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Prof. Alessandra Lardo

Contact information: a.lardo@unicas.it

Term: First Semester

Credits (ECTS): 6

Prerequisites: Notions of Accrual basis of accounting

Language of Instruction: English

Class hours: 42



LEARNING OBJECTIVES:

Cognitive / Knowledge skills

  • Understand the notions of accounting regulation developed in the international setting;
  • Acquire an understanding of the underlying conceptual basis for the international accounting rules;
  • Provide an overview discussion of the perspective and key issues associated with the topics covered;
  • Be able to compare IFRS (International Financial Reporting Standards) and US GAAP (General Accepted Accounting Standards);
  • Enable the reasoning by analogy that is so necessary in dealing with a complex, fast-changing world of commercial arrangements and structures using principles-based standards.
  • Obtain an awareness of current developments in international accounting.

Analytical / Critical Thinking Skills (Oral & Written)

  • Develop an understanding of how apply all current accounting principles promulgated by the IASB (International Accounting Standard Board);
  • Become familiar with the technical languages and practices of accounting;
  • Provide sufficient guidelines for entities that prepare their financial statements;
  • Be able to building up a simplified Financial Statement of an entity;
  • Acquire the ability to apply and to interpret the complexities of accounting rules and the financial statements of global businesses.

 

COURSE DESCRIPTION:

This course aims at giving students an introduction to International Financial Reporting Standards (IFRS). Thus, the purpose of the course is to offer students a coherent program of study in the discipline, providing sufficient coverage of selected international accounting standards to enable graduates also to proceed to professional accounting careers.

The course deals with the development of students’ skills of reading, analyzing and evaluating an entity’s financial statements and knowledge of issues relating to recognition, measurement, presentation and disclosure inherent in the standards.

 

INSTRUCTIONAL FORMAT:

The class will meet for 2 hours (gross of interclass break), twice a week, for a total of 21 sessions. After an introduction aimed at providing the needed background, participants are required to read the materials related to the class and to be prepared prior to coming to class. Classes will consist of a lecture by the instructor, to be followed by a discussion of the main topics. Main points about the materials and all doubts brought up by the students will be addressed by the instructor during the class.

 

TENTATIVE COURSE SCHEDULE: 

Week 1 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 1 and 2)

Introduction to the Course; Presentation of the Available materials; Clear Statement of Expected Mutual Requirements; Introduction to International Financial Reporting Standards; The current structure; The process of IFRS Standard Setting; Conceptual Framework for Financial Reporting; Hierarchy of Standards; Comparison with US GAAP.

Week 2 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapters 3)

Revised IAS 1 - Presentation of Financial Statements; Perspective and Issues; Objective; Scope; Purpose of Financial Statements; Fair Presentation and Compliance with IFRS; Going Concern; Accrual Basis Accounting; Materiality and aggregation; Offsetting; Frequency of Reporting; Comparative information; Proposed format for Financial Statements; Introduction to the Statement of Financial Position.

Week 3 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 4)

Revised IAS 1 - Statement of Financial Position; General concepts and definitions of terms; Classification of Assets; Classification of Liabilities; Classification of Shareholders’ Equity; Supplemental Disclosures; Examples and exercises.

Week 4 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 5)

Revised IAS 1 - Statement of Profit or Loss and Comprehensive Income; Perspective and issues; Definition of terms; Concept of Income, of Expenses, of Gains and Losses; Statement of Comprehensive Income; Classification and Presentation; Statement title and reporting period; Major components of the Statement of Income; Revenue; Aggregating items; Reclassification Adjustments; Examples and Exercises.

Week 5 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 6)

Revised IAS 1 - Statement of Changes in Equity; Statement of Cash Flows; Benefits of Statement of Cash Flows; Components of cash and Cash Equivalents; Classification in the Statement of Cash Flows; Direct and Indirect Methods; Examples and Exercises.

Week 6 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 8)

IAS 2 – Inventories; Basic concept of Inventory Costing; Ownership of Goods; Valuation of Inventories; Joint Products and By-Products; Direct Costing; Firs-In-First-Out (FIFO); Weighted-Average Cost; Net Realizable Value; Disclosure requirements; Examples and Exercises.

Mid-term exam

Week 7 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 9 and 13)

IAS 16 – Property, Plant and Equipment (PPE); Initial Measurement of PPE and Self-Constructed Assets; Depreciation of PPE; Depreciation Methods; Revaluation of PPE; Fair Value Concept; Examples and Exercises.

Week 8 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 11 and 13)

IAS 38 – Intangible Assets; Background, Scope of the standard; Recognition criteria; Measurement of the Cost of Intangibles; Internally Generated Intangibles other than Goodwill; Subsequently Incurred Costs; Measurement Subsequently to Initial; Amortization Period; Residual Value;

IAS 36 – Impairment of Assets; Principal Requirements of IAS 36; Impairment of Tangible Long-Lived Assets; Impairment of Intangible Assets; Examples of Accounting for Impairment; Comparison with US GAAP; Exercises.

Week 9 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 14 and 15)

Consolidations, Joint Arrangements, Associates and Separate Financial Statements;

Revised IFRS 3 – Business Combinations; Effective Date and Transition; Determining Fair Values; Accounting for Business Combinations under the Acquisition Method; Goodwill and Gain from a Bargain Purchase; Disclosure Requirements.

