A selection of the following issues will be covered in class:

• introduction to the IFRS
• conceptual framework
• purpose and presentation of financial statements
• cash flow statements
• revenue recognition
• accounting for PP&E
• accounting for intangible assets
• impairment of assets
• accounting for provisions
• accounting for financial instruments
  

International Financial Reporting Standards (IFRS) are gaining acceptance worldwide. The 2002 decision of the European Union to adopt legislation requiring European listed companies to apply IFRS in their consolidated financial statements fostered this development. But also outside Europe, many other countries are moving to IFRS. Even the Securities and Exchange Comission (SEC) is adopting rules to accept financial statements prepared in accordance with IFRS without reconciliation to generally accepted accounting principles (GAAP) as used in the United States.

Therefore, it is a must for business students specialising in accounting to acquire thorough knowledge about the core concepts and the key elements of the most important IFRS. This course should help business students to understand, critically judge, implement and apply the key elements of the IFRS.

The aim of the course is thus aimed at giving the students insights into the form and the elements of international financial statements and to discuss the conceptual background of the IFRS (e.g. the relevance-versus-reliability issue, applicability of IFRS for SMEs, use of fair-value measurement). Moreover, practical examples and case studies should illustrate the accounting treatment of specific balance sheet and income statement items (e.g. intangible assets, financial instruments, employee benefits). Finally, the impact of cultural and societal values on accounting and reporting practices, issues of international accounting harmonisation and experiences from the implementation of IFRS in Europe are to be discussed.

• active participation in class
• quizzes
  
• presentations
  
• final written exam

For participants of the Cross-Functional Management Program and WU-incomings only

For questions concerning enrolment and waiting lists please contact the Coordinator of the Cross-Functional Management Programme at cfm@wu.ac.at

All students must attend the first class!

Dr. Dieter Christian: dieter.christian@fh-campuswien.ac.at

Foradministrative matters and registration please contact cfm@wu.ac.at