial Accounting (FA) International, Latest Ed., BPP Publishing
Recommended Article/Paper Resources
  • Accountancy UK n/a, Journal ICAEW
  • Accountancy Ireland Journal ICAI n/a, Journal ICAI
  • Accountancy Age n/a
  • Accountancy Plus Journal ICPAI n/a
  • Business and Finance Journal n/a
  • Financial Times Newspaper n/a
  • Sunday Business Post Newspaper n/a
This module does not have any other resources
 

Module Delivered in

Programme Code Programme Semester Delivery
TA_BAACC_B Bachelor of Business (Honours) in Accounting & Finance 3 Mandatory
TA_BAACC_D Bachelor of Business in Accounting & Finance 3 Mandatory
TA_BACCT_C Higher Certificate in Business in Accounting 3 Mandatory