The course provides participants with an overview of financial accounting according to International Financial Reporting Standards (IFRS). It outlines the objectives, basic concepts, and principles of IFRS. The course starts with an introduction of the International Accounting Standards Board (IASB), its structure and standard-setting process, and the Conceptual Framework for Financial Reporting, which serves as the basis for developing IFRS and sets out the concepts for the preparation and presentation of financial statements. An overview of all applicable standards is provided and selected standards (e.g., IFRS 18 Presentation and Disclosure in Financial Statements, IAS 16 Property, Plant and Equipment, IAS 38 Intangible Assets) are covered in detail. When presenting the selected IFRS, the underlying concepts are covered first, and their practical application is demonstrated next.

By attending this course, students will understand the regulatory framework, objectives, key concepts, and elements of financial reporting according to IFRS. They are able to use the Conceptual Framework to analyse financial reporting issues. Students understand the methods for recognition and measurement under IFRS (e.g., fair value measurement) and the role of judgement when applying principles-based standards. After completing this course, students should understand and be able to critically evaluate main aspects of IFRS financial statements. They should be able to assess issues relating to accounting discretion and managerial reporting incentives.

The course consists of lectures, practical examples, and discussions. These serve to explain the key concepts of IFRS and their application in practice. The lectures are based on international textbooks and on the text of IFRS standards. Relevant chapters in the books and additional material will be announced throughout the course.

Assessment:

• Quizzes: 10 %
• Test 1: 45 %
• Test 2: 45 %

In order to pass the course, students are required to achieve more than 50 % of the total possible points. Students cannot make up any missed performance components.

Marking scheme:

1 100 - 88 points

2 87,5 - 76 points

3 75,5 - 63 points

4 62,5 - >50 points

5 <= 50 points

Permitted aids:

The quizzes are to be completed without the use of any aids.

 For the exams, the following aids are permitted:

•  The IFRS standards and conceptual framework in the following forms:
• As a book (physical copy) or printed out.
• On the students' computer or tablet, either as a PDF or accessed online through the ifrs.org website. 
• It is not allowed to include any additional information.
• An English dictionary, either in book form or online.
• A calculator without a text saving function or other special functionalities.
• No other tabs or websites, apart from ifrs.org (only standards and conceptual framework; no other sites/information of ifrs.org) and the online dictionary, are allowed.
• Laptops and tablets must remain on the table with the screen visible, and we must be able to see which tabs are open. Black screens are not permitted, and the brightness of the screens has to be turned to the maximum level.
• If a tablet is used, it has to be placed in an upright position.

The detection of an unauthorized aid results in the consequences provided for cheating, regardless of whether the student intended to use it for cheating or not. In cases where no unauthorized aids are involved, even attempts at cheating are punishable, if the student in question had the intention of cheating in the exam.

Consequences of cheating in the completion of a performance component:

All the work done as part of the course in question is declared null and void. In addition to the invalidation of the entire course, all students involved are banned from registering for or taking exams in the course in question or in parallel courses for a period of four months.

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