Week 10 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 15 and 24)

Revised IAS 27 – Consolidated Financial Statements; Presentation and Scope; Consolidation Procedures;

IAS 32 – IAS 39 – IFRS 7 – Financial Instruments; Evolution in the Current Standard; Presentation; Recognition and Measurement; Accounting for Investment in Debt Instruments; Hedge Accounting; Disclosure Required under IFRS 7; Risk Consideration.

Week 11 (Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, chapter 22)

IAS 17 – Leases; Classification of Leases; Lessee and Lessor; Distinction among Sales-Type, Direct Financing and Leveraged Leases; Operating and Financing Leases; Accounting for Lessee and Accounting for Lessor; Sale-Leaseback Transactions; Disclosure Requirements under IAS 17.

 

WORKLOAD EXPECTATIONS:

All students are expected to spend at least 2,5 hours of time on academic studies outside of, and in addition to, each hour of class time.

 

FORMS OF ASSESSMENT:

The instructor will use numerous and differentiated forms of assessment to calculate the final grade you receive for this course. For the record, these are listed and weighted below. The content, criteria and specific requirements for each assessment category will be explained in greater detail in class. Any questions about the requirements should be discussed directly with your faculty well in advance of the due date for each assignment.

FORM OF ASSESSMENT

VALUE

Group Case Study Presentation

10%

Mid-Term Exam

40%

Final Exam

50%

 

 

ASSESSMENT OVERVIEW:

Group Case Study Presentation: The class will be divided in teams to work on particular cases assigned by the professor. Note that due to the continuity of the project, once the teams are established at the beginning of the semester, it will be very difficult to change them. Students need to review the readings and team-discuss the relevant case prior to each meeting and be prepared for class discussion. Credit will only be given to cases emailed before they are discussed in class.

Mid Term Exam: The midterm is designed to establish and communicate to you the progress you are making towards meeting the course learning objectives. Your abilities will be tested in two important areas of competency: the amount of information you master and the accuracy of the information you present.

Structure: A combination of two questions multiple choices (20%), one open question (30%) and two practical exercises (50%) will be asked. Prior to the examinations, a comprehensive review will be given during class.

Final Exam: Your abilities will be tested in two important areas of competency: the amount of information you master; the accuracy of the information you present.

Structure:  A combination of two questions multiple choices (20%), one open question (30%) and two practical exercises (50%) will be asked. Prior to the examinations, a comprehensive review will be given during class.

Prior to the examinations, a comprehensive review will be given during class. The final exam will generally include an oral examination through which the instructor will assess the significance you ascribe to the facts and ideas you have integrated across your study in this course.

 

CLASS/INSTRUCTOR POLICIES:

Professionalism and communications: As a student, you are expected to maintain a professional, respectful and conscientious manner in the classroom with your instructors and fellow peers.

You are expected to take your academic work seriously and engage actively in your classes. Advance preparation, completing your assignments, showing a focused and respectful attitude is expected of all students. Simply showing up for class or meeting minimum outlined criteria will not earn you a good grade in this course. Utilizing communications, properly addressing your faculty and staff, asking questions and expressing your views respectfully demonstrate your professionalism and cultural sensitivity.

Attendance and Classroom behavior: Although attendance is not compulsory, it is highly recommended. All students must have a respectful attitude towards the professor as well as the classmates.

Arriving late / departing early from Class: Once they have decided to attend, students must behave consistently. Arriving late or leaving class early is disruptive and shows a lack of respect for instructor and fellow students.

Make-up classes: The instructor reserves the right to schedule make-up classes in the event of an unforeseen or unavoidable schedule change. Make-up classes may be scheduled outside of typical class hours, as necessary. 

Missing Examinations: Examinations will not be rescheduled. Pre-arranged travel or anticipated absence does not constitute an emergency and requests for missing or rescheduling exams will not be granted.

Use of Cell Phones, Laptops and Other Electronic Devices: Always check with your instructor about acceptable usage of electronic devices in class. Inappropriate usage of your electronic devices will result in a warning and may lead to a deduction in participation grades. Use of a cell phone for phone calls, text messages, emails, or any other purposes during class is impolite, inappropriate and prohibited Faculty determines whether laptops will be allowed in class. The use of a laptop, tablets or of cell phones is prohibited during all tests and exams, unless otherwise specified by your instructor. 

 

REQUIRED READINGS:

Listed below are the required course textbooks and additional readings. These are required materials for the course and you are expected to have constant access to them from the very beginning of the course for reading, highlighting and note-taking. It is required that you have unrestricted access to each. Access to additional sources required for certain class sessions may be provided in paper or electronic format consistent with applicable copyright legislation.

Required texts: Wiley IFRS 2017: Interpretation and Application of IFRS Standards, PKF International Ltd, March 2017 - ISBN: 978-1-119-34022-5

Recommended readings: (to be selected and assigned throughout the semester): The following primary and secondary materials, articles and readings are either available on the web or will be provided in Pdf format by the instructor through the GOMP and/or MOODLE platforms. 

Online Reference & Research Tools:

1)       www.ifrs.org

The IFRS Foundation is a not-for-profit, public interest organisation established to develop a single set of high-quality, understandable, enforceable and globally accepted accounting standards - IFRS Standards - and to promote and facilitate adoption of the standards.

2)       www.fasb.org

Established in 1973, the Financial Accounting Standards Board (FASB) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP).

3)       www.wto.org

The World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level.

4)       www.epo.org

The European Patent Organisation is an intergovernmental organization. As the patent office for Europe, it support innovation, competitiveness and economic growth across Europe.

[Ultima modifica: venerdì 22 settembre 2017]