Objectives

On successful completion of this module students should be able to:

• Recognise the multi dimensional nature of financial reporting and in particular its importance in the operations of capital markets
• Construct financial reports including cash flow statements to conform with statutory requirements and international financial reporting and accounting standards
• Construct appropriate accounts relating to the acquisition, revaluation, depreciation, disposal and impairment of assets
• Construct appropriate accounts relating to the recognition of liabilities including leases, stocks options and financial instruments
• Display a detailed knowledge of the regulatory framework of accounting including the conceptual framework for the setting of accounting standards and the processes involved
• Show a detailed knowledge of the evolution of financial reporting in the EU and the emergence of international accounting standards
• Be familiar with the contemporary contentious issues in financial reporting including earnings management, off balance financing, stock options and the consequences arising from implementing international accounting and reporting standards
• Appreciate the content of IAS 39 dealing with financial instruments.