1. COURSE DESCRIPTION
This course begins with a review of key IASB’s Conceptual Framework for Financial Reporting and to use the
Framework as a basis for judgement in applying IFRS in corporate reports. After learning the Framework
and other related reports, this course continues to IFRS relating to Assets, followed by Liabilities, Financial
Instruments and Deferred Taxes. Then, we will cover specific standards on the accounting of share-based
payments and pensions. In the middle of the course, we will learn IFRS that applies after the reporting
entity’s year end. At this point, students will learn enough IFRS to begin consolidation of subsidiaries,
associates, joint ventures and joint operations; acquisitions, disposals and foreign subsidiaries. Finally, at
the end of this course, we will learn group cash flow.
2. REASON FOR THE COURSE
The aim of the syllabus is to discuss, apply and evaluate the concepts, principles and practices that underpin
the preparation and interpretation of corporate reports in various contexts including the ethical assessment
of managements’ stewardship and the information needs of a diverse group of stakeholders.
The syllabus for Strategic Business Reporting, assumes knowledge acquired at the Bachelor level including
the core technical capabilities to prepare and analyse financial reports for single and combined entities.
The syllabus requires students to examine corporate reporting from a number of perspectives, not only from
the point of view of the preparer of corporate reports, but also from the perspective of a variety of different
stakeholders such as finance providers. The syllabus further requires the assessment and evaluation of the
reporting decisions made by management and their implications for a range of stakeholders and entities. It
also explores the professional and ethical responsibilities of the accountant to these stakeholders.
3. STUDY HOURS
4. ROLE IN CURRICULUM
Prerequisites:
Students must have completed International Financial Reporting ACCT 511 or equivalent before continuing
with this course.
The learning outcomes for this course cover four main areas: regulatory frameworks, international financial reporting standards, consolidation and group cash flows. On successful completion of this course, students will be able to:
| Knowledge | Level of Learning | Related PLO |
|---|---|---|
| Applying IFRS and IFRS for SMEs Requirements (CK1) Explain the relevant IFRS and IFRS for SMEs requirements that may apply to a given business transaction. |
Understand | PK5 |
| Cognitive Skills | Level of Learning | Related PLO |
| Apply IFRS Application in Complex Transactions (CC1) Apply IFRS to a broad range of transactions and recognition of assets and liabilities common to large companies and multinationals. |
Apply | PC6 |
| Crafting IFRS-Compliant Statements (CC2) Construct the four main financial statements for both single companies and large complex groups in compliance with IFRS. |
Create | PC6 |
| Critically evaluate the rationale and judgments involved in applying IFRS (CC3) Defend the choices and judgments used in applying IFRS. |
Evaluate | PC6 |
| Assessing the Impact of Subsidiary Acquisition (CC4) Advise on the financial impact of the acquisition of a subsidiary. |
Evaluate | PC1 |
| Communication, Information Technology, and Numerical Skills | Level of Learning | Related PLO |
| Leveraging Spreadsheets for Financial Reporting (CCIT1) Utilize spreadsheets to facilitate financial statement analysis and financial reporting. |
Apply | PCIT1 |
| Interpersonal Skills and Responsibilities | Level of Learning | Related PLO |
| Critically evaluate ethical professionalism and professional skepticism (CIP1) Exercise ethical professionalism and professional skepticism in financial reporting and analysis. |
Evaluate | PIP1 |
Grades will be determined based on a grading score, calculated using the following assessments and score allocations:
| Topic | CLO Assessment and Scoring | Total CLO Score |
Skill Weighting for Grade |
||
|---|---|---|---|---|---|
| Participation | Take-home case studies (3) |
Final Exam | |||
| Explain IFRS and IFRS for SMEs Requirements (CK1) | 100% | 100% | 20% | ||
| Apply IFRS in Complex Transactions (CC1) | 100% | 100% | 10% | ||
| Craft IFRS-Compliant Statements (CC2) | 50% | 50% | 100% | 20% | |
| Critically evaluate the rationale and judgments involved in applying IFRS (CC3) | 40% | 60% | 100% | 10% | |
| Assess the Impact of Subsidiary Acquisition (CC4) | 40% | 60% | 100% | 10% | |
| Leverage Spreadsheets for Financial Reporting (CCIT1) | 40% | 60% | 100% | 10% | |
| Critically evaluate ethical professionalism and professional skepticism (CIP1) | 40% | 60% | 100% | 20% | |
This course is primarily lecture based; assigned readings will support learning and serve as a reference
to material covered in class. During class, approximately half of the class will be devoted to lectures with
another half of the class for working on and reviewing the solutions to case studies and problem sets.
The course has 50 lessons detailed below. Each lesson is 1.5 class hours each; there are a total of 75 class hours. The study plan below describes the learning outcome for each lesson, described in terms of what the student should be able to do at the end of the lesson. Readings should be done by students as preparation before the start of each class. Implementation of this study plan may vary somewhat depending on the progress and needs of students.
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| 41 | Exam Review (All CLOs) | |
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| 44 | Exam Review (All CLOs) | |
| 45-50 | Final Assignment submission (CC4) | |
| Total Hours: 75 hours | ||
Textbook
1. Kaplan Publishing, ACCA Strategic Business Reporting Study Text (For exams from September 2020
to June 2021).
References
1. IFRS Foundation, IFRS Standards, 2018.
2. IIRC Integrated Report