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Regular version of the site

International Financial Reporting Standards

2021/2022
Academic Year
ENG
Instruction in English
4
ECTS credits
Course type:
Elective course
When:
2 year, 1, 2 module

Instructors

Course Syllabus

Abstract

Achieving consistency in financial reporting worldwide is the need of the hour, especially if meaningful comparisons are to be made of financial information emanating from different countries using accounting standards that, until recently, were vastly different from each other. Thus, there has arisen the urgent need for promulgation of a common set of global accounting standards or, in other words, global convergence into a common language of accounting for the financial world. International Financial Reporting Standards (IFRS), the standards promulgated by the International Accounting Standards Board (IASB), appear to be emerging as the global accounting standards. The IASB standards are rapidly being adopted in a large number of countries all around the world. Most countries in Europe, including the member states of the European Union, will require listed companies to prepare their consolidated financial statements in accordance with IFRS instead of local requirements. Understanding and appreciating the fundamental principles and requirements of IFRS has become more important than ever before. In this new financial world, knowledge of the fundamental principles of IFRS is essential to meet the growing demands of a changing regulatory and market environment.
Learning Objectives

Learning Objectives

  • The objective of this course is to help students learn how to prepare and interpret the information in financial statements under International Financial Reporting Standards (IFRS).
Expected Learning Outcomes

Expected Learning Outcomes

  • Appraise and apply the International regulatory framework and specified accounting concepts and theories to practical situations
  • 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
Course Contents

Course Contents

  • Topic 1. Financial statement analysis under IFRS: an overview of basic concepts
  • Topic 2. Revenue
  • Topic 3. IFRS approach in Costing
  • Topic 4. IFRS for SMEs
  • Topic 5. Management measures and indicators for IFRS
  • Topic 6. Presentation and disclosure in Financial Reporting
  • Topic 7. Statement of Cash Flows
  • Topic 8. Investments
  • Topic 9. Accounting for Leases
  • Topic 10. Dilutive Securities and Earnings per Share
Assessment Elements

Assessment Elements

  • non-blocking Midterm test
    Individual, in-class, in SmartLMS, open-book.
  • non-blocking Team project
    In groups, at home, in-class presentation
  • non-blocking Final exam
    Individual, in-class, in SmartLMS, open-book.
  • non-blocking In-class participation
    Individual or in small groups, in-class, open book, in SmartLMS
Interim Assessment

Interim Assessment

  • 2021/2022 1st module
  • 2021/2022 2nd module
    0.4 * Final exam + 0.2 * In-class participation + 0.2 * Midterm test + 0.2 * Team project
Bibliography

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

  • Intermediate accounting. Vol.1: ., Kieso, D. E., 2011
  • Intermediate accounting. Vol.2: ., Kieso, D. E., 2011
  • 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