Financial and Non-financial Reporting

Module Description

This module provides the foundation of financial and non-financial reporting. It provides students with the knowledge and skills necessary to prepare, interpret, and critically evaluate corporate reports in both financial and sustainability contexts. The module covers the conceptual and regulatory frameworks of financial reporting, based on the International Financial Reporting Standards (IFRS). as well as non-financial reporting, examining sustainability and integrated reporting frameworks.

Learning Outcomes

Upon successful completion, students will be able to:

Explain the conceptual and regulatory frameworks underpinning financial reporting, including the role of IFRS and the qualitative characteristics of useful financial information.
Prepare and interpret financial statements, including the statement of financial position, statement of comprehensive income, statement of changes in equity, and statement of cash flows.
Apply relevant accounting standards to key transactions and events, including revenue recognition, financial instruments, leases, provisions, and business combinations.
Evaluate the principles and frameworks governing non-financial reporting, including sustainability reporting and integrated reporting.
Critically assess the quality, completeness, and comparability of corporate financial and non-financial reports from the perspective of diverse stakeholder groups.

Module Outline

11 thematic units across the semester.

Conceptual Framework of Financial Reporting, Financial and Non-Financial Reporting, IFRS 1 First-time Adoption of IFRS

IAS 1 Presentation of Financial Statements, IAS 34 Interim Financial Reporting, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 Events after the Reporting Period, IAS 7 Statement of Cash Flows, IAS 29 Financial Reporting in Hyperinflationary Economies, Introduction to IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 15 Revenue from Contracts with Customers, IAS 33 Earnings Per Share,

IFRS 13 Fair Value Measurement, IAS 16 Property, Plant and Equipment, IAS 40 Investment Property, IAS 41 Agriculture, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

IFRS 16 Leases, IAS 38 Intangible Assets, IFRS 6 Exploration for and Evaluation of Mineral Resources, IAS 20 Government Grants and Disclosure of Government Assistance, IFRS 14 Regulatory Deferral Accounts

IAS 36 Impairment of Assets, IAS 37 Provisions, Contingent Liabilities and Contingent Assets, IAS 19 Employee Benefits, IAS 26 Accounting and Reporting by Retirement Benefit Plans, IFRS 17 Insurance Contracts

IAS 32 Financial Instruments: Presentation, IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures

IAS 26 Accounting and Reporting by Retirement Benefit Plans

IAS 12 Income Taxes, IAS 21 The Effects of Changes in Foreign Exchange Rates, IAS 23 Borrowing Costs, IFRS 8 Operating Segments, IFRS 2 Share-based Payment

IAS 27 Separate Financial Statements, IAS 28 Investments in Associates and Joint Ventures, IAS 24 Related Party Disclosures, IFRS 10 Consolidated Financial Statements, IFRS 3 Business Combinations, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities

Sustainability and Non-Financial Reporting Frameworks, Climate-Related and ESG Disclosures

Assessment

Description of the assessment process

Assessment Language, Assessment Methods, Formative or Summative, Multiple Choice Test, Short Answer Questions, Essay Development Questions, Problem Solving, Written Assignment, Report/Report, Oral Examination, Public Presentation, Laboratory Paper, Clinical Patient Examination, Artistic Interpretation, Other/Other

Explicitly defined assessment criteria and if and where they are accessible by students are mentioned.

The module assessment language is in English and students are expected to exhibit the required level of proficiency.

The assessment of the course consists of:

Midterm Exam (40%, problem solving)

Final exam (60%, problem solving)

The evaluation criteria across modes of assessment include the following:

Demonstration of key knowledge related to the content of course

Demonstration of an ability to apply the knowledge in a given problem or case study

Critical ability evident in applying appropriate methods/knowledge in a given case and/or developing theory-based and literature-based arguments.

Structure and presentation

Use of English language

More detailed assessment criteria will be provided to you in the module handbook document or posted on the course webpage, if deemed necessary.

Suggested Bibliography

Alexander, D. and Nobes, C. (2020) Financial Accounting: An International Introduction. 7th edn. Pearson Education.
Picker, R., Clark, K., Dunn, J., Kolitz, D., Livne, G., Loftus, J. and van der Tas, L. (2016) Applying IFRS Standards. 4th edn. Wiley. (5th edition also available)
Deegan, C. and Unerman, J. (2011) Financial Accounting Theory: European Edition. 2nd edn. McGraw-Hill.
Deegan, C. (2014) Financial Accounting Theory. 4th edn. McGraw-Hill Education.
Elliott, B. and Elliott, J. (2019) Financial Accounting and Reporting. 19th edn. Pearson Education.
Eccles, R.G. and Krzus, M.P. (2010) One Report: Integrated Reporting for a Sustainable Strategy. John Wiley & Sons.
IFRS Foundation (2024) IFRS Accounting Standards. London: IFRS Foundation. (available at ifrs.org)
Nobes, C. and Parker, R. (2020) Comparative International Accounting. 14th edn. Pearson Education.
Adams, C.A. (2017) The Sustainable Development Goals, Integrated Thinking and the Integrated Report. IIRC and ICAS.
GRI (2021) GRI Universal Standards. Amsterdam: Global Reporting Initiative. (available at globalreporting.org)
Other library sources, including journal articles accessible through the Library, as assigned by the instructor.