INTERNATIONAL FINANCIAL REPORTING

SHE Level 5
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code MMN423981
Module Leader Karen McFarlane
School Glasgow School for Business and Society
Subject Finance and Accounting
Trimester
  • A (September start)

Pre-Requisite Knowledge

Standard Programme Entry Requirements

Summary of Content

The module examines contemporary issues relating to international financial reporting, with an emphasis on identification and critical analysis of relevant issues. The module evaluates the international standard setting process including the work of the International Accounting Standards Board (IASB). The main financial statements and selected elements of international accounting standards relating to assets and liabilities are examined. A variety of national settings are considered, and compared and contrasted with the IASB's position. New developments in international financial reporting are discussed.

Syllabus

Regulatory framework -359b7 History of harmonisation and convergence b7 The standard setting process b7 The International Accounting Standards Board b7 Conceptual frameworks and rules v principles-based approaches Elements of financial statements -359b7 Income statement, statement of financial position, cash flow statement, segmental reports b7 Assets (definitions, tangible non-current assets, intangibles, inventories, leases) and liabilities (definitions, deferred tax, employee benefits\-) b7 Income measurement Issues in international accounting -359b7 Culture and classification b7 Selected country comparisons Developments in international financial reporting -359b7 Topics will vary from year to year, reflecting current developments and debates

Learning Outcomes

On successful completion of this module, the student should be able to:1. Critically analyse the regulatory framework governing international financial reporting; 2. Evaluate the main issues involved in generating key accounting information;3. Demonstrate a critical understanding of accounting in a variety of countries and of the factors influencing accounting in different contexts;4. Evaluate developments in international financial reporting.

Teaching / Learning Strategy

The MSc Accounting and Finance programme is geared towards the development of business skills that encourage responsible leadership, internationalisation and professionalism, aiming to engage students in analysis, research and discussion of contemporary, real life issues. The teaching and learning strategy aims to embed these attributes. Face to face contact involves three hours of class contact per week: normally 2 lectures and 1 seminar. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students will be then expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and preparing responses to discursive and where necessary, computational questions. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussion to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures taking place, providing the basis for deepening professional skills, knowledge and understanding. Module classes are conducted in workshop format providing a mix of tutor led, student led and group learning. Extensive use is made of VLE to complement and support the face to face and independent learning elements of the module as well as enhancing the student learning experience and engagement. The V LE site used as a repository for resources including key readings such as scanned material, journal articles, book chapters, digital book chapters, web-links, embedded video clips but also for interactive forums such as discussion boards and blogs. The teaching and learning strategy includes hours hours of practicals to complement the face to face delivery of the module and independent learning through such activities as specialist speakers, site visits related to project management and other academic community activities to enhance the learning experience such as an away-day to develop dissertation topics from within the distinct module areas. E-resources are provided to students via GCU Learn, including, but not limited to, lecture materials, journal articles, news articles and relevant videos. GSBS will ensure that all modules are GCU Learn enabled and with the support of the Learning Technologists at the cutting edge of development of online materials. Academic staff and the Learning Technologists will continue to work together to develop and operate all modules on GCULearn to ensure student support and information sharing.

Indicative Reading

Required text: Nobes, C and Parker, R (latest edition), Comparative International Accounting, Pearson, Harlow Recommended texts: Alexander, D, Britton, A and Jorissen A (latest edition), International Financial Reporting and Analysis, Thomson, London Melville, A (latest edition), International Financial Reporting, Prentice Hall, Harlow Roberts, C, Weetman, P and Gordon, P (latest edition), International Corporate Reporting, Prentice Hall, Harlow. Extensive use will be made of journal articles from, for example, Accounting and Business Research; Accounting, Organizations and Society; Accounting Auditing and Accountability Journal; Critical Perspectives on Accounting; European Accounting Review; Journal of International Accounting, Auditing and Taxation.

Transferrable Skills

On successful completion of this module, the student should be able to: -359 1. Execute a defined project of research. This will be reflected in acquiring, analysing and communicating information for the essay; 2. Use a range of forms of communication effectively and convey complex ideas in a well-structured and coherent form. This will be reflected in acquiring, analysing and communicating information for the essay and in seminar contributions. -359 3. Practise in ways which show a clear awareness of own and others' roles and responsibilities. This will be reflected in seminar contributions.

Module Structure

Activity Total Hours
Practicals (FT) 8.00
Lectures (FT) 24.00
Assessment (FT) 30.00
Independent Learning (FT) 126.00
Seminars (FT) 12.00

Assessment Methods

Component Duration Weighting Threshold Description
Coursework 1 n/a 30.00 45% 2000 word essay.
Exam (Exams Office) 2.00 70.00 45% Exam