Short Title:International Financial Reporting 2
Full Title:International Financial Reporting 2
Module Code:FACC H2002
Credits: 5
NFQ Level:6
Field of Study:Accounting and taxation
Module Delivered in 3 programme(s)
Module Author:Simon Magennis
Module Description:To build on the understanding and competence acquired in previous financial accounting/reporting modules in relation to the preparation of single entity limited company financial statements by introducing the preparation of the Statement of Cash Flows, additional accounting issues arising from selected standards, and financial statement analysis .
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Discuss the key aspects of the accounting conceptual and regulatory frameworks
LO2 State and discuss selected accounting issues and standards.
LO3 Prepare and present a statement of cash flows for a single limited company in the format required by IAS 7.
LO4 Apply the key requirements of accounting standards IAS 16, IAS 18, IAS 37 and IAS 38 at an introductory level .
LO5 Execute the relevant double entries in relation to: Share Issues; Events after the Reporting Period; Inventories; Revenue Recognition; Provisions; depreciation, additions, disposals and revaluations of Property, Plant & Equipment, and Intangible Development costs.
LO6 Analyse financial statements and write reports on same, incorporating an analysis of computed financial ratios.
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) %
Regulatory and Conceptual Frameworks
Objectives of financial reporting and purpose of financial reports; Users of financial reports and their needs; Role of the financial accountant and related ethical issues; regulatory framework re use of IFRS and local standards in Ireland; IASB, SAC, IFRIC. Elements of financial statements – assets, liabilities, income, expenses and equity. IASB Framework – accounting concepts and qualitative characteristics. Accruals accounting v cash accounting; Accounting valuation bases. Advantages and disadvantages of historical cost accounting; Use of accounting standards - advantages & disadvantages
Share Issues
Issue, forfeit and reissue. Application, allotment, first and final calls. Double entry requirements. IAS 32 Financial Instrument Disclosure and Presentation. Equity versus Liability and classification of the different types of preference shares. Bonus issues and rights issues - concepts, accounting entries and presentation in the financial statements.
Property, plant and equipment IAS 16
Double entries required for acquisition/capitalisation, disposal and depreciation issues in relation to noncurrent assets – property, plant and equipment. Capital and revenue expenditure items and accounting treatments. Elements of cost of PPE asset. Basic revaluations – impact on PPE, SOCE and equity reserves, and the Statement of Comprehensive Income. Depreciation and disposal of revalued assets. Change in useful life and depreciation method. Journal entries and ‘T’ account entries for all the above. The preparation of the disclosure note on non-current assets PPE in accordance with IAS 16.
Single Entity financial statements of limited companies
The preparation and presentation of financial statements of single entities incorporating situations covered by IAS 2, IAS 8, IAS 10, IAS 32, IAS16, IAS 18, IAS 37 and IAS 38, as well as routine accounting adjustments. IAS 18 Revenue – Sale of goods, rendering of services, interest, dividends and royalties. IAS 38 Intangible Assets – Definitions, Research and development definitions, criteria for recognition of development asset, accounting treatments of R&D incl. amortisation. IAS 37 Provisions, contingent liabilities and contingent assets – definitions, classifications, accounting treatments, measurement, presentation in financial statements and basic disclosures. Movements in provisions.
Single Entity Statement of Cash Flows IAS 7
Appreciation of the difference between Profit flows and Cash flows. Preparation and presentation of statement of cash flows in accordance with IAS 7 format including analyses of cash and cash equivalents. Indirect method only.
Financial analysis and reporting writing
Analysis of contents and movements in Financial Statements including Statement of Cash Flows - writing of professional reports on the financial analysis of a single limited company(s). - Analysis from different stakeholder perspectives, e.g. investor, lender etc. - Using ratios as analysis tool; ratio calculation – liquidity, profitability, gearing, efficiency, investment ratios - Horizontal analysis, vertical analysis - Analysis of cash flow statement; - Limitations of financial statements and ratio analysis - Window dressing; overtrading - Structure and presentation of a financial analysis report
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 1,2,3,4,5,6 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 2010, Financial accounting and reporting, 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 Ed., IASB
  • A. Thomas and AM Ward 2009, Introduction to Financial Accounting, 6th Ed., McGraw Hill
  • ACCA / BPP, ACCA Study text Paper F3 Financial Accounting (FA) (International), Latest edition Ed., BPP Study Text
Recommended Article/Paper Resources
  • Accountancy UK Journal ICAEW n/a
  • Accountancy Ireland Journal ICAI n/a
  • 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 4 Mandatory
TA_BAACC_D Bachelor of Business in Accounting & Finance 4 Mandatory
TA_BACCT_C Higher Certificate in Business in Accounting 4 Mandatory