Course: International Accounting Standards

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Course title International Accounting Standards
Course code MUFU/1MUSE
Organizational form of instruction Lecture + Seminary
Level of course Master
Year of study not specified
Semester Summer
Number of ECTS credits 5
Language of instruction English
Status of course Compulsory, Compulsory-optional
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Course availability The course is available to visiting students
Lecturer(s)
  • Paseková Marie, doc. Ing. Ph.D.
  • Homola David, Ing. Ph.D.
Course content
Basic requirements for financial statements under IFRS Conceptual framework of IFRS IAS 7 Statement of Cash flow IAS 24 Related Party Disclosures IAS 12 Income Taxes IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IAS 23 Borrowing Costs IFRS 16 - Leases IAS 32 Financial Instruments: Presentation IFRS 7 Financial Instruments: Disclosures IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance IFRS 3 Business Combinations IFRS 10 Consolidated Financial Statements

Learning activities and teaching methods
Lecturing, Practice exercises
prerequisite
Knowledge
Knowledge of financial accounting.
Knowledge of financial accounting.
Knowledge of financial accounting.
Knowledge of financial accounting.
Knowledge of the subject Fundamentals of International Accounting.
Knowledge of the subject Fundamentals of International Accounting.
Knowledge of the subject Fundamentals of International Accounting.
Knowledge of the subject Fundamentals of International Accounting.
Skills
Orientation in financial statements.
Orientation in financial statements.
Orientation in financial statements.
Orientation in financial statements.
learning outcomes
Knowledge
Students are able to understand the differences between Czech Accounting rules and International Financial Reporting Standards for practical applications.
Students are able to understand the differences between Czech Accounting rules and International Financial Reporting Standards for practical applications.
Characterize the structure and content of financial statements
Characterize the structure and content of financial statements
Explain the reasons for related party disclosure
Explain the reasons for related party disclosure
Explain the reporting and measurement of elements of interim financial statements
Explain the reporting and measurement of elements of interim financial statements
Understand the issue of operating segments
Understand the issue of operating segments
Describe the adjustments that a company must make when transitioning from its previous accounting principles to IFRS in its opening balance sheet
Describe the adjustments that a company must make when transitioning from its previous accounting principles to IFRS in its opening balance sheet
Define non-current assets held for sale and investment property
Define non-current assets held for sale and investment property
Characterize financial assets and financial liabilities
Characterize financial assets and financial liabilities
Explain the process of business combinations and clarify their specifics
Explain the process of business combinations and clarify their specifics
Explain the consolidation process
Explain the consolidation process
unspecified
unspecified
Skills
Prepare a statement of cash flows using the indirect method
Prepare a statement of cash flows using the indirect method
Calculate and post deferred tax
Calculate and post deferred tax
Calculate the amount of capitalized interest
Calculate the amount of capitalized interest
Familiarize yourself with revenue recognition methods for accounting and reporting long-term contracts
Familiarize yourself with revenue recognition methods for accounting and reporting long-term contracts
Explain the reporting of government subsidies and grants
Explain the reporting of government subsidies and grants
Describe the revaluation method and the current rate method
Describe the revaluation method and the current rate method
Apply the rules for reporting (accounting) expenses and liabilities in relation to employee benefits
Apply the rules for reporting (accounting) expenses and liabilities in relation to employee benefits
teaching methods
Knowledge
Practice exercises
Practice exercises
Lecturing
Lecturing
assessment methods
Oral examination
Oral examination
Written examination
Written examination
Recommended literature
  • International Financial Reporting Standards (IFRS) 2019 13e - Deutsch-Englische Textausgabe der von der EU gebilligten Standards. English & German (IFRS) Deutsche?Englische) (German Edition). Wiley. ISBN 3527509828.
  • PKF International Ltd. Wiley IFRS 2017: Interpretation and Application of IFRS Standards.. John Wiley & Sons, Ltd. Print, 2017. ISBN 781119340225.
  • Wiley Interpretation and Application of IFRS Standards (Wiley Regulatory Reporting) 1st Edition. Wiley, 2019. ISBN 978-1119577355.
  • ABBAS A. M., GRAHAM, H., LIESEL, K. Wiley IFRS: Practical Implementation Guide and Workbook. Wiley Regulatory Reporting. 3rd Edition. ISBN 978-0470647912.
  • PACTER, P. Pocket Guide to IFRS? Standards - the global financial reporting language. IFRS Foundation, 2017. ISBN 978-1-911040-49-1.


Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester