Course: International Financial Reporting Standards 1

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Course title International Financial Reporting Standards 1
Course code KUF/IFS1
Organizational form of instruction Lecture + Lesson
Level of course Master
Year of study not specified
Semester Winter
Number of ECTS credits 3
Language of instruction English
Status of course unspecified
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Svoboda Jaroslav, Ing. Ph.D.
  • Hradecká Marcela, Ing. Ph.D.
Course content
Thematic units: 1. Introduction to the course, methodical notes. International harmonization of accounting, main accounting systems - basic introduction. 2. International Financial Reporting Standards (IFSR) - history, bodies, structure. 3. US Generally Accepted Accounting Principles (US GAAP) - history, bodies, structure. 4. Accounting in the European Union - harmonization processes, regulations, directives. 5. IFRS - conceptual framework, valuation bases (IAS 23 - Borrowing Costs, IFRS 13 - Fair Value Measurement, IAS 36 - Impairment of Assets, IAS 21 - The Effects of Changes in Foreign Exchange Rates). 6. Financial statements prepared under IFRS (IAS 1 - Presentation of Financial Statements): 6.1. Reporting of assets, equity and liabilities according to IFRS in comparison of Czech regulations. 6.2. Reporting of expenses and revenues according to IFRS in comparison of Czech regulations (IFRS 15 - Revenue from Contracts with Customers). 6.3. Reporting of outflow and inflow according to IFRS in comparison of Czech regulations (IAS 7 - Statement of Cash Flows). 7. Notes to on financial statements in accordance with IFRS (IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 - Events After the Reporting Period, IAS 24 - Related Party Disclosures, IFRS 8 - Operating Segments). IAS 34 - Interim Financial Reporting. 8. Business combinations - consolidated financial statements according to IFRS (IFRS 3 - Business Combinations, IFRS 10 - Consolidated Financial Statements). An e-learning course in the MOODLE system is also available as a study aid.

Learning activities and teaching methods
Monologic (reading, lecture, briefing), Work with text (with textbook, with book), E-learning
  • Semestral paper - 28 hours per semester
  • Preparation for classes - 14 hours per semester
  • Preparation for credit - 14 hours per semester
  • Class attendance - 28 hours per semester
Learning outcomes
The course focuses on the principles and explanatory power of International Financial Reporting Standards (IFRS) from the view of their users and creators. Students understand basic principles of international accounting, differences between accounting systems of Czech accounting regulations (CAS) and IFRS in selected accounting areas.
Students understand the basic principles of International Financial Reporting Standards IFRS and US GAAP. They are also able to compare these principles with differences in Czech accounting regulations and evaluate these differences in relation to projection into the financial statements.
Prerequisites
Knowledge of accounting at the level of the course Principles of accounting, Financial accounting, Financial statements.

Assessment methods and criteria
Test, Seminar work

Credit: - Written test (limit for success = 70%, one possible correction). - Elaboration of a case study. The student's obligation to enroll in a course in the Moodle study system.
Recommended literature
  • ACCA (2016). Paper F7: Financial reporting. Complete text / ACCA. Wokingham: Kaplan Publishing UK..
  • DVOŘÁKOVÁ, D. (2017). Finanční účetnictví a výkaznictví podle mezinárodních standardů IFRS. 5. aktualizované a přepracované vydání. Brno: BizBooks.
  • JÍLEK, J. (2018) Hlavní účetní systémy IFRS a US GAAP. Praha: Grada..
  • ŠRÁMKOVÁ, A. a KŘIVÁNKOVÁ, M. (2017). Mezinárodní standardy účetního výkaznictví: praktické aplikace. Sedmé aktualizované vydání. Praha: Institut certifikace účetních..
  • VAŠEK, L (2019). Účetnictví - výkaznictví, vybrané oblasti IFRS. Praha: ICU..


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