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Бакалаврская программа «Международная программа по экономике и финансам»

04
Апрель

Financial Reporting

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
8
Кредиты
Статус:
Курс по выбору
Когда читается:
3-й курс, 1-4 модуль

Course Syllabus

Abstract

The course is designed to introduce a number of theoretical approaches to financial accounting and develop background for preparing financial statements of the company under alternative accounting conventions (mainly under International Financial Reporting Standards (IFRSs)). The course describes a number of regulatory issues relating to financial accounting and explores the detailed issues and problems of financial reporting. It provides basic skills in recording and interpretation of financial data and covers basic techniques of financial analysis. The course requires the knowledge of basics of accounting and microeconomics. This is a two-semester course designed to prepare students for UoL examination. If taken as part of a BSc degree, the following course must be passed before this course may be attempted: Principles of accounting.
Learning Objectives

Learning Objectives

  • The course is focused on developing skills in preparing and analyzing companies’ Individual and consolidated financials.
  • By the end of the second module students are expected to understand the role of financial reporting, main approaches to preparing financial statements and to be able to calculate the main items of statement of financial position, income statement and statement of comprehensive income.
  • By the end of the course students are expected to prepare statement of cash flows, consolidated statements and interpret financials.
Expected Learning Outcomes

Expected Learning Outcomes

  • - explain and discuss the implications of the IASB
  • - describe objectives of financial reporting as per IASB conceptual frameworks
  • - explain the basic character in this context of the statement of financial position, the statement of income, the statement of other comprehensive income, the statement of changes of equity and the notes to the accounts
  • - elaborate upon what IAS1 and IAS7 of IASB prescribe in relation to the preparation and presentation of financial statements
  • - appreciate ethics in relation to accounting
  • - convert HCA to CPP by following the step-by-step guide
  • - compute real gains and losses on monetary items
  • - prepare a statement of financial position and income statement using specific price indices, including calculating holding gains and losses
  • - prepare consolidated accounts (statement of financial position and income statements) using the acquisition method
  • - compute the value of goodwill and non-controlling interest
  • - prepare consolidated accounts (statement of financial positon and income statements) using the equity method
  • - compute the value of goodwill included in investment in associate
  • - prepare an income statement and balance sheet entries for the three approaches to accounting for deferred tax
  • - interpret a set of accounts using a number of techniques
  • - perform trend and vertical analysis
Course Contents

Course Contents

  • Introduction to the course. Rationale for financial reporting and its regulation.
    Financial accounting theory. Financial accounting and its role. Financial accounting regulation. Accounting standards. Descriptions of accounting and its regulation. UK accounting regulation and the influence of international accounting standards. Institutional setting for accounting regulation: the UK. Statutory regulation: IASs/IFRSs gained force of law. Mandatory regulation: standard-setting and the case of the UK.
  • Conceptual framework
    Definition of a conceptual framework. Rationale for a conceptual framework. Advantages claimed for a conceptual framework. The US, IASC and UK initiatives compared. Objectives of financial reporting. Qualitative characteristics of accounting information. Elements of financial statements. Presentation of financial information. Review of the conceptual framework
  • Preparation of financialstatements
    Main forms of statements in financials. Statement of financial position. Income statement. Statement of other comprehensive income. Statement of changes in equity. Cash flow statement. Correlation between the main forms.
  • Ethics for accountants
    Personal ethics. Professional ethics. Corporate social responsibility.
  • Fair value and other accounting systems of price adjustments. Accounting for changing prices/values.
    Fair value concept. IFRS 13. Measurement process. Disclosure. Characteristics of HCA. Advantages and disadvantages of HCA. Alternatives to HCA. Introducing CPP accounting. General and specific changes in price. Profit recognition and capital maintenance. Assessing CPP accounting. Converting from HCA to CPP: a step-bystep guide. Worked example and explanation of CPP. Advantages and disadvantages of CPP. Introduction to current value accounting (CVA). Replacement cost accounting (RCA). Advantages and disadvantages of replacement cost. Net realisable value (NRV). Present value (PV). Deprival value (DV). Advantages and disadvantages of deprival value. Holding gains and current operating profit. Capital maintenance concepts. Current value accounting using replacement cost. Worked example and explanation of CVA. Combined CPP/CVA system.
  • Accounting for tangible non-current assets
    Tangible non-current assets (owned). Measurement of tangible non-current assets. Borrowing costs. Measurement after recognition: revaluation. Depreciation. Investment property. Reclassifications. Change of intention regarding use of non-current asset. Tangible non-current assets (not owned): leases. IAS 17. Classification of lease. Accounting by lessees. Accounting by lessors. Sale and leaseback transactions.
  • Accounting for intangible assets
    Goodwill: history of accounting approaches. Intangible assets (other than goodwill). Impairment: IAS 36. Research and development. International differences
  • Accounting for inventories and construction contracts.
    Components of inventory. Implications of inventory for the accounts. Inventory valuation: definitions. Implications of fair value accounting. Construction contracts. Profit recognition methods.
  • Accounting for financial instruments.
    IAS 39. Definition of financial instrument. Recognition and derecognition of financial instruments. Categories of financial assets and liabilities. Measurement of financial instruments. Moving to IFRS 9
  • Accounting for equity and liabilities
    Share capital and reserves. Ordinary shares. Preference shares. Accounting issues: equity or liability? Off-balance sheet financing.
  • Accounting for employee benefits
    Short-term employee benefits. Post-employment benefits. Defined contribution plans. Defined benefit plans: recognition and measurement.
  • Accounting for provisions, contingent assets, contingent liabilities. Events after reporting period
    IAS 37. Recognition of a provision. Disclosure of contingent assets and contingent liabilities. IAS 10. Events after reporting period: adjusting and non-adjusting
  • Consolidated accounts. Business combinations
    Key principles and rationales. Requirement for consolidated accounts. Different models of group accounting. Different types of relationships within a group. Concept of influence and control. Accounting for subsidiaries.
  • Consolidated accounts. After date of acquisition.
    Post-acquisition profit. Intergroup transactions. Dividend elimination. Unrealised profit. Non-controlling interest. Goodwill impairment. Consolidated statement of total comprehensive income. Consolidated statement of changes in equity. Consolidated cash flow statement.
  • Consolidated accounts. Associates and joint arrangements
    IAS28. Significant influence concept. “Upstream” and “downstream” transactions. IFRS11. Joint ventures. Joint operations.
  • Accounting for foreign currencies
    Foreign currency conversion: business transactions. Foreign currency translation: business transactions. Exchange rates that should be used to record foreign currency translations. Accounting for the closing rate method and the temporal method. Consolidation of foreign subsidiaries.
  • Accounting for taxation
    An introduction to corporation tax systems. UK: corporation tax. Deferred taxation: taxable profit versus accounting profit. Approaches to the accounting treatment of deferred tax. Value-added tax (VAT).
  • Analysis and interpretation of financialreports
    Introduction to the interpretation of financial statements. Ratio analysis – introduction. Trend analysis. Earnings per share. IAS33.
Assessment Elements

