Advanced Financial Reporting- Reem

Please find the attached below total words should be 1200 words. ……………

Module Code
Module Title
Module Credits
GAA6002
Advanced Financial Reporting
20
Academic Year and
Semester
Examination Board
Level & Block
2024-25, 1st Semester
January 2025
L6B2
Method of Assessment
Term (Mid-term /End-term)
Weighting
Coursework
Mid-term
30 %
Module Leader
Module Leader email
Mohammad Saleem
mohammadfbms@gulfcollege.edu.om
Additional Information (if any)
(The last date to submit the assignment on Turnitin is on the 14th of November 2024 at 9 PM).
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Assessment Details
Assessment title
Abr.
Weighting
Coursework
WRIT1
30%
Pass marks for undergraduate work is 40%, unless stated otherwise.
Task/assessment brief:
Assessment Task
IAS 10, Events after the Reporting Period, serves as a guiding framework for entities to address events that occur
between the end of the reporting period and the date when the financial statements are authorized for issuance.
This standard recognizes the dynamic nature of business environments. It provides guidance on how to evaluate,
recognize, and disclose such events, ensuring that financial statements reflect the most up-to-date and relevant
information. Join me as we delve into the key principles and requirements of IAS 10, shedding light on its
significance in maintaining transparency and enhancing the usefulness of financial reporting.
Your challenge is to engage in a lively debate on the significance and implications of IAS 10, Events after the
Reporting Period, in the realm of financial reporting.
a. How does IAS 10, Events after the Reporting Period, contribute to maintaining the accuracy and
transparency of financial statements?
b. What are the key principles and requirements outlined in IAS 10 for evaluating and recognizing
events after the reporting period?
c. Discuss the implications of events after the reporting period on the financial statements and
their relevance to stakeholders.
d. How does IAS 10 address the challenges of reflecting the ever-evolving business environment in
financial reporting?
e. Provide examples of events that would be considered subsequent to the reporting period and
discuss how they should be treated according to IAS 10.
Introduction:
(150 words; 10 Marks)
Structure and contents:
(900 words; 80 marks)
of IAS 10, Events after the Reporting Period:

The implementation of IAS 10, Events after the Reporting Period, plays a crucial role in ensuring the
accuracy and transparency of financial statements (90 words; 8 marks).

Key principles and requirements outlined in IAS 10 guide the evaluation and recognition of events
occurring after the reporting period (150 words; 16 marks).
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
Events taking place after the reporting period have significant implications for stakeholders and impact
the financial statements accordingly (150 words; 16 marks).

IAS 10 offers provisions to address the challenges posed by the constantly evolving business environment
in financial reporting (360 words; 24 marks).

Concrete examples of events considered subsequent to the reporting period illustrate how IAS 10
dictates their treatment and disclosure (150 words; 16 marks).

Conclusion
Note:
(150 words; 10 marks)
References

Use at least 8 academic sources from journals, Books, or e-books. Use the Harvard referencing
style.
Additional instructions:
*************
Word count (or equivalent):
1200
This is a reflection of the effort required for the assessment. Word counts will normally include any text,
tables, calculations, figures, subtitles and citations. Reference lists and contents of appendices are
excluded from the word count. Contents of appendices are not usually considered when determining
your final assessment grade.
Academic or technical terms explained:
Submission Details
Submission
Deadline:
Mid – 14th of November
2024
Estimated
Feedback
Return Date
After the result
announcement (2nd Feb.
2025 to 13th Feb. 2025)
Submission
Time:
9:00 PM
Turnitin:
Any assessments submitted after the deadline will not be marked and will be
recorded as a non-attempt unless you have had an extension request agreed or have
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approved mitigating circumstances. See the Gulf College website for more
information on submission details and mitigating circumstances.
File Format:
The assessment must be submitted as a word document and submit through the
Turnitin submission point.
Your assessment should be titled with your:
Student ID number, Module code and Assessment ID,
e.g. 1610200 GAC3000 WRIT1
Feedback
Feedback for the assessment will be provided electronically via Turnitin / MS Teams
/ Face to Face. Feedback will be provided with comments on your strengths and the
areas which you can improve. Module tutors give students two types of assessment
feedback: formative, which is given when the student is working on the completion
of an assignment or coursework, and summative, which is given upon completion of
the module. A comprehensive assessment feedback on your performance will be
given after the announcement of the results. (10 Working Days)
Assessment Criteria
Learning outcomes assessed
On successful completion of the module, a student should be able to:


Critically evaluate and apply the key requirements of company law, accounting standards and concepts in the
context of financial reporting
Extract, analyse and manipulate data, from multiple sources
In addition, the assessment will test the following learning outcome:
This assignment comprises 30% of the total assessment’s marks. It contains one component assignment. This will
develop the Analytical skill of the student. The discussion on IAS 27 enables the students to analyse and evaluate
the benefits of the different activities done in the class. This skill will eventually help them evaluate options
necessary to make decisions in the workplace
It will develop the following skills:

Analytical skills. This will develop the critical thinking of the students in analysing the various tasks.

