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Unit information: International Financial Reporting in 2021/22

Unit name International Financial Reporting
Unit code EFIMM0122
Credit points 20
Level of study M/7
Teaching block(s) Teaching Block 1 (weeks 1 - 12)
Unit director Ms. McNally
Open unit status Not open




School/department School of Accounting and Finance
Faculty Faculty of Social Sciences and Law

Description including Unit Aims

The unit develops the understanding of the theoretical concepts and practices of financial accounting within an international context. An elementary understanding of accounting is provided before commencing the study of international financial reporting. The unit covers accounting concepts and the need for accounting regulation and then examines the accounting behind the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Equity and the Statement of Cash Flows prepared under International Financial Reporting Standards (IFRS). The production of consolidated financial statements for groups of companies is investigated including both the reasoning and the practical application. The unit also covers accounting narratives and a field of ever-growing importance - sustainability reporting. The unit is based around a set of real financial statements (e.g. Marks & Spencer’s Annual Report).
The unit aims are:
• To enable students to understand and critically evaluate the published financial statements of businesses reporting under International Financial Reporting Standards.
• To provide an appreciation of the accounting behind the financial statements, sustainability reporting and the regulatory environment.
• To introduce students to the preparation of the consolidated accounts of groups of companies.

Intended Learning Outcomes

On successful completion of this unit, the students will be able to

1. Prepare, understand and critically evaluate the financial statements of businesses reporting under International Financial Reporting Standards.
2. Appreciate the accounting and concepts behind the financial statements.
3. Understand and discuss the field of sustainability reporting, accounting narratives and the regulatory environment.
4. Prepare consolidated group financial statements and understand and discuss the need for such statements.

Teaching Information

Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities.

Assessment Information

This unit will be assessed by 100% exam


If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.

If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIMM0122).

How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours of study to complete. Your total learning time is made up of contact time, directed learning tasks, independent learning and assessment activity.

See the Faculty workload statement relating to this unit for more information.

The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit. The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates within the Regulations and Code of Practice for Taught Programmes.