Assessment Elements

  • non-blocking exam
  • non-blocking MOCK exam
  • non-blocking home assignments
  • non-blocking class participation
  • blocking final exam (UoL or HSE)
    Spring internal exam or UoL exam for those who take it. Internal: Экзамен проводится в письменной форме с использованием асинхронного прокторинга. Экзамен проводится на платформе https://hse.student.examus.net). К экзамену необходимо подключиться за 10 минут до начала. Проверку настроек компьютера необходимо провести заранее, чтобы в случае возникших проблем у вас было время для обращения в службу техподдержки и устранения неполадок. Компьютер студента должен удовлетворять требованиям: 1. Стационарный компьютер или ноутбук (мобильные устройства не поддерживаются); 2. Операционная система Windows (версии 7, 8, 8.1, 10) или Mac OS X Yosemite 10.10 и выше; 3. Интернет-браузер Google Chrome последней на момент сдачи экзамена версии (для проверки и обновления версии браузера используйте ссылку chrome://help/); 4. Наличие исправной и включенной веб-камеры (включая встроенные в ноутбуки); 5. Наличие исправного и включенного микрофона (включая встроенные в ноутбуки); 6. Наличие постоянного интернет-соединения со скоростью передачи данных от пользователя не ниже 1 Мбит/сек; 7. Ваш компьютер должен успешно проходить проверку. Проверка доступна только после авторизации. Для доступа к экзамену требуется документ удостоверяющий личность. Его в развернутом виде необходимо будет сфотографировать на камеру после входа на платформу «Экзамус». Также вы должны медленно и плавно продемонстрировать на камеру рабочее место и помещение, в котором Вы пишете экзамен, а также чистые листы для написания экзамена (с двух сторон). Это необходимо для получения чёткого изображения. Во время экзамена запрещается пользоваться любыми материалами (в бумажном / электронном виде), использовать телефон или любые другие устройства (любые функции), открывать на экране посторонние вкладки. В случае выявления факта неприемлемого поведения на экзамене (например, списывание) результат экзамена будет аннулирован, а к студенту будут применены предусмотренные нормативными документами меры дисциплинарного характера вплоть до исключения из НИУ ВШЭ. Если возникают ситуации, когда студент внезапно отключается по любым причинам (камера отключилась, компьютер выключился и др.) или отходит от своего рабочего места на какое-то время, или студент показал неожиданно высокий результат, или будут обнаружены подозрительные действия во время экзамена, будет просмотрена видеозапись выполнения экзамена этим студентом и при необходимости студент будет приглашен на онлайн-собеседование с преподавателем. Об этом студент будет проинформирован заранее в индивидуальном порядке. Во время выполнения задания, не завершайте Интернет-соединения и не отключайте камеры и микрофона. Во время экзамена ведется аудио- и видео-запись. Процедура пересдачи проводится в соотвествии с нормативными документами НИУ ВШЭ.
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.12 * class participation + 0.5 * exam + 0.12 * home assignments + 0.26 * MOCK exam
  • Interim assessment (4 module)
    0.1 * class participation + 0.4 * final exam (UoL or HSE) + 0.1 * home assignments + 0.4 * Interim assessment (2 module)
Bibliography

Bibliography

Recommended Core Bibliography

  • Accounting : theory and practice, Glautier, M. W. E., 2001

Recommended Additional Bibliography

  • King, A. M. (2006). Fair Value for Financial Reporting : Meeting the New FASB Requirements. Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=159616