Research skills. This will enhance their proper research and referencing skills that are necessary when they
enter the real world of work.
Mathematical skills. The analysis and calculation of the ratios will help the students develop the required skills
for their specialization.
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Marking/Assessment Criteria
Task
Marks
Allocated
Description
Introduction
150 words
10
Structure and contents:

IAS 10 ensures accurate and transparent financial statements by providing
guidelines for handling events between the reporting period and financial
statement authorization.

(90 words -8 marks)
IAS 10 establishes principles and requirements for recognizing post-reporting
period events, ensuring their proper reflection in financial statements.
(150 words -16 marks)

Events after the reporting period can significantly impact financial statements,
influencing the entity’s financial position, performance, and disclosures,
making timely and accurate disclosure essential for stakeholders’ decisionmaking.

80
(150 words -16 marks)
IAS 10 addresses the challenges of capturing and reflecting dynamic events in
the ever-changing business environment, offering guidance for effective
incorporation into financial reporting.

(360 words -24 marks)
Examples of subsequent events include significant litigation settlements,
major asset sales or acquisitions, and natural disasters, with IAS 10 providing
specific criteria and requirements for their treatment and disclosure,
promoting consistency and transparency in financial reporting.
(150 words -16 marks)
Conclusion
(150 words)
Total
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10
100%
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Further Information
Who can answer questions about my assessment?
Questions about the assessment should be directed to the staff member who has set the task/assessment
brief. This will usually be the Module tutor. They will be happy to answer any queries you have.
Referencing and independent learning (Not applicable for Examination)
Please ensure you reference a range of credible sources, with due attention to the academic literature in the
area. The time spent on research and reading from good quality sources will be reflected in the quality of
your submitted work.
Remember that what you get out of university depends on what you put in. Your teaching sessions typically
represent between 10% and 30% of the time you are expected to study for your degree. A 20-credit module
represents 200 hours of study time. The rest of your time should be taken up by self-directed study.
Unless stated otherwise you must use the HARVARD referencing system. Further guidance on referencing
can be found in the on Moodle. Correct referencing is an easy way to improve your marks and essential in
achieving higher grades on most assessments.
Technical submission problems (Not applicable for Examination)
It is strongly advised that you submit your work at least 24 hours before the deadline to allow time to resolve
any last minute problems you might have. If you are having issues with IT or Turnitin you should contact the
IT Helpdesk on (+968) 92841521/ 92841217. You may require evidence of the Helpdesk call if you are trying
to demonstrate that a fault with Turnitin was the cause of a late submission.
Mitigating circumstances
Short extensions on assessment deadlines can be requested in specific circumstances. If you are
encountering particular hardship which has been affecting your studies, then you may be able to apply for
mitigating circumstances. This can give the teachers on your programme more scope to adapt the
assessment requirements to support your needs. Mitigating circumstances policies and procedures are
regularly updated. You should refer to your Academic Advisor for information on extensions and mitigating
circumstances.
Unfair academic practice
Cardiff Met takes issues of unfair practice extremely seriously. The University has procedures and penalties
for dealing with unfair academic practice. These are explained in full in the University’s Unfair Practice
regulations and procedures under Volume 1, Section 8 of the Academic Handbook. The Module Leader
reserves the right to interview students regarding any aspect of their work submitted for assessment.
Types of Unfair Practice, include:
Plagiarism, which can be defined as using without acknowledgement another person’s words or ideas and
submitting them for assessment as though it were one’s own work, for instance by copying, translating from
one language to another or unacknowledged paraphrasing. Further examples include:
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 Use of any quotation(s) from the published or unpublished work of other persons, whether published in
textbooks, articles, the Web, or in any other format, where quotations have not been clearly identified as
such by being placed in quotation marks and acknowledged.
 Use of another person’s words or ideas that have been slightly changed or paraphrased to make it look
different from the original.
 Summarising another person’s ideas, judgments, diagrams, figures, or computer programmes without
reference to that person in the text and the source in a bibliography/reference list.
 Use of assessment writing services, essay banks and/or any other similar agencies (NB. Students are
