Course detail

FP-UfifPAcad. year: 2021/2022

The purpose of the subject is to acquaint students with fundamental trends of accountancy harmonization in the world and International Financial Reporting Standards. The intent is also to introduce International Financial Reporting Standards. Further more the subject is intended to be descriptive in matter of recognize and measure of the Financial Statement issue in unity with Standards. At the end of this course, the students should be able to: - characterize the general methods of harmonization in accounting, - use regulations of recognition and measurement of the elements in financial statements according to the International Financial Reporting Standards. - apply these Standards

Language of instruction

English

Number of ECTS credits

4

Mode of study

Not applicable.

Guarantor

Ing. Zuzana Křížová, Ph.D.

Department

Institute of Finances (ÚF)

Learning outcomes of the course unit

Not applicable.

Prerequisites

Not applicable.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

Not applicable.

Assesment methods and criteria linked to learning outcomes

Not applicable.

Course curriculum

1. The nature and operations of the IASB, structure of the IFRSF/IASB, the framework.
2. The status and use of IFRSs around the world, IFRS 1, first time adoption of IFRS
3. Presentation and profit (IAS 1, IFRS 15)
4. Accounting for longterm assets ( IAS 16, IAS 38, IAS 40, IAS 36)
5. IFRS 16, Leases
6. IAS 20, Accounting for government grants and disclosure of government assistance
7. IAS 2, Inventories
8. Financial instruments - presentation IFRS 32, IFRS 9 a IFRS 7
9. IAS 37, Provisions, contingent liabilities and contingent assets
10. IFRS 13, Fair Value Measurement
11. Group accounting - IFRS 10, Consolidated Financial Statements
12. Principal differences between UK/US GAAP and IFRS
13. Proposals for change

Work placements

Not applicable.

Aims

The purpose of the subject is to acquaint students with fundamental trends of accountancy harmonization in the world and International Financial Reporting Standards. The intent is also to introduce the key elements of these international accounting standards. Further more the subject is intended to be descriptive in matter of recognize and measure of the Financial Statement issue in unity with Standards. At the end of this course, the students should be able to: - characterize the general methods of harmonization in accounting, - use regulations of recognition and measurement of the elements in financial statements according to the International Financial Reporting Standards. - apply these Standards

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

Not applicable.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

Understanding IFRS Fundamentals: International Financial Reporting Standards. Wiley, 2010. 1st e., 416 p. ISBN 9780470399149
PACTER, P. Pocket Guide to IFRS® Standards: the global financial reporting language. Dostupné z: http://www.ifrs.org/-/media/feature/around-the-world/documents/pocket-guide-2017.pdf
Da Paixão Duarte, A. M., Saur-Amaral. IFRS Adoption and Accounting Quality: A Review. Journal of Business & Economic Policy. 2015. Dostupné z: http://jbepnet.com/journals/Vol_2_No_2_June_2015/10.pdf

Recommended reading

Nobes, Ch. W. and Ch. Stadler. The qualitative characteristics of financial information, and managers' accounting decisions : evidence from IFRS policy changes. 2015. Accounting and business research : a research quarterly publ. by the Inst. of Chartered Accountants in England and Wales. - Abingdon : Routledge, Taylor & Francis Group, ISSN 0001-4788, ZDB-ID 831128. - Vol. 45.2015, 5, p. 572-601
Brouwer, A., M. Hoogendoorn, and E. Naarding. Will the changes proposed to the conceptual framework’s definitions and recognition criteria provide a better basis for IASB standard setting? . Accounting and Business Research 45(5): 2015. 547–571 pp.

Classification of course in study plans

  • Programme BAK-UAD Bachelor's, 3. year of study, summer semester, compulsory-optional

Type of course unit

 

Lecture

20 hours, compulsory

Teacher / Lecturer

Ing. Zuzana Křížová, Ph.D.

Syllabus

1. Fixed assets – all methods of acquisition
2. Life cycle of fixed assets – depreciation (component depreciation, residual value), disposal by sale, by donation or through liquidation
3. Current assets – inventory: bookkeeping procedures by method B,
pricing on consumption, inventory from own production
4. Current assets – receivables: statement of claims focused on trade receivables, provisions, writing off receivables, assignment of claims
5. Balance sheet liabilities - equity
6. Balance sheet liabilities - external funding sources
7. Costs and their structure, content and accounting in accounting cost classes
8. Revenues and their structure, content and accounting in accounting revenue classes
9. Profit: ascertaining the profit, accounting for its distributions
10. Cut-off entries in the wider sense, cost and revenue accruals, accrued items and exchange rate differences by balance-sheet date
11. Closure of accounts, income tax (current and deferred tax)
12. Producing and verifing of financial statements and annexes
13. The ethics of accounting work, communication of the accountant with shareholders