Module: International Financial Accounting Principles

Latest Module Specifications

Current Academic Year 2025 - 2026

Module Title	International Financial Accounting Principles
Module Code	ACC1023 (ITS: AC574)
Faculty	DCU Business School	School	DCU Business School
NFQ level	9	Credit Rating	10

Description

This module is designed: To develop students' knowledge and understanding of the context, scope, principles and concepts that underpin international financial accounting and its development. To provide students with a thorough understanding of the double entry system of record keeping. To ensure students are able to prepare financial statements for sole traders and companies (including cash flow statements). The module will introduce students to apply International Financial Reporting Standards (IFRS) to the resolution of accounting issues.

Learning Outcomes

1. Identify the typical legal and professional regulatory frameworks which apply to financial reporting and discriminate between various international frameworks
2. Interpret the nature, purpose and scope of the international conceptual framework of accounting, including evaluation of the main contents of the International Accounting Standards Board's (IASB's) Framework for the Preparation and Presentation of Financial Statements.
3. Critique the concepts, theories, and context that underpin international financial accounting and its development.
4. Apply the principles of double entry book keeping to record, process and summarise business transactions in an entity's accounting system, including the preparation of financial statements for sole traders, companies, and partnerships.
5. Interpret IFRS financial statements and assess differences across various industries and jurisdictions.

*Type*	*Hours*	*Description*
Workload	Full time hours per semester
Lecture	48	Lectures and tutorials
Independent Study	30	Preparation for Assessment.
Independent Study	89	Review of lecture material & preparation for exam
Directed learning	3	Completion of final examination
Directed learning	80	Preparation for lectures, tutorials and additional readings.
Total Workload: 250

Section Breakdown
CRN	10053	Part of Term	Semester 1
Coursework	20%	Examination Weight	80%
Grade Scale	40PASS	Pass Both Elements	N
Resit Category	RC1	Best Mark	N
Module Co-ordinator	Amanda Heeney	Module Teacher	Pj Byrne, Vincent Tawiah

Type	Description	% of total	Assessment Date
Assessment Breakdown
Completion of online activity	There will be two elements to the assessment: 1. A personal reflection regarding the role of the accountant and industry (worth 5%). and; An in-person class test (worth 15%).	20%	n/a
Formal Examination	End-of-Semester Final Examination	80%	End-of-Semester

Reassessment Requirement Type
Resit arrangements are explained by the following categories; RC1: A resit is available for both^* components of the module. RC2: No resit is available for a 100% coursework module. RC3: No resit is available for the coursework component where there is a coursework and summative examination element. ^* ‘Both’ is used in the context of the module having a coursework/summative examination split; where the module is 100% coursework, there will also be a resit of the assessment

Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Nature of International Accounting
Objectives of international financial accounting; fundamental concepts and valuation bases; elements of financial statements; the accountant's role in society; business structures, users of accounting information; qualitative characteristics of financial information; recognition and measurement principles; regulatory and legal frameworks; alternatives to IFRS including other GAAPs and pre-IFRS.

Accounting Records
Principles of double entry book-keeping; distinction between capital and revenue; books of prime entry; ledgers including their classification and subdivision, control accounts, accruals and prepayments; bad debts; property, plant & equipment; accounting for current tax including VAT; accounting for inventories; correction of errors; the extraction of a trial balance, accounting for wages and salaries; bank reconciliation statements; loans.

Financial Statements
Preparation of final accounts for sole traders, companies, and partnerships including the preparation of cash flow statements for companies. Interpretation of financial statements including comparison industries, jurisdictions, and other GAAPs.

Governance, Ethics, and Culture
Topical issues of importance in financial accounting including the impact of corporate governance, ethics, and cross-cultural issues in the preparation of financial statements.

Indicative Reading List

Books:

Margaret Dâ€™Arcy: 0, An Introduction to Financial Accounting,
Thomas, A and Ward, A.: 2015, Introduction to Financial Accounting, 7th, All, McGraw Hill, London,
Connolly, C.: 2015, International Financial Accounting and Reporting, 5th Edition,

Articles:

Specific research articles from top accounting journals will be outlined by the lecturer throughout the semester to inform international financial accounting principles.: 0, TBC,

Other Resources

None