The course provides participants with an overview of financial accounting according to International Financial Reporting Standards (IFRS). It outlines the objectives, basic concepts and principles of IFRS. The course starts with an introduction of the International Accounting Standards Board (IASB), its structure and standard-setting process, and the Conceptual Framework for Financial Reporting, which serves as the basis for developing IFRS and sets out the concepts for the preparation and presentation of financial statements. An overview of all applicable standards is provided and selected standards (e.g., IAS 1 Presentation of Financial Statements, IAS 16 Property, Plant and Equipment, IAS 38 Intangible Assets) are covered in detail. When presenting the selected IFRS, the underlying concepts are covered first and their practical application is demonstrated next.

By attending this course, students will understand the regulatory framework, objectives, key concepts and elements of financial reporting according to IFRS. They are able to use the Conceptual Framework to analyse financial reporting issues. Students understand the methods recognition and measurement under IFRS (e.g., fair value measurement) and the role of judgment when applying principles-based standards. After completing this course, students should understand and be able to critically evaluate main aspects of IFRS financial statements. They should be able to assess issues relating to accounting discretion and managerial reporting incentives.

This course is a PI course with 80% attendance, this means students need to attend 80% of the lectures, irrespective of whether lectures are held on campus or online. In case the attendance threshold is not met, students will be deregistered from the course

The course consists of lectures, practical examples and discussions. They serve to explain the key concepts of IFRS and their application in practice. The lectures are based on international textbooks and on the text of IFRS standards. Relevant chapters in the books and additional material will be announced throughout the course.

Assessment:

• Quizzes: 15 %
• Test 1: 40 %
• Test 2: 45 %

In order to pass the course, students are required to achieve more than 50 % of the total possible points.

Marking scheme:

1 100 - 88 points

2 87,5 - 76 points

3 75,5 - 63 points

4 62,5 - >50 points

5 <= 50 points

This course is a PI course with 80% attendance. Students who are not present in the first unit will be deregistered and the place will be given to some other student from the waiting list.

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