Consolidated and Sustainability Reporting under IFRS

2023/2024

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'

Category 'Best Course for New Knowledge and Skills'

Type: Mago-Lego

Delivered by: School of Finance

When: 4 module

Open to: students of all HSE University campuses

Instructors: Sergey A. Kuzubov

Language: English

ECTS credits: 3

Contact hours: 32

Full Syllabus

Abstract

This course provides an in-depth examination of consolidated financial statements and sustainability reporting under International Financial Reporting Standards (IFRS). Students will learn the concepts, principles, and requirements for preparing consolidated financial statements, including business combinations, non-controlling interests, intercompany transactions, and disclosures. The course will also cover sustainability reporting topics such as environmental, social, and governance (ESG) disclosures, integrated reporting, and the IFRS Sustainability Disclosure Standards. Real-world case studies will be used to analyze financial reporting practices.Prerequisites for the "Consolidated and Sustainability Reporting under IFRS" course:Financial Accounting Basics of accounting and financial reporting. Understanding of key financial statements - statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows.Financial Analysis Skills to analyze and interpret financial statements. Understanding of key financial ratios. Assessment of a company's financial standing.International Financial Reporting Standards (IFRS) Understanding of the nature, framework and requirements of IFRS. Differences between IFRS and local financial reporting standards.Risk Management Concept of risks, their assessment and risk management methods in companies. Risk-based thinking.Corporate Governance Understanding principles and mechanisms of corporate governance. Interrelation between corporate governance, sustainability and disclosure of non-financial information.These disciplines provide the necessary foundation of knowledge required for studying consolidated and sustainability reporting under IFRS.

Learning Objectives

The course is aimed at developing competencies in the field of preparation of consolidated financial statements of a group of companies and disclosure of sustainability information to different stakeholders

Expected Learning Outcomes

- Explain the rationale for consolidated financial statements under IFRS
- Identify subsidiaries and determine when consolidation is required
- Apply acquisition and consolidation accounting for business combinations
- Account for non-controlling interests and changes in ownership interests
Define what an associate company is under accounting standards and explain the significant influence that an investor has in an associate
Apply the equity method to account for an investment in an associate,
- Eliminate intercompany transactions and balances in consolidated financial statements
- Prepare consolidated financial statements and related disclosures
- Understand emerging issues in sustainability reporting under IFRS
- Analyze ESG disclosures using the IFRS Sustainability Disclosure Standards

Course Contents

Introduction to groups.
Consolidation principles and techniques
Accounting for non-controlling interests and changes in ownership
Intra-group transactions.
Investments in Associates and Joint Ventures
Sustainability Reporting Concepts:
Sustainability Reporting Practices

Assessment Elements

Class participation
Quality of contributions: Comments demonstrate understanding of assigned readings and ability to analyze/evaluate arguments Insightful questions and ideas offered to advance discussion Comments are thoughtful and relevant to the discussion Frequency of participation: Student actively participates in most class sessions Student engages several times during a given session Communication: Opinions and ideas are expressed clearly and persuasively Respect and courtesy shown towards other perspectives Preparation: Student is clearly prepared, having read/reviewed assigned materials Questions and remarks build effectively on previous class content I would assign points for each criterion (e.g. 0-5 scale ). An overall class participation grade can be calculated based on the total points earned across all criteria. 5 = Excellent participation, meets all criteria consistently 4 = Good participation, meets most criteria most of the time 3 = Satisfactory participation, meets some criteria some of the time 1-2 = Poor participation, rarely contributes meaningfully or remains mute 0- absent
Case study assignments
Midterm quiz
Final exam
Final exam is only available in the computer-based form (LMS). All questions in the exam are compulsory.

Interim Assessment

2023/2024 4th module
0.4 * Case study assignments + 0.1 * Class participation + 0.3 * Final exam + 0.2 * Midterm quiz

Bibliography

Recommended Core Bibliography

ACCA : financial reporting (FR), , 2020
Ataur Belal, & Stuart Cooper. (2018). Sustainability Accounting : Education, Regulation, Reporting and Stakeholders: Vol. First edition. Emerald Publishing Limited.
BPP Learning Media (Firm). (2017). ACCA Paper F7 (Vol. Eleventh edition). London: BPP Learning Media. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1515138
Krimpmann, A. (2015). Principles of Group Accounting Under IFRS. Chichester, West Sussex, UK: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=968959
Perrini, F. (2006). The Practitioner’s Perspective on Non-Financial Reporting. California Management Review, 48(2), 73–103. https://doi.org/10.2307/41166339

Recommended Additional Bibliography

Zabihollah Rezaee, Judy Tsui, Peter Cheng, and Gaoguang Zhou. 2019. Business Sustainability in Asia : Compliance, Performance, and Integrated Reporting and Assurance

Authors

KUZUBOV SERGEY ANATOLEVICH

Course Syllabus