COMPANY FINANCIAL REPORTING - 2019/0

Module Overview

The UK is in the process of moving from domestic accounting rules (UK GAAP), to international accounting rules (international GAAP). Existing UK standards, SSAP’s and FRS’s, are being phased out and replaced with international reporting standards (IFRS’s). As a result of this major transition this course is based on international GAAP which currently just applies to listed companies but will eventually apply to all companies.

Module provider

Surrey Business School

Module Leader

MCCARTNEY Jacqueline (SBS)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

MAN1061 (Financial Accounting 1), MAN2090 (Financial Accounting 2) and MAN2105 (Introduction to Taxation) are pre-requisites for this module

Module content

Indicative content includes:

In the preparation of consolidated financial statements:

• Wholly and partly owned subsidiaries


• Associate companies


• Inter- company issues arising on consolidation

Regulatory Framework

• Objectives of Regulatory Bodies – International Accounting standards Committee (IASC), International Accounting Standards Board (IASB), International Financial Reporting Interpretation Committee (IFRIC) & The Standards Advisory Council (SAC)


• Purpose, scope and current stage of development of the regulatory framework


• Aims and objectives of the range of international reporting standards currently in issue.

Assessment pattern

Alternative Assessment

Not applicable

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of the legislation, accounting standards and their practical application. Having successfully completed Financial Accounting in levels 4 & 5 students will already be competent in single entity accounts. Throughout this module the accounts will become increasingly complex as more content is introduced. Students will learn, by practical exercises, how to approach these more complex computations in tutorial. Ensuring they are fully prepared for the class test and final examination.

Thus, the summative assessment for this module consists of:

• A One Hour Class Test (30%) usually in week 6


• A Two Hour Final Examination (70%) during the examination period.

Formative assessment and feedback

The class test will be marked by the Module coordinator, marks are usually returned to the students in the week following the class test. In the week following the class test the module coordinator posts the class test, results and model answers on Surreylearn with general feedback on how the cohort has performed.

The weekly drop-in session is used to provide individual feedback to students. Explaining how they could have moved from the mark attained to 100%. This feedback will help the student prepare for final examination. This feedback is both formative and summative.

Both the class test and final exam have detailed marking schemes that take into account process and ensure consistent marking where there is more than one module tutor.

The tutorial questions, guided study and class tests are mostly pitched at examination level and feedback on these will enable students to assess their learning and prepare for the final exam.

Module aims

• To provide an understanding of the accounting standard setting process
• To provide an introduction to the various regulatory bodies that currently exist and the existing regulatory framework
• To introduce the range of international accounting standards currently in issue
• To introduce students to key issues in the preparation of group financial statements
• To provide an understanding of how the presentation of group financial statements are regulated by companies acts and accounting standards

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

Give students the opportunity to gain an understanding of the relevant legislation and accounting standards in issue and to learn how to apply them in the preparation of consolidated accounts.

The learning and teaching methods include:

• Compulsory weekly 2 hour tutorials to illustrate theory and allow students an opportunity to practice the practical application of the theory.


• Optional weekly 2 hour drop-in sessions. Where students can raise any issues they have had with the current weeks guided study exercises.


• Tutorial Material will be supported by weekly directed reading and weekly guided study exercises


• Surreylearn will be used as an information portal containing tutorial slides, tutorial exercises, guided study exercises and model answers.

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: MAN3081

Programmes this module appears in

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2019/0 academic year.