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 knowledge of selected IFRS. 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 the applicable IFRS 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 2 "Inventories") are covered in detail. When presenting the selected IFRS, the underlying concepts are covered first and their practical application is demonstrated in examples.

By attending this course, students obtain good knowledge about the key concepts and elements of financial reporting according to IFRS. The students acquire practice-relevant knowledge in some selected areas of IFRS like property, plant and equipment and inventories. 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.

This course is a PI course with mandatory attendance.

All students must attend the first class!

Changes due to switch to distance-learning format:

Attendance requirements are suspended for the entire distance-learning period.

The course consists of lectures, practical examples and class discussions and a final exam. They serve to explain the key concepts of IFRS and their application in practice. The lectures are based on the text of IFRS standards. Relevant additional material will be announced throughout the course.

At the end of the introductory lesson, examples on the accounting topics which are covered in class will be assigned to the students. In groups, the students will work on solutions for the examples and present those solutions in class at a later date.

Changes due to switch to distance-learning format:

The learning materials are available via LEARN@WU for self-study. Students work through these materials via self-study.

Dates for students' questions regarding the topics via Forum via LEARN@WU:

Instead of students' presentations in class, each student will receive 2 mini-case studies covering 2 of the accounting topics via email. The task will be to develop the solution and prepare it in a comprehensible way.

Assessment is based on

• active participation (10 %),
• presentations of examples (45 %) and
• the final exam (45 %).

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

presentation of examples: Monday, March 30^th, 2020, 10:30-13:30 and Wednesday, April 1^st, 2020, 13:00-16:00

final exam: Monday, April 20^th, 2020, 12:00-14:00

Changes due to switch to distance-learning format:

Assessment is based on

• solution mini-case study 1 (30 %),
• solution mini-case study 2 (30 %) and
• the final exam (40 %).

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

The deadline for transmission of the solutions of the mini-case studies (via email) is: April 15^th, 2020.

final exam: May 5^th, 2020 via remote take-home exams (administered via LEARN)

For participants of the Cross-Functional Management Program, WU incoming exchange students and BBE-students (free elective).

If you have questions concerning enrolment and waiting lists, please contact the CFM-Coordinator at cfm@wu.ac.at. When organizing the waiting list, CFM students with greater academic progress (“Studienfortschritt”) will be prioritized.

All students must attend the first class!

Basic knowledge of accounting is recommended in order to be able to participate in the Course.

barbara.schallmeiner@wu.ac.at; magdalena.kuntner@wu.ac.at