#REQUEST.pageInfo.pagedescription#

Site Navigation

ACCT7017 - Single Entity&Group Accounting

banner1
Title:Single Entity&Group Accounting
Long Title:Single Entity&Group Accounting
Module Code:ACCT7017
 
Duration:1 Semester
Credits: 5
NFQ Level:Intermediate
Field of Study: Accounting, Auditing and Accountability
Valid From: Semester 1 - 2017/18 ( September 2017 )
Module Delivered in 2 programme(s)
Module Coordinator: Claire OSullivan Rochford
Module Author: Carmel Buttimer
Module Description: This module deals with the preparation of financial statements for single entities and with the relevant reporting standards and simple groups consolidation
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Explain the specialised skills required by the financial accountant in preparing financial statements
LO2 Explain the principles underlying the International Financial Reporting Standards relevant to the preparation of financial statements for single entities
LO3 Apply the International Financial Reporting Standards relevant to the preparation of financial statements for single entities
LO4 Prepare financial statements for single entities
LO5 Prepare group accounts for simple structures
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
11491 ACCT7015 Company&Partnership Accounting
11574 ACCT7014 Financial Accounting Analysis
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Reporting standards - financial statements
Presentation; accounting policies; discontinued activities; FRS101 and FRS102 and comparison to IFRS/IAS
Reporting standards - specialised topics
Inventories; events after reporting date;construction contracts; taxes; property, plant and equipment; leases; grants; foreign exchange; impairment; provisions and intangibles; taxation
Financial statements
Statement of Profit or Loss and Other Comprehensive Income (Income statement), Statement of Changes in Equity and Statement of Financial Position (balance sheet) for single entities
Group Accounts
Outline the generally accepted accounting principles of the preparation of group accounts. Consolidated Statement of Financial Position - (one subsidiary only) including the calculation of goodwill, non-controlling interest, consolidated reserves, unrealised profit on inventory, inter-company trading, fair value adjustment of assets at the point of acquisition
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Based on short scenarios presented students must prepare adjustments to, and extracts from, financial statements which comply with accounting standards. 1,2,3 30.0 Week 8
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.0 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory and practice of preparation of financial statements 3.0 Every Week 3.00
Tutorial Review of lecture material 1.0 Every Week 1.00
Independent & Directed Learning (Non-contact) Study of theory and practise of accounting 3.0 Every Week 3.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory and practice of preparation of financial statements 2.5 Every Week 2.50
Independent & Directed Learning (Non-contact) Review of lecture material 4.5 Every Week 4.50
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.50
 

Module Resources

Recommended Book Resources
  • Margaret DArcy 2015, An Introduction to Financial Accounting, 1st Ed., Chartered Accountants Ireland 2015 [ISBN: 978-1-907214]
  • Paul Mahony and Niall McLochlainn 2013, Consolidated Financial Statements, 2nd Ed., Chartered Accountants Ireland Dublin [ISBN: 9781908199478]
Supplementary Book Resources
  • Alan Melville 2015, International Financial Reporting, 4th Ed., FT Prentice Hall Harlow Essex [ISBN: 978-129208623]
Recommended Article/Paper Resources
  • Sunday Times - Business Section
Supplementary Article/Paper Resources
  • Sunday Business Post
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 5 Mandatory
CR_BACCT_7 Bachelor of Business in Accounting 5 Mandatory

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie