Course detail

International acouting standarts

FP-FmusPAcad. year: 2014/2015

The subject is focused on harmonization of accounting in the sense of International Financial Reporting Standards application. The subject deals with the Conceptual framework, with standards IAS/IFRS and with preparation of financial statements in accordance with the International Financial Reporting Standards.

Language of instruction

Czech

Number of ECTS credits

Mode of study

Not applicable.

Guarantor

prof. Ing. Mária Režňáková, CSc.

Department

Institute of Finances (ÚF)

Learning outcomes of the course unit

Students will gain the knowledge and skills in preparation of financial statements under the International Financial Reporting Standards and in transformation of the financial statements prepared in accordance with the Czech accounting law into the financial statements under IFRS.

Prerequisites

Accounting of business entities in accordance with the Czech accounting law.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

One hour lectures a week present students theoretical and practical bases of business finance probles. In seminars (two hours a week), students aplly theoretical knowledge and methods on practical examples.

Assesment methods and criteria linked to learning outcomes

Credit:
1) assignment – transformation of financial statements prepared under the Czech GAAP into financial statements in accordance with the IFRS
2) credit test - consists of short case studies requiring application of proper methodology of the problem solving and its subsequent presentation in finanacial statements (required minimum 50 %)

Exam: written, in the form of multiple-choice test - consists of teoretical questions and practical cases (required minimum 60 %)

Course curriculum

- Harmonization of accounting.
- Conceptual Framework for preparation of financial statements.
- Fixed assets. Current assets. Impairment of assets.
- Shareholders´ Equity. Liabilities. Provisions, contingent assets and contingent liabilities.
- Costs. Revenues. Accruals.
- Consolidated financial statements.

Work placements

Not applicable.

Aims

Objective of the subject is to provide the student with knowledge and skills in application of the financial reporting system based on principles, not on the rules, i.e. to educate the students in preparation of financial statements in accordance with the International Financial Reporting Standards.

Specification of controlled education, way of implementation and compensation for absences

Attendance on seminars is not compulsory but is controlled.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

Not applicable.

Recommended reading

Not applicable.

Classification of course in study plans

  • Programme MGR Master's

    branch MGR-UFRP , 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

13 hod., optionally

Teacher / Lecturer

Ing. Michaela Beranová, Ph.D.

Syllabus

Harmonization of accounting. EU Regulations, IFRS, US GAAP.
- Conceptual Framework. Accounting Policies.
- Assets. Fixed assets. Current assets. Impairment of assets.
- Shareholders´ Equity. Liabilities. Provisions, contingent assets and contingent liabilities.
- Costs. Revenues. Accruals.
- Consolidated financial statements.
- Events after the balance sheet date.

Exercise

26 hod., compulsory

Teacher / Lecturer

Ing. Michaela Beranová, Ph.D.

Syllabus

- Accounting policies
- Conceptual framework for preparation of financial statements. Financial statements.
- IFRS 1 – First-time adoption of International Financial Reporting Standards.
- Fixed assets.
- Current assets.
- Leases.
- Liabilities. Employees´ benefits.
- Provisions, contingent assets and contingent liabilities. Impairment of assets.
- Costs and revenues.
- Consolidated financial statements.