Module Code: A6FAR
Long Title Financial Accounting and Reporting
Title Financial Accounting and Reporting
Module Level: LEVEL 6
EQF Level: 5
EHEA Level: Short Cycle
Credits: 10
Module Coordinator: JONATHAN BRITTAIN
Module Author: Deirdre Bane
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Apply key accounting concepts underpinning the preparation of the financial statements
LO2 Discuss the legal and regulatory framework in which financial reporting in Ireland occurs
LO3 Apply the double entry book-keeping system for maintaining accounting books and records derived from the double entry book-keeping system
LO4 Apply the rules of accounting standards in accounting for business transactions
LO5 Prepare a Statement of Profit & Loss and a Statement of Financial Position
LO6 Evaluate business performance, interpreting and analysing accounts to understand the key financial KPIs of the business and understanding how the business is performing against its competitors
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
Nature of Accounting
Objectives of financial accounting; fundamental concepts and valuation bases; elements of financial statements; the accountant's role in society; users of accounting information; qualitative characteristics of financial information; recognition and measurement principles; limitations of accounting information; conceptual framework in accounting; code of ethics for professional accountants
Regulatory Framework
Regulatory framework for financial reporting in Ireland; true & fair view; FRS102 vs IFRS; Companies Act 2014
Accounting Records and the Financial Reporting System
Principles of double entry book-keeping; nominal ledger; trial balance; financial statements; reconciliation statements; control accounts.
Accounting Standards
Application of rules of international accounting standards to include but not limited to: the accounting of inventory (IAS 2) and non-current assets (IAS 16).
Company Accounting
Public vs Private company; presentation of final statements for single entities in accordance with the Companies Acts and Accounting Standards
Analysis and Interpretation
Objectives of analysis and interpretation of financial statements; cash vs profit; ratio calculations in the areas of performance, efficiency, liquidity, gearing and investment appraisal; users interest in ratios, limitations of ratio analysis. Preparation of reports on analysis to wide range of stakeholders, justifying any recommendations made.
Assessment Breakdown%
End of Module Assessment50.00%
Workplace Assessment50.00%

Assessments

Full Time

No Coursework
End of Module Assessment
Assessment Type: Terminal Exam % of total: 50
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5,6
Non-Marked: No
Assessment Description:
The end of semester terminal assessment, The Final Assessment will be issued through Moodle and students will have two weeks to complete and submit the assessment. Final Assessment is made up of two sections: Section A (60%) – Preparation of financial statements in accordance with international accounting standards and applicable company law, including the ability to select and apply appropriate standards to a range of business transactions. Analysis of the Financial Statements and report thereon. Computational - Bank Reconciliation, Control Accounts, Accounting for Depreciation, Allowance for Receivable, Accounting Adjustments. Theoretical - Critically evaluating the conceptual framework underlying financial accounting and its development; appraising and commenting on the legal and regulatory framework for financial reporting in Ireland; FRS 102 v IFRS; Ethical issues; other topical issues in accounting.
Workplace Assessment
Assessment Type: Assignment (0350) % of total: 25
Assessment Date: n/a Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
CA1 - This will be an assessment issued to students in week 8 of the semester. The CA will be an assessment designed to improve and enhance the students learning and to ensure students achieve their learning outcomes. The CA will examine the students' knowledge and understanding of accounting concepts and their ability to apply the principles of double entry to record, process and financial accounting adjustments. A Work Based Learning component of the assignment (50% of the assessment / 25% of the total module assessment) will require preparation of a report about the organisation they work in outlining up to 5 accounting concepts that would apply, giving written examples. The CA will be issued through Moodle and students will have two weeks to complete and submit the assessment.
Assessment Type: Assignment (0350) % of total: 25
Assessment Date: n/a Outcome addressed: 1,6
Non-Marked: No
Assessment Description:
Section B (40%) – 2 questions (20 marks each) The Work Based Learning component of this assessment (i.e. Section B represents 50% of the assessment / 25% of the total module assessment. Analysis of a set of Financial Statements relating to the workplace. Taking 2 years Financial Statements for the business, evaluating, interpreting, and analysing the Financial Statement using ratio analysis techniques. Prepare a written report commenting on the performance of the business to include an outline of the regulatory and ethical issues connected with that specific business.
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.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 36 Per Semester 3.00
Tutorial No Description 20 Per Semester 1.67
Directed E-Learning No Description 20 Per Semester 1.67
Workbased learning No Description 30 Per Semester 2.50
Independent Learning No Description 144 Per Semester 12.00
Total Weekly Contact Hours 8.83
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Learners will have 36 hours a semester of college-based classroom contact (3 hours per week). Of these, 36 hours will be whole-class lectures and / or other tutor supervised learning activities. There are 13 week teaching timetabled within each semester, with a ‘reading week’ approximately half way through this period in which there will be no formal classes but in which learners will be engaged in tutor supervised independent learning, typically in preparation for assessments or other learning 26 Every Week 26.00
Tutorial No Description 13 Every Week 13.00
Independent Learning No Description 155 Every Week 155.00
Directed Learning Directed elearning 28 Every Week 28.00
Workbased learning No Description 28 Every Week 28.00
Total Weekly Contact Hours 95.00
 

Module Resources

Recommended Book Resources
  • D’Arcy, M. (2019) An introduction to Financial Accounting, 2nd Ed. Chartered Accountants Ireland..
  • Connolly, C. (2019) International Financial Accounting & Reporting, 6th Ed. Chartered Accountants Ireland.
Supplementary Book Resources
  • Dyson, J.R., and Franklin, E., (2020) Accounting for non-Accounting Students, 10th Ed., FT Prentice Hall..
  • Atrill, P & McLaney, E., (2019) Accounting and Finance for Non-Specialists, 11th ed., Pearson Education Limited..
  • Wood, F and Robinson, S. 2017, Book Keeping and Accounts, 9th, Pearson Education.
Supplementary Article/Paper Resources
  • Accountancy Ireland - https://www.accountancyireland.ie.
  • Accountancy Plus - https://www.cpaireland.ie/Resources/CPA- Publications/Accountancy-Plus.
  • Accountancy Ireland Magazine - MediaLivehttps://www.medialive.ie.
  • AB Ireland edition - AB magazine - https://abmagazine.accaglobal.com.
  • Accounting, Finance & Governance Review - https://iafa.ie/accounting-finance-gover nance-review/.
  • Accounting Horizons - https://publications.aaahq.org/accountin g-horizons.
  • The Accounting Review - https://publications.aaahq.org/accountin g-review.
  • Accounting, Organisations, and Society.
  • Accounting, Auditing and Accountability.
Other Resources
  • www.iasplus.com International Accounting Standards.
  • www.charteredaccountants.ie Chartered Accountants Ireland.
  • www.cpaireland.ie CPA Ireland.
  • www.cimaglobal.com CIMA.
  • www.accaglobal.com ACCA.
  • www.frc.org.uk Financial Reporting Council.
  • www.iaasa.ie Irish Auditing & Accounting Supervisory Authority.
  • www.ifrs.org International Accounting Standards Board / International Financial Reporting standards.
  • www.ethicsboard.org International Federation of Accountants Code of Ethics.
  • https://www.irishstatutebook.ie/eli/2014 /act/38/enacted/en/html For Companies Act 2014.
Discussion Note: