Short Title:International Financial Reporting 1
Full Title:International Financial Reporting 1
Language of Instruction:English
Module Code:FACC H2003
 
Credits: 5
Field of Study:Accounting and taxation
Module Delivered in 2 programme(s)
Reviewed By:Christine Nangle
Module Author:Patricia Morris
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 and dissolutions .
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 selected accounting standards as well making other basic adjustments.
LO4 Prepare the journals to reflect the accounting entries required to correct accounting errors, including the use of a suspense account in the preparation of financial statements for a single entity limited liability company and a partnership.
LO5 Prepare and present a set of financial statements for single entity, limited liability company and a partnership from incomplete records.
 

Module Content & Assessment

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 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

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
Tutorial Revision of material covered in lectures 1.00 Every Second Week 0.50
Independent Learning Independent reading & study 5.00 Every Week 5.00
Total Weekly Learner Workload 9.50
Total Weekly Contact Hours 4.50
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 7.50 Every Week 7.50
Total Weekly Learner Workload 9.50
Total Weekly Contact Hours 2.00
 

Module Resources

Required Book Resources
  • Margaret D'arcy 2015, An Introduction to Financial Accounting, 1st ed Ed., Chartered Accountants Ireland Dublin [ISBN: 9781907214]
Recommended Book Resources
  • Bill Collins and John McKeith 2013, Financial accounting and reporting, Ed 2 Ed., McGraw Hill [ISBN: 9780077114527]
  • Alan Sangster 2015, Frank Woods's Business Accounting 1, 13th Ed., Financial Times Prentice Hall [ISBN: 9781292084664]
  • Alan Sangster 2015, Frank Wood's Business Accounting 2, 13th Ed., Financial Times Prentice Hall [ISBN: 97812920850]
  • IASB 2015, International Financial Reporting Standards 2015, IASB London
  • ACCA Study text 2018, Paper F3 Financial Accounting (FA) International, Latest Ed., BPP Publishing
Recommended Article/Paper Resources
  • ICAEW Relevant Articles, Accountancy UK
  • Chartered Accountants Ireland Relevant Articles, Accountancy Ireland
  • ICPAI Relevant Articles, Accountancy Plus
  • Business and Finance Media Group Relevant Articles, Business and Finance
  • Financial Times Financial Times Newspaper
  • Sunrise Media Relevant Articles, Sunday Business Post Newspaper
Other Resources
  • Website: https://charteredaccountantsireland.ieRelevant Publications
  • Website: https://accaglobal.comRelevant Publications
  • Website: https://frc.org.uk/asbRelevant Publications
  • Website: https://www.iasb.orgRelevant Publications
 

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