Financial Reporting

BMAN10501 Financial Reporting 10 Semester 1 Undergraduate Level 1 Alison Zimmer Unit coordinator Alliance Manchester Business School 1 FHEQ level (Framework for Higher Education Qualifications) ' First part HE study/Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 This course provides a foundational understanding of financial reporting, covering its framework, principles, practices, and role within the broader economic, social, and organisational context. It explores the challenges of recognising and measuring financial elements, including the use of double-entry bookkeeping, and the preparation of key financial statements. The course also introduces techniques for interpreting financial statements, such as ratio analysis, to evaluate an organisation's financial performance and position.  This course provides a foundational understanding of financial reporting, covering its framework, principles, practices, and role within the broader economic, social, and organisational context. It explores the challenges of recognising and measuring financial elements, including the use of double-entry bookkeeping, and the preparation of key financial statements. The course also introduces techniques for interpreting financial statements, such as ratio analysis, to evaluate an organisation's financial performance and position.  This course aims to provide a foundation knowledge and understanding of the principles and practices of financial reporting and of the role of accounting information within its broader economic, social, and organisational context. The course encourages consideration of how organisations account for their activities to stakeholders.This course introduces underlying concepts of financial reporting, basic practices involved in the preparation of financial statements and the interpretation of the resulting information. It offers broad coverage of the core financial statements presented and considers the capacity for accounting information to develop in response to changing economic and social needs. Collectively this provides a valuable basis for students contemplating taking more specialist, and advanced, courses in later years. Syllabus (indicative curriculum content):An introduction to financial reporting, exploring its role and purpose in society and its impact on diverse groups.An introduction to the recognition and measurement of financial elements, with practical application using double-entry bookkeeping. This culminates in the preparation of non-complex financial statements.  An introduction to analysing financial statements to evaluate an organisation's financial performance and position, using ratio analysis and other techniques.    Describe, explain, and apply key financial reporting terms, concepts, and principles within the context of an evolving financial reporting framework.Apply the principles of double-entry bookkeeping to common financial transactions.  Discuss the purpose of financial reporting in society, focusing on its role in accountability and its ongoing evolution in response to a changing world.Interpret financial information using horizontal, vertical, and ratio analysis.   Prepare a statement of profit and loss, a statement of financial position, and a statement of cash flows, recognising the interconnections between the statements.   In addition, the course also aims to assist the development of personal transferable skills by encouraging students to:    <ul><li>Construct, use and evaluate financial accounting data.  </li><li>Use information for the purposes of decision making; analyse evidence and apply judgement.  </li><li>Have an awareness of the nature of contemporary accounting practice.  </li><li>Communicate effectively in writing and participate actively in workshops either by leading discussions or responding to issues raised.</li><li>Intellectual development on Perry’s scale from independent work. </li></ul> Innovation/creativity The employability skills developed in this module include: Critical thinking, and ethics and professionalism, as we consider the wider role of financial reporting and accountability and encourage an awareness of social and environmental sustainability issues. Oral communication Communication when discussing the above matters, writing essays on the subject and class-based/study groups analysis. Problem solving Commercial awareness as we provide insight into the role of accountants in business, through the lecturers' and guest speakers' experiences. Other Decision making as students consider the professional judgement required when deciding how to account for transactions. Problem solving in various financial reporting scenarios. Understanding the financial effect of accounting policies and using data to construct financial reports. Technical competence, as students both understand the basics of how to construct financial reports, analyse and interpret financial information and present explanations of financial and non-financial data. Self-evaluation and self-awareness so that independence can be developed. <ul><li style="text-align:justify;">An introduction to financial reporting, exploring its role and purpose in society and its impact on diverse groups.</li><li style="text-align:justify;">An introduction to the recognition and measurement of financial elements, with practical application using double-entry bookkeeping. This culminates in the preparation of non-complex financial statements.  </li><li style="text-align:justify;">An introduction to analysing financial statements to evaluate an organisation's financial performance and position, using ratio analysis and other techniques. </li></ul> Teaching is delivered as follows, totalling 25 scheduled activity hours:10 two-hour lectures and,5 one-hour workshops  Lectures and workshops are supported by blended learning material.    A Piazza discussion board is used to provide supervised peer support and serve as a Q&A space. 0 Other 100% Examination (100%)    General feedback on the exam will be provided on Canvas once marks have been distributed. Only available to students on: BA (Econ) Accounting and/or Finance Specialists, BSc Accounting, BSc Business Accounting and IBFE.Dependent course units:  BMAN21020 Financial Reporting & Accountability, BMAN20081 Financial Statement Analysis (if also taken BMAN10522 Financial Decision Making)  N Our core text is: Weetman, P. Jubb, D. (2024). Financial Accounting, An Introduction. 9th edn. Pearson  Lectures 20 Practical classes & workshops 5 0 75 Additional notes: This course is currently accredited with ICAEW and ACCA. For academic purposes the students will need to attain a pass mark of 40%, but to attain the ICAEW exemption a pass mark of 50% is required. The higher pass mark requirement is reflected in the contact hours. The duration of the exam reflects the requirements set out by the professional body. Please note that accreditation is subject to change.  Programme Restrictions: This course is only available to students taking the following programmes of study - BA (Econ) specialising in Accounting, Finance, Accounting & Finance, Economics & Finance, BSc International Business, Finance and Economics, BSc Accounting and BSc Business Accounting.  Enhancement Of Digital LiteracyDigital accounting systems will be explored to explain how accounting records are created, maintained, controlled, and transformed into financial statements.