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

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Course code: MUSA
Course title in language of instruction: International Acounting Standards
Course title in Czech: International Acounting Standards
Course title in English: International Acounting Standards
Mode of completion and number of credits: Exam (6 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/2 (hours of lectures per week / hours of seminars per week)
Language of instruction: English
Level of course: master continuing
Semester: SS 2014/2015
Name of lecturer: doc. Ing. Hana Bohušová, Ph.D. (supervisor)
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 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 2/2)
a.EU directives

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

3.Presentation of financial statements (allowance 4/4)
4.IAS 2 Inventories (allowance 2/2)
5.Revenues IAS 18 and IAS 11 (allowance 2/2)
6.Fixed assets (allowance 8/8)
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 2/2)
a.Financial leases
b.Operating Leases
c.Sale and lease back

8.IAS 19 Employee benefits (allowance 1/1)
9.IAS 23 Borrowing costs, IAS 20 Government grants (allowance 1/1)
10.IAS 12 Income taxes, IFRS 3 Business combinations (allowance 2/2)
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
-Application of IFRS methods
-Reporting under the IFRS
-The ability to use financial reporting information to evaluate entity´s performance

Type of course unit: optional
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
     practice14 h
     preparation for exam70 h
     preparation for regular assessment28 h
     preparation for regular testing28 h
Total168 h
Assessment methods:
Examination: The examination consists of written part (50 minutes)
oral - verification of theoretical knowledge (10 minutes).
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQA guide through International Financial Reporting Standards (IFRSs) 2008: including the full text of the Standards and Interpretations and accompanying documents issued by the International Accounting Standards Board as approved at 1 July 2008 : with extensive cross-references and other annotationsLondonInternational Accounting Standards Committee Foundation978-1-905590-68-1
RQJERMAKOWICZ, E. -- EPSTEIN, B.Interpetation and Aplication of IFRS 2010New JerseyWiley2010
RQMACKENZIE, B. et al.Applying IFRS for SMEsChichesterJohn Wiley2011978-0-470-60337-6
RQMIRZA, A A.Wiley IFRS: practical implementation guide and workbookHoboken, N.J.Wiley ;2011978-0-470-64791-2


Last modification made by Ing. Jiří Gruber on 01/22/2015.

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