The course provides participants with an overview of corporate financial reporting under International Financial Reporting Standards (IFRS) and a deeper knowledge of some IFRS standards from a practioner´s perspective. The course will introduce the International Accounting Standards Board (IASB) and its conceptual framework. It will explain the legal framework for the application of IFRS (e.g., IAS Regulation, Stock Exchange Regulations) and discuss the impact of accounting harmonization on accounting and reporting practices around the world. An overview of all applicable standards will be provided with some standards covered in more detail. For example, the course thoroughly presents accounting issues related to financial instruments (e.g., IAS 39, IFRS 9). Accounting for investments and group accounting, however, will be covered in more detail in another course in the winter semester.

• Students obtain thorough knowledge about the key concepts and elements of corporate financial reporting under IFRS; they learn about the preparation and structure of IFRS financial statements and notes.
• Students acquire practice-relevant knowledge in the following areas of IFRS: property, plant and equipment, tax accounting, impairments, fair value measurement, revenue recognition, financial assets and liabilities, and leasing.
• Students will have a good understanding of the scope and legal environment of IFRS; this helps to understand and critically evaluate IFRS financial statements as well as to apply IFRS recognition and measurement rules.
• Students completing this course are able to assess the benefits of IFRS as well as the preparer´s judgement allowed within IFRS, follow practical and political developments in international financial reporting and express their own opinion on IFRS accounts, They will know the essential institutions and stakeholders and how they interact.

The course consists of lectures, home assignments, practical examples and discussions. They serve to explain the key concepts of IFRS and their application in practice. The lectures are partly based on an international text book and partly the text of IFRS standards and other reading material. Relevant chapters and additional material will be announced throughout the course. The homepages of the IASB and others will serve as a source for identifying the most current IFRS-related issues.

• 30% Interim test
• 15% Course participation
• 15% Home assignment and presentation
• 40% Final exam

Good knowledge of bookkeeping and accounting in unconsolidated financial statements (under any national accounting standards) and basic consolidation principles. The students are expected to have previously acquired knowledge from an undergraduate accounting course and a basic accounting course at master level.