commonly being blackmailed after using essay mills).
 Use of unacknowledged material downloaded from the Internet.
 Re-use of one’s own material except as authorised by your degree programme.
Collusion, which can be defined as when work that that has been undertaken with others is submitted and
passed off as solely the work of one person. Modules will clearly identify where joint preparation and joint
submission are permitted, in all other cases they are not.
Fabrication of data, making false claims to have carried out experiments, observations, interviews or other
forms of data collection and analysis, or acting dishonestly in any other way.
How is my work graded?
Gulf College uses Cardiff Metropolitan University’s Generic Band Descriptors (GBD), in conjunction with
programme-specific and/or assessment-specific descriptors that are developed in accordance with the
principles underpinning the generic descriptors, as a reference in marking student work outputs. This is to
ensure that marking is consistent across all Cardiff Met students’ work, including the work outputs of students
in Gulf College.
Assessment marking undergoes a meticulous process to make sure that it is fair and truly reflects the
performance of students in their modules. Marking of work at each level of Cardiff Met degree programmes
are benchmarked against a set of general requirements set out in Cardiff Met’s Guidance on Assessment
Marking. https://www.cardiffmet.ac.uk/registry/academichandbook/Documents/AH1_04_03.pdf
To find out more about assessments and key academic skills that can have a significant impact on your
marks, download and read your Module Handbook from Moodle and your Programme Handbook from the
college website.
Artificial Intelligence Models – Guidance for this assessment:
Artificial Intelligence (AI) models can be a powerful tool to support your learning. The University has
provided some resources to support you in its appropriate usage:
 Library Services AI Hub
 Student Guide to AI and Assessment
 Code of Conduct for Students on the use of AI
 Cite Them Right resource on citing materials relating to AI (if permitted)
As per the academic regulations (Academic Handbook Ah1_08), in all cases you must submit work
that is your own, acknowledging any part of it that has been informed by another source – including
that which is AI generated. Upon submission of work, you will be asked to confirm the following
statement:
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I confirm that this assignment is my own work, except where I have acknowledged the use of
works from other sources, including the use of any artificial intelligence (AI) tools, in
accordance with what is allowable as described in the assessment brief.
Please note the following:
 AI should not be used as a substitute for your own knowledge, and you should never include
any material that you do not understand and could not explain if asked.
 Not being able to explain your work when asked is likely to be a key factor when considering
cases of academic misconduct related to AI.
The following information provides specific guidance for this assessment about what level of AI use is
appropriate for this assessment. Remember that in all cases you must submit work that is your own,
acknowledging any part of it that has been provided by another source.
NO USE OF GENERATIVE AI EXPECTED


Your assignment should be produced using information sourced by you
from your learning materials and academic sources and cited
appropriately.
AI tools for checking spelling, grammar and referencing may be used.
AI ACKNOWLEDGED

You can use AI tools to learn about your topic, as part of your study, or
in preparing initial guidance on assignments (e.g. headline structure,
suggestions for inclusion of topics).
 Any materials that you have sourced from AI should be rewritten or
reconfigured and integrated into your own work and referenced
appropriately. It is recommended that this is confirmed by a relevant
academic source.
 Any support gained from AI should be acknowledged in a statement at
the end of the assignment, making clear what the support was, and how
you used it and developed it for your own work. Example statements are
available in the Student Code of Conduct.
AI EMBEDDED
 Use of AI is an integral and expected part of the assessment.
 The explicit inclusion of AI within the assessment means that
instructions on the expected use will be part of the assessment brief.
 Your assessment brief will describe how you should acknowledge the
way in which you used AI tools.
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☑
Acknowledgement of the Use of AI
Student Name:
Student ID Number:
Module Code:
Assignment Title
Date:
Acknowledgement (Delete & Update as Appropriate)

No content generated by AI technologies has been presented as my own
work.

I acknowledge the use of [name of AI + URL] to generate materials for
background research and self-study in the drafting of this assessment.

I acknowledge the use of [name of AI + URL] to generate materials that
were included within my final assessment in modified form.
The following prompts were input into [name of AI + URL]:
List prompts here
The output was changed by me in the following ways:
Explain the actions taken here
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