The main objective of Unit 13 financial reporting is to make a student work with the understanding skills and knowledge mandatory to prepare the financial statement. This unit focuses on the significance of sticking to accurate standards of finance. It also plays a significant character in guiding and influencing the generation of financial statements. The main focus of this unit is on the significance of guiding the financial statement creation. Students will acquire the conceptual framework for the reporting of finance and recognise the way through which these frameworks are connected to the accusation of reporting for financial information.
The students will acquire great knowledge in this unit regarding the practices and principles which can govern financial reporting. They will identify the multiple standards of finance and a core way to apply them in financial statement preparation which are compliant accurate and clear with the requirements of regulation. In addition, they will recognise the conceptual framework`s significance which can offer them the foundation for reliable and consistent financial reporting.
When students complete this unit with great success they will be able to identify audits and prepare the financial statement in a professional setting. They will also have the potential to help their seniors in the interpretation of the complex information of finance. Therefore, it provides a great contribution efficiently to the final process of decision-making within an organisation. Moreover, this unit also relies on students who have a great wish to pursue the study at high-level finance and accounting. The basic skills and knowledge acquisition will make them able to attain their career to get the complex roles of finance.
This unit also gets out the groundwork and demands from the students who have the urge to get a higher-level education in finance and accounting. The basic skills and knowledge needed make them able to get advice on their career and make complex decisions. All in all, unit 13 financial reporting offers a comprehensive recognition of the statement of finance and certifies that students are ready for the challenges at the workplace and the future pursuits of academic life.
Unit Aims
The main objectives of the unit13 financial reporting are to demonstrate the significant aspects of learning business studies such as:
- To equip learners with skills and knowledge required to make accurate statement of finance which follow the relevant standard of finance.
- To make students able to understand and explore the conceptual framework which can get the report finance and certify the reliability and consistency in financial information.
- To prepare students to audit and analyse the financial statement efficiently, supporting appreciate interpretation of finance in a context of workplace.
- To provide foundation knowledge for the students to get help for the senior college and interpretation of the complex state of finance to pursue studies advancement in finance and accounting.
Learning outcomes
Unit 13 financial reporting is a specialist unit for learners of business in the HND diploma. In addition, the main learning outcomes of this unit according to the Pearson set are demonstrated below:
LO1: Analyse the context and purpose of financial reporting.
- Financial reporting contact:
- Complying to regular frameworks
- The financial reporting governance that includes responsibilities and duties of the responsible officers
- Incorporated or unincorporated organisation
- Financial reporting purpose
- Meeting the expectation and legislation of user
- Certifying that all organisation has the compliance with the similar standards and rules. Finding investment or funding.
- Predict the future position of finance and cash flow.
LO2: Interpret financial statements.
- Purpose and importance of financial statement analysis
- Utilising financial statement for communication financial positions with the stakeholders
- Ratio analysis
- It includes unlimited, liquidity ratio use, WACC, ROI and debtor timeframe in determination of financial positions.
- Loss and profit, balance sheets and cash flow
- Considered the way to utilise the statement of cash flow for outflow and inflow monitor of cash.
- Utilising loss and profit account for making summary of financial performance on the organisation and particular time period.
- Utilising sheet of balance as an organisation position snapshot in terms of liabilities and assets.
LO3: Evaluate financial reporting standards and theoretical models and concepts.
- Standard of financial reporting
- A common language of Globe
- The way through which it provides facility to recognise the financial methods throughout the international boundaries
- Comparison between IFRS International financial reporting standards and IAS International accounting standards.
- Use and role of IFRS
- Organisational benefit, investors and government and other significant stakeholders.
- Considered the countries which can adopt the advantages of IFRS and its advantages.
- Concept models and theories
- Legitimacy theory
- Equity theory
Reporting models and auditing models
LO4: Evaluate international differences in financial reporting.
- Differences in terms of international:
- Various principles of financial reporting in terms of international companies.
- The difference of international before IFRS and the with which countries give response to IFRS.
- Global differences in external factors of reporting and financial differences impact.
Assessment criteria
The main assessment criteria of the unit 13 financial reporting is associated with its assessment criteria such as:
LO1: Analyse the context and purpose of financial reporting.
- 1.1 Analyse the context of financial reporting including regulatory frameworks and governance of financial reporting.
- 1.2 Analyse the purpose of financial reporting for meeting organisational objectives, development and growth.
- 1.3 Appraise the context and purpose of financial reporting in meeting stakeholder needs and expectations.
- 1.4 Critically analyse the different regulatory frameworks and governance of financial reporting for specific stakeholders.
LO2: Interpret financial statements.
- 2.1 Interpret profit and loss, cash flow and balance statements.
- 2.2 Calculate and present financial ratios for organisational performance and investment.
- 2.3 Interpret results of financial ratios of performance and financial status, and investor ratios for users of financial statements to inform decision-making.
- 2.4 Using appropriate theories and models suggests how organisations can effectively respond to existing and potential financial problems.
LO3: Evaluate financial reporting standards and theoretical models and concepts.
- 3.1 Explain the benefits of international accounting standards (IAS) and international financial reporting standards (IFRS).
- 3.2 Evaluate the models of financial reporting and auditing.
- 3.3 Critically evaluate financial reporting and auditing through the coherent application of theories and models to support judgements and conclusions.
- 3.4 Critically evaluate the application of IFRS in application to specific countries and differences in financial reporting based on models and theories.
Lo4: Evaluate international differences in financial reporting.
- 4.1 Evaluate the differences and importance of financial reporting across different countries.
- 4.2 Critically evaluate the factors that influence international differences in financial reporting.
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