UNIVERSITY OF LIVERPOOL 
ACFI201: Financial Reporting 1 
Final Examination Guide and Notes 2025 
 
Part 01: About This Guide 
Part 02: Sample Final Examination Paper 
Part 03: Suggested Solutions to Final Exam Paper 
Part 04: Proven Exam Strategies and Tips 
 
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University of Liverpool - ACFI201: Financial Reporting 1

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ACADEMIC YEAR 2024 - 2025

University	University of Liverpool
Module Code	ACFI201
CATS Level	Level 5 FHEQ
CATS Value	15
Module Name	Financial Reporting 1
Notes Title	Final Examination Guide and Notes
Page Length	38

This comprehensive guide is designed to help you understand how the final exam for ACFI201: Financial Reporting 1 at the University of Liverpool will be structured and assessed. It provides insights into the types and formats of questions likely to appear on the exam. Fully updated for this academic year, this self-study set covers all examinable topics and includes sample questions with detailed solutions. This guide will assist you in identifying priority areas for review, key concepts, and essential topics to focus on as you prepare for the exam.

This module introduces students to the preparation of financial statements for individual companies following International Financial Reporting Standards (IFRS). It covers key accounting principles, including the IASB Conceptual Framework, presentation of financial statements, and ethical considerations. Students will learn to apply IFRS regulations for recognition, measurement, presentation, and disclosure of financial information. The module also explores current tax adjustments, government grants, and foreign exchange rate effects for individual companies.

The syllabus covers a range of IFRS topics, including property, plant, and equipment, impairment of assets, non-current assets held for sale, inventories, and provisions. It also addresses events after the reporting period, revenue recognition, construction contracts, and changes in accounting estimates and errors. Students will gain knowledge of basic financial instruments, statement of cash flows, and earnings per share (excluding diluted EPS).

This module provides a foundation for more advanced accounting courses, serving as a pre-requisite for ACFI202, ACFI301, ACFI302, ACFI309, and ACFI312.

MODULE CODE	MODULE NAME
ACFI101	Introduction to Financial Accounting
ACFI102	Introduction to Management Accounting
ACFI103	Introduction to Finance
ACFI201	Financial Reporting 1
ACFI204	Financial Management
ACFI225	Econometrics for Finance 1
ACFI231	Theory of Finance I
ACFI234	Theory of Finance II
ACFI304	Business Finance
ACFI309	Financial Reporting 2
ACFI310	Derivative Securities
ACFI321	Capital Markets
ACFI342	Financial Risk Management
EBUS205	Business Analytics
ECON112	Statistics & Data Analysis for Economics and Business
ECON121	Principles of Microeconomics
ECON123	Principles of Macroeconomics
ECON154	Statistical Foundations of Business Analytics
ECON210	Principles of Economics 2
ECON213	Econometrics 2
ECON222	Microeconomics 2
ECON233	Introductory Econometrics for Business & Economics
ECON241	Securities Markets
MKIB153	Fundamentals of Marketing
ULMS151	Organisations and Management

University of Liverpool - ACFI201: Financial Reporting 1

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