The Principles of IFRS

2026/2027

Academic Year

ENG

Instruction in English

3

ECTS credits

Delivered at:

Department of Finance

Course type:

Compulsory course

When:

3 year, 2 module

Instructor

Яскевич Елена Вячеславовна

Course Syllabus

Abstract

International financial reports are prepared in order to give more true and fair view of the financial position of a company, because it is the only open source of such information and to make it understandable all over the world. IFRS is useful for Financial functions of a Company – financial accounting and chief accountant, financial directors, internal accounting, financial analysis, strategic analysis, investing, treasury, taxes, audit and control and everybody who wants to understand their finances and train brains. IFRS is used for preparation of Financial reports (international accounting, transformation from local accounting, preparing the reports) and getting information on financial position of a company (reading financial reports: know what to look for, where and what for, analysis of financial reports: know how to use it to make conclusions).

Learning Objectives

• Get understanding of why and how IFRS is applied, underlying risks of international accounting and principles that overcome them, skills on preparation and reading of the reports.

Expected Learning Outcomes

• Demonstrate an innovative, open and ethical mindset
• Have advanced practical skills in financial reporting and interpreting accounting information under International Financial Reporting Standards
• Prepare financial statements to comply with specified International Financial Reporting Standards
• Use strong analytical skills and apply them to solve practical problems
• Appraise and apply the international regulatory framework and specified accounting concepts and theories to practical situations
• Review the full disclosure principle and describe implementation problems
• Discuss the disclosure requirements for events after the reporting period and major business segments
• Describe the profession’s response to fraudulent financial reporting
• Formulate recommendations for companies regarding the first-time adoption of IFRS
• Identify the major classifications of cash flows.
• Contrast the direct and indirect methods of calculating net cash flow from operating activities.
• Prepare a statement of cash flows in accordance with IAS 7 and related standards.
• Describe the accounting framework for financial assets.
• Explain the equity method of accounting and compare it to the fair value method for equity investments.
• Describe the accounting for transfer of investments between categories.
• Apply the revenue recognition principles.
• Apply the percentage-of-completion method for long-term contracts.
• Apply the cost-recovery method for long-term contracts.
• Identify the proper accounting for diffent cases of revenue recognition in accordance with IFRS 15, IFRS 1.
• Apply the expense recognition principle.
• Describe accounting issues for expense recognition at point of sale.
• Apply the inventory method to calculate COGS.
• Apply the standard to recognise R&D cost.
• Identify the proper accounting for different types of expenses in accordance with IFRS 1-10, IAS 1-2 and related standards.
• Learn accounting “language”
• Revise of the basis of accounting
• Learn more complicated accounting issues
• Get acquainted with the international accounting standards and reporting forms
• Read International financial reporting standards
• Read International financial reports
• Analyze financial position of a company based upon International financial reports
• Acquire business writing skills

Course Contents

• Topic 1. Revision
• Topic 2. Assets
• Topic 3. Liabilities
• Topic 4. Income and expenses
• Topic 5. Cash flow statement
• Topic 6. Financial report
• Topic 7. Cash flow statement
• Topic 8. Taxes

Assessment Elements

• Individual revision test
• Written exam
• Group task on reading financial statements
• Group tasl on preparation of Financial statements
• Individual test on assets, liabilities, income and expenses

Interim Assessment

• 2026/2027 1st module
  0.2 * Individual test on assets, liabilities, income and expenses + 0.25 * Written exam + 0.15 * Individual revision test + 0.2 * Group task on reading financial statements + 0.2 * Group tasl on preparation of Financial statements

Bibliography

Recommended Core Bibliography

• Bakker, E. (2017). Wiley IFRS 2017 : Interpretation and Application of IFRS Standards. Hoboken, NJ: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1477431
• Mirza, A. A. (2010). Wiley IFRS : Practical Implementation Guide and Workbook (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=363480

Recommended Additional Bibliography

• Picker, R. (2016). Applying IFRS Standards (Vol. Fourth edition). Chichester, West Sussex, United Kingdom: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639476

Authors

• Soloveva Ekaterina Evgenevna
• Iaskevich Elena Vladimirovna