INTERNATIONAL ACCOUNTING AND FINANCIAL REPORTING

Single discipline educational activity

Course Sheet

Course code:

IAFIR17

Academic Year of enrolment:

2022

Year of supply:

2022/2023

Type of Course:

Characterising

Degree:

Course of 2nd Cycle Degree in MANAGEMENT AND ECONOMICS

Disciplinary Sector:

Business Administration

Language:

English

Location:

PESCARA

Credits:

Programme Year:

Professor and Collaborators:

DE LUCA Francesco

Cycle:

First four months

Hours of classroom activity:

Individual study hours:

114

Prerequisites:

Knowledge required: accounting and double-entry bookkeeping, italian accounting standards, italian financial reporting law.

Objectives

General objective
The course is part of the broader objective of the Master Program, course of Corporate Finance to provide advanced knowledge and competences about the functioning of business with respect to the context where companies operate. Specifically, based on the already acquired skills during the undergraduate course on accounting and financial statements, this course aims to provide students with advanced knowledge about the preparation of the financial statements in accordance with international accounting standards (IAS / IFRS) and the financial reporting function on the global financial markets. Particular attention is dedicated to the evolution of European legislation on the implementation of international accounting standards and the global convergence process of these principles (especially in the US US GAAP context).
Expected learning outcomes
Students of the International Accounting and Financial Reporting course must acquire, at the end of the course, the knowledge and competences needed to interpret any event that characterizes the company management in compliance with the IAS / IFRS international accounting standards and derive from the results of the general accounting, the statement of financial statements for the financial year (and the consolidated one) relating to the normal corporate administrative year. They will also acquire the useful knowledge to distinguish the effects on the financial statements deriving from the application of the IAS / IFRS with respect to Italian law and accounting standards. In terms of autonomy of judgment, therefore, the students of the course must be able to interpret the results of the financial statements prepared in accordance with IAS / IFRS in an economic, financial and equity perspective and, in the light of these, express a equilibrium judgment on the company.
The objective is to contribute to the formation of a professional figure (envisaged in the CdS) assigned to the preparation of the financial statements, to the analysis of the summary results, able to propose improvements to the company's decision-making body, both as an internal profile that as a consultant. To this end the course proposes to transmit the following skills and knowledge:
KNOWLEDGE AND UNDERSTANDING ABILITY
- distinguishes IAS / IFRS accounting standards;
- classifies the general and editorial principles and the evaluation criteria in the light of the purposes of the financial statements (FRAMEWORK IFRS);
- represents company events in terms of financial flows (ASSET and LIABILITIES; INCOME and EXPENSES);
- recognizes the role of the principles in the preparation of the IAS / IFRS financial statements (transition from accounting balances to financial statement values;
KNOWLEDGE AND UNDERSTANDING (applied)
- prepares the IAS / IFRS financial statements and the cash flow statement;
AUTONOMY OF JUDGMENT:
- interprets the financial statement results in light of the adopted IAS / IFRS principles;
- expresses critical considerations on the degree of economic, equity and financial balance of the company by reading the IAS / IFRS financial statements.
COMMUNICATION SKILLS:
- uses the technical terminology and identifies possible intervention actions for the correct adoption and application of the IAS / IFRS principles based on the summary results, in a professional context of consulting or private business;
- the communication skills assumed by the students reside in the use of technical terminology (English) and in the identification of possible intervention actions for the improvement of company performance on the basis of summary results, in a professional context of consulting or private or public company, of listed and unlisted companies.
ABILITY TO LEARN
- carries out individual and group research on specific aspects of the discipline
- compare their skills with the most recent approaches

Contents

1. International Accounting Standards IAS/IFRS
2. Comparison between IAS/IFRS and Italian GAAP
3. Balance sheet and Income statement according to IAS 1 and Cash flow
statement according to IAS 7
4. Accounting for specific issues
5. Consolidated financial report and separated financial report
6.Convergence process between IAS/IFRS and US GAAP

Extended Syllabus

1. IAS / IFRS international accounting standards; basic assumptions; evolutionary path and evolution of the IASB; due process and path of issuing accounting principles;
2. The different valuation logics of the IAS with respect to the Italian GAAP; the framework; basic assumptions and qualitative characteristics.
3. The financial statements based on IAS 1 and IAS 7; the drafting of the financial statement;
4. Analysis of specific accounting cases; fixed assets, current assets, equity investments and securities, fair value, operating income;
5. The consolidated financial statements and the separate financial statements;
6. The convergence between IAS / IFRS and US GAAP; the evolution and coexistence in the USA of the two accounting systems.

Recommended Bibliography

1) Financial Accounting, IFRS Edition: 3rd Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Wiley, 2015;
2) PAOLONE G., DE LUCA F., Il Bilancio di esercizio, nella teorica evolutiva e nei principi applicativi, Franco Angeli, Milano, 2018;
valutazioni, Franco Angeli, Milano, 2011;

- Further teaching stuff will be provided through the teaching website:
http://elearning.unich.it/

Methods of Provision

Conventional

Teaching Methods

The course will be organized in modules of lectures, examination and discussion of business cases and autonomous/guided resolution by students of real accounting issues, as well as seminar sessions with the intervention of privileged testimonies

Evaluation methods

Verification of learning:

Written exam with multiple/open choice test (30 questions) and attribution of vote in thirtieths. The questions have equal weight (1 point) and include both decryption-conceptual elements (accounting principles and civil law), and practical-applicative (measurement, measurement and balance sheet representation of concrete operations), including calculation exercises (financial statement and analysis for budget indicators). To pass the test, you must correctly answer 18 questions out of 30 at least. The written test lasts 50 minutes. In case of distance teaching activity also in 2022-23 through TEAMS platform, the written test will be executed through the University Elearning moodle supported by a proctoring software.
The oral exam on the same subjects covered by the written test, is only optional and allows, where requested and made with profit, to mature up to a maximum of 2 additional points compared to the score achieved in the written test. Any oral test supported without profit will also result in a reduction of up to 2 points in the score achieved on the written test. The oral exam can be held on the same day of the written test following the correction of the latter and the communication of the results. In case of distance teaching activity also in 2022-23 through TEAMS platform, also the oral exam will be executed through the TEAMS suite after the written test.
The methods for verifying learning are the same either for attending students and not attending ones.

Contacts/More Information

All information regarding the course, the lecture notes, support materials and exercises and all communications will take place through the e-learning page

Università degli Studi
"G. d'Annunzio"

Chieti - Pescara

Aree