International Financial Reporting - ACCT5260

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2024 to 2025
Autumn Term 5 15 (7.5) Philip Chan checkmark-circle


This module is designed to build upon financial accounting topics taught in previous modules and assess them at a more advanced level. It will also introduce topics, not previous taught. Areas that will be covered are:
The conceptual and regulatory framework for financial reporting – The need for a conceptual framework and the characteristics of useful information. Define what is meant by 'recognition' in financial statements and applying the recognition criteria to assets/liabilities and income/expenses.
Look at why an international regulatory framework is needed over a national regulatory framework. Review the work of the International Accounting Standards Board in setting international accounting standards and how they are moving to harmonised global accounting standards using a principles based rather than a rules based framework.
Describe the concept of a group as a single economic unit and explain and apply the definition of a subsidiary within relevant accounting standards. Prepare basic consolidated financial statements using these concepts.
Distinguish between tangible and intangible non-current assets. Review methods of valuation/revaluation including impairment of assets.
Account for current and deferred taxation within financial statements.
Account for the translation of foreign currency transactions at the reporting date.
Core areas of the syllabus are:
• A conceptual framework for financial reporting
• A regulatory framework for financial reporting
• Financial statements using historic cost and current value accounting
• Business combinations


Contact hours

Contact hours: 34
Private study hours: 116
Total study hours: 150

Method of assessment

Main assessment methods:

VLE Test 1 (15%)
VLE Test 2 (15%)
Exam, 2 hours (70%)

Reassessment methods:
Reassessment Instrument: 100% exam

Indicative reading

The University is committed to ensuring that core reading materials are in accessible electronic format in line with the Kent Inclusive Practices.
The most up to date reading list for each module can be found on the university's reading list pages.

Learning outcomes

The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
- evaluate the regulatory, commercial, professional and social environment within which financial statements are prepared, published and used, beyond that available from Financial Accounting;
- evaluate aspects of the economic, decision-theoretic and behavioural underpinning to financial reporting, beyond that available from Financial Accounting;
- apply the technical language and practices employed in recognition, measurement and disclosure in financial statements, beyond that available from Financial Accounting;
- identify alternative technical languages and practices proposed for use in recognition and measurement in financial statements, to reflect changes in prices, beyond that available from Financial Accounting.

The intended generic learning outcomes.
On successfully completing the module students will be able to:
- evaluate arguments and evidence;
- manipulate financial data;
- prepare financial statements;
- communicate effectively to a variety of audiences and/or using a variety of methods


  1. Credit level 5. Intermediate level module usually taken in Stage 2 of an undergraduate degree.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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