Course syllabus MUS - International Acounting Standards (FBE - SS 2014/2015)

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Course code: MUS
Course title in language of instruction: Mezinárodní účetní standardy
Course title in Czech: International Acounting Standards
Course title in English: International Acounting Standards
Mode of completion and number of credits: Exam (5 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/1 (hours of lectures per week / hours of seminars per week)
Language of instruction: Czech
Level of course: master continuing
Semester: SS 2014/2015
Name of lecturer: doc. Ing. Hana Bohušová, Ph.D. (examiner, instructor, lecturer, supervisor, tutor)
Ing. Alžběta Veverková (instructor, tutor)
Prerequisites: Final Bachelor Exam
Aims of the course:
The aim is to introduce students the harmonization of financial reporting in the world (IFRS and U.S. GAAP). To serve information on convergence process of both systems. The main emphasis is put on the IFRS as adopted by the EU for certain types of business entities with effect from 2005. Students after completing the course will be able to prepare individual and consolidated financial statements of an entity (other than banks, insurance companies) in accordance with the IFRS, and to transform of statements prepared in accordance with czech national accounting standards to IFRS. Moreover they will be able to assess company performance on the basis of reports prepared under the IFRS.
Course contents:
1.Financial reporting harmonization (allowance 1/0)
a.EU directives

2.Conceptual Framework of IFRS (allowance 2/1)
a.The main objective and principles
b.The elements of financial statements

3.Presentation of financial statements (allowance 3/1)
4.IAS 2 Inventories (allowance 2/1)
c.Recording a presentation

5.Revenues IAS 18 and IAS 11 (allowance 4/1)
c.Recording a presentation
d.Construction contracts

6.Fixed assets (allowance 6/2)
a.IAS 16 Property, plant and equipment
b.IAS 40 Investment property
c.IAS 38 Intangible assets
d.IFRS 5 Non-current assets held for sale and discontinued operations
e.Provision, Contingent liabilities and contingent assets
f.IAS 36 Impairment

7.IAS 17 Leases (allowance 6/2)
a.Financial leases
b.Operating Leases
c.Sale and lease back

8.IAS 19 Employee benefits (allowance 1/0)
9.IAS 23 Borrowing costs, IAS 20 Government grants (allowance 2/1)
10.IAS 12 Income taxes, IFRS 3 Business combinations (allowance 3/1)
11.Identification of obligations to prepare consolidated accounts and a consolidated group definition (allowance 3/1)
a.The obligation prepare consolidated financial statements
b.Determination of the consolidated group of companies

12.Capturing of subsidiaries in the consolidated financial statements of the parent (full consolidation) (allowance 3/1)
a.Elimination of the carrying value of the investment of the parent company and share in the equity of the subsidiary (consolidation of capital)
b.Elimination of intragroup balances, transactions, income and expenses
c.Specific areas of consolidation of subsidiaries

13.Reporting of associates in the (consolidated) financial statements of the investor (equity method) (allowance 3/1)
a.Methodological guidance on the use of the equity method
b.Initial and subsequent application of the equity method
c.Elimination of intercompany transactions between the investor and the associate

14.Reporting of participation in joint ventures in the (consolidated) financial statements of the venturer (proportionate consolidation) (allowance 3/1)
a.Methodological guidance on the use of proportionate consolidation
b.Elimination of venturers and related his share of the equity joint venture
c.The elimination of intercompany balances and intercompany transactions impact on revenues and costs

Learning outcomes and competences:
Generic competences:
-ability to analyse and synthesize
-ability to apply knowledge
-ability to solve problems
-ability to work in international context
-professional knowledge

Specific competences:
-Ability to describe basic characteristics of financial reporting harmonization
-Ability to transform financial statements
-Applications of methods of IFRS
-Reporting under the IFRS
-The ability to use financial reporting information to evaluate entity´s performance

Type of course unit: required
Year of study: Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement: There is no compulsory work placement in the course unit.
Recommended study modules: -
Learning activities and study load (hours of study load):
Type of teaching methodDaily attendance
Direct teaching
     lecture28 h
     practice28 h
     preparation for exam60 h
     preparation for regular assessment38 h
Total154 h
Assessment methods:
Credit: Credit for obtaining the required active participation exercise, process essay (selected IAS or IFRS) and tests (solution 3 examples on probraných area) 50 minutes
Examination:written (180 minutes) - 15 open questions and 13 examples. Total 100 points. Successful completion - at least 50% of each part.
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQBOHUŠOVÁ, H.Harmonizace účetnictví a aplikace IAS/IFRS: vybrané IAS/IFRS v podmínkách českých podnikůPrahaASPI2008978-80-7357-366-9
RQKRUPOVÁ, L.IAS/IFRS - mezinárodní standardy účetního výkaznictvíVox200580-86324-22-2
RQDVOŘÁKOVÁ, D.Finanční účetnictví a výkaznictví podle mezinárodních standardů IFRS aktualizované a rozšířené vydáníBrnoBizBooks2014978-80-265-0149-7
REMIRZA, A A.Wiley IFRS: practical implementation guide and workbookHoboken, N.J.Wiley ;2011978-0-470-64791-2
REMACKENZIE, B.Wiley IFRS 2014: Interpretation and Application of International Financial Reporting StandardsNew JerseyWiley2014978-1-118-73409-4


Last modification made by Ing. Jiří Gruber on 02/23/2015.

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