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Financial Reporting - MAN00038I

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  • Department: The York Management School
  • Credit value: 20 credits
  • Credit level: I
  • Academic year of delivery: 2024-25
    • See module specification for other years: 2023-24

Related modules

Pre-requisite modules

Co-requisite modules

  • None

Prohibited combinations

  • None

Module will run

Occurrence Teaching period
A Semester 1 2024-25

Module aims

This module builds on financial accounting knowledge from year one and introduces the students to some of the problems and techniques associated with the preparation of published financial statements. Students must have studied the year one module Financial Accounting as a prerequisite.

Module learning outcomes

  • Describe the regulatory environment in which companies operate

  • Explore the significance of the accounting conceptual framework in accounting standards

  • Identify and correct omissions and errors in accounting records and financial statements

  • Account for changes in capital structure

  • Evaluate a selection of accounting standards using the qualitative characteristics, disclosure practices and other criteria

  • Apply a selection of accounting standards and produce financial statements from trial balance

  • Produce a cash flow statement in accordance with IAS 7 (revised)

  • Understand the fundamentals of the group accounting

Module content

  1. Accounting conceptual framework: Definition and its necessity for financial reporting; significance and use of qualitative characteristics- relevance, faithful representation, understandability, comparability, verifiability and timeliness.

  2. Recognition and measurement criteria in financial statements using historical, current, fulfilment and fair value

  3. Correction of omissions and errors in accounting records

  4. Revenue Recognition (IFRS 15): Principles of revenue recognition, its application to contract costing and financial statement extracts for measuring and reporting revenue based on the length of satisfying performance obligations

  5. Liabilities and provision (IAS 37): Recognising, measuring and reporting of liabilities and provisions; Account for warranties/ guarantees, onerous contracts, environmental, decommissioning

  6. Leases (IFRS 16): Differences between operating and finance lease liability; account for right-of-use asset and lease liability in lessee’s book and leased asset in lessor’s record; exemption from the recognition criteria of leases

  7. Preparation of financial statements: Preparing Statement of comprehensive income, changes in equity and Statement of Financial position considering adjusting and non-adjusting entries

  8. Cash flow statement (IAS 7): Preparation of a cash flow statement using direct and indirect method; interpretation of information provided by a cash flow statement.

  9. Introduction of the group accounting: Group’s concept as a single entity; defining subsidiary; circumstances that mandated preparation of consolidated financial statements

Indicative assessment

Task % of module mark
Closed/in-person Exam (Centrally scheduled) 100

Special assessment rules

None

Indicative reassessment

Task % of module mark
Closed/in-person Exam (Centrally scheduled) 100

Module feedback

Feedback will be given in accordance with the University Policy on feedback in the Guide to Assessment as well as in line with the School policy.

Indicative reading

Elliott, B. and Elliott, J. (2022) Financial accounting and reporting, 20th Edition FT Prentice Hall, Harlow


The information on this page is indicative of the module that is currently on offer. The University constantly explores ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary. In some instances it may be appropriate for the University to notify and consult with affected students about module changes in accordance with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.