The course provides participants with an overview of financial accounting according to International Financial Reporting Standards (IFRS). It outlines the specifics of IFRS and provides deep knowledge of selected IFRS Standards. The course starts with the introduction of the International Accounting Standards Board (IASB), which is the global standard setter, and the Conceptual Framework for Financial Reporting, which serves as the basis for developing IFRS. An overview of all applicable standards is provided and selected standards (e.g., IAS 1 Presentation of Financial Statements, IAS 16 Property, Plant, and Equipment, IAS 36 Impairment of Assets, IAS 40 Investment Property, IAS 2 Inventories, IAS 17 and IFRS 16 Leases) 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 obtain good knowledge about the key concepts and elements of financial reporting according to IFRS. They learn about the importance of the Conceptual Framework, on which the principles of IFRS are based. The students acquire practice-relevant knowledge in some selected areas of IFRS like revenue recognition, property, plant and equipment, intangible assets, impairment of assets, financial assets, financial liabilities and equity. After completing this course, the students have a good understanding of the scope of IFRS and the institutional infrastructure surrounding it. This course helps them to understand and critically evaluate main specifics of IFRS as well as apply IFRS recognition and measurement rules on typical situations. The students completing this course are also able to assess the benefits of IFRS as well as the accounting discretion within IFRS.

The course consists of lectures, practical examples and discussions. They 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 is base on three exams:

• Test 1: 10 %
• Test 2: 45 %
• Final exam: 45 %

Test 1 will be on October 6th, 2017, 9:00-9:15.

Test 2 will be on October 13th, 2017, 9:00-10:00.

The final exam will be on October 30th, 2017, 9:00-10:00.

In order to pass the course, students are required to achieve more than 50 % of the total reachable points.

The students are expected to have good knowledge of double entry bookkeeping and accounting in unconsolidated financial statements (UGB, HGB or other national accounting standards). The students are expected to have knowledge from an undergraduate financial accounting course.