What will I learn on this module?
This module will enable you to develop your knowledge and understanding of International Financial Reporting Standards (IFRS) and builds on your previous financial accounting studies.
You will begin by studying the regulatory and conceptual frameworks, which underpin financial reporting, and you will gain an understanding of how these frameworks inform the standard setting process. You will also gain an awareness of professional and ethical issues surrounding corporate reporting.
The module covers financial reporting for both single entities and groups. You will study the following International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS):
IAS 1 Preparation of financial statements
IAS 2 Inventories
IAS 7 Statement of cash flows
IAS 12 Income taxes
IAS 16 Property, plant and equipment
IAS 28 Investments in associates
IAS 33 Earnings per share
IAS 36 Impairments
IAS 37 Provisions, contingent liabilities and contingent assets
IAS 38 Intangible assets
IFRS 3 Business combinations
IFRS 10 Consolidated financial statements
IFRS 15 Revenue from contracts with customers
IFR6 16 Leases
Finally, you will learn how to analyse and interpret a set of financial statements. Additional standards/topics will be added as and when they are promulgated.
On completion of this module, you will have gained a thorough understanding of financial reporting and will have developed practical accounting and interpretation skills that will be of particular benefit to those looking to pursue a career in accounting. You will also study relevant ethical and social implications of non-compliance with accounting standards.
How will I learn on this module?
You will learn through a series of lectures, seminars and independent learning.
There will be two hours of lectures per week during which you will cover the technical content of the module.
In addition, you will attend two one-hour seminars each week, which will enable you develop your understanding of the lecture topics through focused question practice and group work/discussion. Your seminars require engagement with an industry recognised accounting software package that will not only help to deepen your understanding of the subject matter but will also enhance your employability skills.
Your e-learning portal will support your studies and will include all lecture and seminar material. In addition, the e-learning portal will include additional material that will provide you with the opportunity for further independent question practice.
Your progress on the course will be continually assessed by both yourself and your lecturers. The practical nature of seminars means that lecturer (formative) assessment will be received continuously. Each lecture and seminar will end with a short quiz/test which will enable a more formal (summative) assessment to be carried out which will help you identify areas requiring additional work.
Independent learning time is set aside for learning activities, self-identified by your own research, so you can gain a deeper and broader knowledge of the subject.
How will I be supported academically on this module?
You will be supported throughout by the module teaching team who are available to answer your questions either in person or by email/telephone. You are encouraged to contact a member of the tutor team for additional support and guidance as necessary throughout the course.
Your module is supported by the e-learning portal, which includes lecture and seminar material as well as additional material for independent study. Your lectures will be recorded and uploaded to the e-learning portal which you will be able to access to consolidate your knowledge and develop understanding.
Your electronic reading list includes core material to support your lectures/seminars and a comprehensive range of professional accounting reports/articles and academic journal articles relevant to your studies.
What will I be expected to read on this module?
All modules at Northumbria include a range of reading materials that students are expected to engage with. Online reading lists (provided after enrolment) give you access to your reading material for your modules. The Library works in partnership with your module tutors to ensure you have access to the material that you need.
What will I be expected to achieve?
Knowledge & Understanding:
You will develop a thorough understanding of the preparation and interpretation of
Financial statements for both single entities and groups. (MLO 1)
Intellectual / Professional skills & abilities:
You will develop practical accounting skills that will be relevant to your future career in accounting/finance. (MLO 2)
Personal Values Attributes:
Apply professional ethics in the context of financial reporting. (MLO 3)
How will I be assessed?
Formative Assessment:
Formative assessment will be provided to you through a range of seminar activities which will enable you to prepare for summative assessment at end of the module. You will be given the opportunity to develop your examination technique through practising exam standard questions which are comparable to those set by professional bodies. Formative assessment will be provided by tutors during each session.
Summative Assessment:
The module will be assessed by one three hour closed book examination (+15 minutes reading time) at the end of the semester.
The examination will consist of five questions and will cover the full syllabus.
(MLO 1, 2 3)
Pre-requisite(s)
Level 4 Financial Accounting Module
Co-requisite(s)
N/A
Module abstract
Financial accounting and reporting is at the heart of what accountants do. This module will build on your earlier financial accounting studies and focuses on the preparation and interpretation of a set of financial statements for both individual companies and groups. You’ll develop your knowledge and understanding of the International Financial Reporting Standards (IFRS). You’ll then learn to apply these to the preparation of financial statements, and to the subsequent analysis and interpretation of those financial statements. You’ll also gain the practical skills you need to prepare and interpret a set of financial statements, core skills which graduate employers are looking for. The module content and assessment methods are aligned with professional body requirements, so you’ll finish the module with an excellent grounding for your professional examinations after graduation.
Course info
UCAS Code N405
Credits 20
Level of Study Undergraduate
Mode of Study 3 years Full Time or 4 years with a placement (sandwich)/study abroad
Department Newcastle Business School
Location City Campus, Northumbria University
City Newcastle
Start September 2025
All information is accurate at the time of sharing.
Full time Courses are primarily delivered via on-campus face to face learning but could include elements of online learning. Most courses run as planned and as promoted on our website and via our marketing materials, but if there are any substantial changes (as determined by the Competition and Markets Authority) to a course or there is the potential that course may be withdrawn, we will notify all affected applicants as soon as possible with advice and guidance regarding their options. It is also important to be aware that optional modules listed on course pages may be subject to change depending on uptake numbers each year.
Contact time is subject to increase or decrease in line with possible restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors if this is deemed necessary in future.
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