Delivered at:: Department of Finance

Course type:: Compulsory course

When:: 4 year, 1 module

Instructor

Яскевич Елена Владимировна

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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 preparation of the reports and the principles and rules that overcome them.

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.
Describe the difference between IFRS and IFRS for SMEs.
Describe the meaning of pervasive principles.
List transaction steps needed to start application of IFRS for SMEs.
Identify the proper accounting for the case of hyperinflation.
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 of accounting basis
Topic 2. IFRS Framework
Topic 3. Financial reports
Topic 4. Assets
Topic 5. Labilities
Topic 6. Income and expenses
Topic 7. Cash flow statement
Topic 8. Taxes
Topic 9. How it is organized in a company and transformation of accounting from local accounting standards to IFRS, Consolidation (extracts)

Assessment Elements

Class test
Class group work 1
Exam
Class group work 2

Interim Assessment

2024/2025 1st module
0.15 * Class group work 1 + 0.15 * Class group work 2 + 0.3 * Class test + 0.4 * Exam

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

CHURAKOVA Iiia Iurevna
LEEVIK Iuliia SERGEEVNA
SOLOVEVA EKATERINA EVGENEVNA
Iaskevich ELENA VLADIMIROVNA

Bachelor’s Programme 'International Business and Management Studies'

International Financial Reporting Standards

Author