International Accounting Standards ACNE 4226F

Course description:

Students will begin by reviewing the basic elements and concepts of financial statements, accounting terminology and how financial statements link together. Next, they will consider the evolution of the international regulatory framework for financial reporting. The module will introduce group accounting; accounting for taxes; accounting for property, plant, equipment and impairment of assets; and accounting for intangibles plus inventories. Students will also practice and review the applications of financial statement analysis and earnings per share calculations. In addition, participants will study the role of corporate governance guidelines and business ethics in modern business. 

Course Aims:

  • Employing the tools and practices of international financial reporting, as prescribed by International Financial Reporting Standards (IFRS).
  • Analyzing and constructing financial statements for planning, reporting and transactional purposes, using IFRS.
  • Demonstrating appropriate quantitative techniques to analyze financial statements and measure benchmarks in order to better understand the effects of and solve financial-related problems.
  • Evaluating and explaining how regulatory, ethical and business practice standards protect stakeholder groups and enhance organizational sustainability.
  • Analyzing how business leaders create an environment for ethical financial practice and make responsible and legal financial decisions.

Course outcomes:

Upon completion of this course, the student should be able to:
  • Understand the tools, definitions and acceptable practices of international financial reporting based on the International Financial Reporting Standards (IFRS) as they apply to assets, liabilities, income and expenses.
  • Demonstrate the ability to analyze IFRS-compliant financial statements and interpret and evaluate these statement.
  • Understand how financial and real economic fluctuations affect IFRS financial statements and organizational value.
  • Understand corporate governance reporting and ethical consideration.s
  • Apply in a basic context the key elements of financial reporting regulations as set out in key IFRS covering presentation, disclosure, recognition and measurement.