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Prof. Matteo Palmaccio

Contact information:

Term: First Semester

Credits (ECTS): 6

Prerequisites: Notions of accrual basis of accounting

Language of Instruction: English

Class hours: 42



Cognitive / Knowledge skills

  • Understand the notions of accounting regulation developed in the international setting;
  • Understanding the conceptual basis of international accounting rules;
  • 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.


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.


The class will meet for 4 hours per week, divided in two lessons, 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.


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, chapter 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.

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.


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.


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. There are two sequential steps:

  • Written examination (mandatory): A combination of four questions with multiple choices (40%) and two practical exercises (60%) will be asked. The mark is given out of thirty (eg. 20/30 - twenty out of thirty). The exam is passed with a minimum grade of 18/30. To record a mark higher than 24/30 the oral examination is mandatory.


-        written exam passed with 18/30 - the student may accept to record 18/30

-        written exam passed with 24/30 - the student may accept to record 24/30

-        written exam passed with 27/30 - the student may accept to record 24/30 or to take the oral exam

  • Oral examination (optional): The oral examination consists of three open oral questions.


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.

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.  


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 textsWiley 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:


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.


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).


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


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: martedì 19 gennaio 2021]