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International Financial Reporting Standards

2021/2022
Учебный год
ENG
Обучение ведется на английском языке
4
Кредиты
Статус:
Курс по выбору
Когда читается:
2-й курс, 1, 2 модуль

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
  • Prepare financial statements to comply with specified International Financial Reporting Standards
  • Have advanced practical skills in financial reporting and interpreting accounting information under International Financial Reporting Standards
  • Use strong analytical skills and apply them to solve practical problems
  • Demonstrate an innovative, open and ethical mindset
Course Contents

Course Contents

  • Topic 1. Financial statement analysis under IFRS: an overview of basic concepts
    1. IFRS definition of the financial statement analysis 2. Reliability of data sources 3. Comparative analysis of accounting standards for statement analysis 4. Industry specific analysis: the problem of different standards use
  • Topic 2. Revenue
    1. Revenue from Contracts with Customers 2. Revenue from the sale of services 3. IFRS financial statements and managerial accounting principles harmonization 4. Dividends, royalties and interests received: reliable estimation and recognition
  • Topic 3. IFRS approach in Costing
    1. Cost elements and cost analysis 2. Operative information for managerial and investment decisions 3. IFRS adoption by private companies: specific features, benefits and limitations 4. A step towards IFRS financial analysis recommendations
  • Topic 4. IFRS for SMEs
    1. A summary of IFRS for SMEs 2. The difference between usual standards and IFRS for SMEs 3. The concepts and pervasive principles 4. Transition to the IFRS for SMEs
  • Topic 5. Management measures and indicators for IFRS
    1. Management measures and indicators that have to be included in management commentary 2. Investor"s and creditor's information needs and gaps in financial practice 3. Nonfinancial measures that could be used for management commentary
  • Topic 6. Presentation and disclosure in Financial Reporting
    1. Full disclosure principles 2. Notes to financial statements 3. Events after the reporting period 4. Interim reports 5. Internet financial reporting 6. Fraudulent financial reporting
  • Topic 7. Statement of Cash Flows
    1. Classification of cash flows 2. Format of statement 3. Indirect vs. direct method 4. Adjustments to net income 5. Preparation of final statement
  • Topic 8. Investments
    1. The accounting framework for financial asses 2. Debt investments at amortized and fair value 3. Accounting for equity investments at fair value 4. Impairment of debt investments
  • Topic 9. Accounting for Leases
    1. The leasing environment 2. Accounting by the Lessee 3. Accounting by the Lessor 4. Comparison of Finance lease with operating lease 5. Special accounting problems
  • Topic 10. Dilutive Securities and Earnings per Share
    1. Accounting for convertible deb 2. Share warrants 3. Accounting for share compensation 4. Earnings per share – simple capital structure 5. Earnings per share – complex capital structure
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

  • Interim assessment (2 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

Recommended Additional Bibliography

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