O předmětu
The course focuses on the international financial reporting based on principles and requirements of IFRSs, accounting standards developed primarily for publicly registered entities. It introduces recognition, measurement and presentation of certain accounting phenomena in the financial statements of these entities; an aspect of disclosures is introduced using illustrations of real entities.
Co se naučíš
Upon successful completion of this course, students will be able: - explain IFRSs and their up-to-date influence on financial reporting in the world including the differences between old and new EU-countries; - describe both due process of IFRSs and endorsement process in the EU; - recognise and measure entity`s transactions and events, included in the scope of the course, in compliance with IFRSs; - prepare relevant disclosures related to transactions and events discussed in the course.
Obsah předmětu
- International harmonisation of accounting. Role of International Financial Reporting Standards (IFRS) – history, principles, development, worldwide use, specifics of adoption in the EU. 2. The conceptual framework for financial reporting under IFRSs - objective and users, qualitative characteristics of useful financial information and elements of financial statements. 3. Financial statements – content, structure and format of financial statements, relation among the statements, accompanying notes. Examples of real annual reports including financial statements. 4. Consolidated financial statements – basic principles, goodwill (bargain purchase), main differences to separate financial statements. Investments in associates and joint ventures. 5. Segment reporting. 6. Revenue from contracts with customers. 7. Property, plant and equipment. Investment property. Government grants. Borrowing costs. 8. Intangible assets. Internally generated assets, research and development. 9. Leases of assets. 10. Impairment of assets. Non-current assets held for sale and discontinued operations. 11. Inventory – retailing and manufacturing entities, entities rendering services. 12. Financial instruments – classification, measurement, presentation. Effective interest rate method. 13. Foreign currency – functional currency and presentation currency. Translation of amounts denominated in foreign currencies. 14. Employee benefits. 15. Provisions, contingencies and commitments. 16. Income taxes - current tax presentation, principles and effects of deferred income tax. 17. Related parties reporting. 18. First adoption of IFRS, including technical issues. 19. Interpreting IFRS financial statements: possibilities and limitations; decision usefulness vs stewardship and stakeholders’ needs; differences to other types of entities (not-for-profit; public sector).
Literatura
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