Module code: MAN3241

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


Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

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

Overall student workload

Workshop Hours: 11

Independent Learning Hours: 117

Lecture Hours: 22

Module Availability

Semester 1

Prerequisites / Co-requisites


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

Assessment type Unit of assessment Weighting
School-timetabled exam/test Class Test Set Date and Time 30
Examination Exam Set Time and Date 70

Alternative Assessment

Not applicable

Assessment Strategy

There are two summative assessments for this module: a class test and an end of semester examination.

Class test

The class test will comprise multiple choice questions and/or questions requiring short written answers. 


The exam paper will include scenario questions.  Questions may contain several parts (part (a), part (b) etc).

Assessment questions

Assessments will include both quantitative and qualitative questions.

Quantitative questions are designed to assess numerical, application of knowledge and analytical skills.

Qualitative questions will assess application of knowledge, synthesis, creative thinking and problem-solving skills.

Formative assessment and feedback

Formative assessments such as a sample class test and exam paper will be available to support students in preparation for summative assessments and to provide ongoing feedback. Such feedback will help students identify their strengths and weaknesses and help develop revision plans for the summative assessments.

Students are also expected to engage with other feedback provided during seminars and feedback and advice hours throughout the semester.

Module aims

  • Explore a range of international accounting standards currently in issue
  • Introduce key issues in the preparation of group financial statements
  • Explore the various regulatory bodies, the existing regulatory framework and provide an understanding of the accounting standard setting process

Learning outcomes

Attributes Developed
001 Prepare consolidated balance sheets for listed companies KCPT
002 Prepare consolidated income statements for listed companies KCPT
003 Critically evaluate IFRS's and apply IFRS's in the preparation of financial statements KCPT
004 Critically Evaluate the purpose and objectives of the regulatory bodies and the regulatory framework KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is based on a hybrid teaching model, incorporating elements of both live and on-demand learning.

On-demand learning is designed for students to explore the topics in their own time and includes a range of guided learning activities.  Guided learning activities may include pre-recorded videos, practice questions & solutions, quizzes, discussion forum and links to further reading.

Live learning allows students to explore and engage in discussions on the topics and also practise more complex questions and receive answers and feedback to queries from their tutor.

This learning and teaching strategy provides students with the opportunity to acquire knowledge and to understand the relevant theory and develop effective solutions for decision making in the context of case study scenarios.

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
Upon accessing the reading list, please search for the module using the module code: MAN3241

Other information


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 2023/4 academic year.