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Course Syllabus

Bachelor 2021/2022

International Financial Reporting Standards

Type: Elective course (Economics)
Area of studies: Economics
Delivered by: School of Finance
Where: Faculty of Economic Sciences
When: 2 year, 2, 3 module
Mode of studies: offline
Open to: students of one campus
Instructors: Aglaia Kokurina, Oksana Soboleva
Language: English
ECTS credits: 6
Contact hours: 58

Course Syllabus

Full Syllabus

Abstract

This course is designed for undergraduate students who have some experience with accounting methods and practices. The course covers International Financial Reporting Standards (IFRS) Concepts Framework and major formats of financial statements according to IFRS. Following that, the course is focused on recognition, measurement and disclosure for such elements of financial accounting as Revenue, Inventory and biological assets, Long-term assets as Property, Plant and Equipment, Intangible assets and Provisions. Accounting for Impairments of Long-term assets is also covered. The course contains concepts of accounting and reporting for Lease operations (financial and operating leases). One class is focused on the Cash Flow Statement preparation techniques. The course also covers the crucial topic of Financial Instruments. The last part of the course deals with the consolidated financial statements. It covers the main concepts of control, subsidiaries and affiliates, single and consolidated statements. After this course, the students will be able to deal with special items (e.g. intra-companies transactions and unrealized gains), and to prepare basic consolidated financial statements. Finally, the methods of accounting at the date of acquisition – that is, goodwill, measuring the consideration transferred, measuring the net assets acquired – will be examined. The course does not require extensive knowledge of mathematics and statistics.
Learning Objectives

Learning Objectives

  • Learn to apply recognition and measurement principles for non-current assets (including tangible and intangible), revenue, inventory and biological assets, financial instruments, leases, provisions, contingent liabilities and contingent assets, impairment calculation and reporting.
  • Master single entity financial statements preparation techniques
  • Learn to prepare consolidated financial statements for companies with complex transactions.
Expected Learning Outcomes

Expected Learning Outcomes

  • Describe what is meant by a conceptual framework of accounting
  • Discuss whether a conceptual framework is necessary and what an alternative system might be
Course Contents

Course Contents

  • The repetition of the basics learned in the course Financial Accounting.
  • Topic 1. The IFRS Conceptual Framework and the Financial Statements
  • Topic 2. Long-term assets. Impairment of assets.
  • Topic 3. Inventories and biological assets.
  • Topic 4. Leasing.
  • Topic 5. Financial instruments
  • Preparation for mid-term test
  • Topic 6. Provisions, events after the reporting date.
  • Topic 7. Reporting financial performance
  • Topic 8. Revenue Recognition.
  • Topic 9. Group accounts: associates. Business combinations, consolidated financial statements
  • Topic 10. Group accounts: basic principles. Consolidated accounts: consolidated statement of financial position, consolidated statement of financial performance.
  • Topic 11. Presentation of published financial statements
  • Введение в финансовый учет
Assessment Elements

Assessment Elements

  • non-blocking Homework
  • non-blocking Class participation
  • non-blocking Mid-term test
  • Partially blocks (final) grade/grade calculation Final exam (remotely)
  • non-blocking Homework
  • non-blocking Class participation
  • non-blocking Mid-term test
  • non-blocking Final exam (remotely)
Interim Assessment

Interim Assessment

  • 2021/2022 3rd module
    0.2 * Mid-term test + 0.1 * Class participation + 0.6 * Final exam (remotely) + 0.1 * Homework
Bibliography

Bibliography

Recommended Core Bibliography

  • Beyersdorff, M., & Ernst & Young. (2017). International GAAP 2017 : Generally Accepted Accounting Practice Under International Financial Reporting Standards. Chichester, West Sussex, United Kingdom: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1450533
  • Epstein, B. J., & Jermakowicz, E. K. (2007). Wiley IFRS 2007 : Interpretation and Application of International Financial Reporting Standards. Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=492804

Recommended Additional Bibliography

  • Tobór-Osadnik, P. D. K., Wyganowska, P. D. M., & Kabalski, P. D. P. (2013). International Financial Reporting Standards vs. homo sovieticus personality the case of Poland. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.BC1B9426