Bachelor
2023/2024
International Financial Reporting Standards
Category 'Best Course for Career Development'
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Type:
Elective course (Economics)
Area of studies:
Economics
Delivered by:
Department of Finance
When:
4 year, 2 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Language:
English
ECTS credits:
3
Contact hours:
28
Course Syllabus
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
Interim Assessment
- 2023/2024 2nd module0.3 * Class group tasks + 0.3 * In-class participation + 0.4 * Экзамен
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