Course: International Accounting Systems

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Course title International Accounting Systems
Course code KFÚ/MUS
Organizational form of instruction Lecture
Level of course Master
Year of study not specified
Semester Summer
Number of ECTS credits 4
Language of instruction Czech, English
Status of course Compulsory-optional
Form of instruction Face-to-face
Work placements Course does not contain work placement
Recommended optional programme components None
Lecturer(s)
  • Brabec Zdeněk, Ing. Ph.D.
Course content
Lectures (topics): 1. Classification of accounting systems, regulation and harmonization of accounting systems, importance, historical development and structure of IFRS. 2. Conceptual framework of International Financial Reporting Standards (IFRS) for preparation and presentation of financial statements, basis of IFRS. 3. Forms and structure of balance sheet according to the European accounting legislation. Preparation and presentation of financial statements according to IAS 1, objectives of the standard, basis for the preparation of a balance sheet. Definition and recognition of the items of financial statements. Preparation of the statement of profit or loss and Statement of other comprehensive income, 4. Forms and structure of the statement of cash flows, the statement of changes in equity and notes according to the IFRS. Consolidated financial statements (IFRS 10, IAS 27), accounting policies, estimate changes and errors (IAS 8), interim financial statements (IAS 34) and events after reporting period (IAS 10). 5. Measurement bases used in IFRS, measurement of assets and liabilities at the time of acquisition, holding and disposal, measurement principles, measurement bases, fair value measurement (IFRS 13), borrowing costs (IAS 23), government grants (IAS 20) and effects of changes in foreign exchange rates (IAS 21) 6. Property, plant and equipment and intangible assets (IAS 16, IAS 38), definition, recognition, measurement, depreciation, presentation and disposal of assets. 7. Investment property (IAS 40) - definition, recognition and measurement, and impairment (IAS 36) and assets held for sale and discontinued operations (IFRS 5). 8. Leasing (IFRS 16) - definition, lease accounting be the lessee and the lessor. 9. Inventories (IAS 2), subject of the standard, measurement at the time of acquisition, write-down of inventory, cost formulas when consuming inventories. 10. Provisions, contingent liabilities and contingent assets (IAS 37) - types of provisions, recognition and measurement, disclosure and provision on restructuring. 11. Revenue from contracts with customers (IFRS 15) - conditions for recognition of revenue from contracts with customers. 12. Financial instruments - selected issues (IAS 32, IAS 39, IFRS 7 a IFRS 9) - definition, recognition, classification, measurement and disclosure of financial instruments.

Learning activities and teaching methods
Monological explanation (lecture, presentation,briefing)
  • Class attendance - 20 hours per semester
Learning outcomes
The course provides information about evolutionary trends in accounting from the world-wide perspective.
Students obtain knowledge in given course in accordance with requirements and course programme.
Prerequisites
Any one

Assessment methods and criteria
Combined examination

For successful completing a course, it is necessary to fulfil these conditions - - attendance at tutorials about 70 % and successfully passing a written test
Recommended literature
  • ALEXANDER, D. and C. NOBES. Financial accounting: an international introduction.. Harlow, England: Pearson, 2016. ISBN 978-1-292-10299-3.
  • Dvořáková, D. Finanční účetnictví a výkaznictví podle mezinárodních standardů IFRS. Brno: BizBooks,, 2017. ISBN 978-80-265-0149-7.
  • IFRS Foundation. IFRS Standards - Required 1 January 2018 (Blue Book). London: IASB, 2018. ISBN 978-1-911040-67-5.
  • Jílek, J. Hlavní účetní systémy: IFRS a US GAAP. Praha: Grada, 2018. ISBN 978-80-247-2186-6.
  • Kieso, D. E., J. J. Weygandt and T. D. Warfield. Intermediate Accounting. IFRS edition.. Hoboken: Wiley, 2018. ISBN 978-1-119-37293-6.
  • Krupová, L. IFRS: mezinárodní standardy účetního výkaznictví : interpretace a aplikace v podnikové praxi.. Praha: VOX, 2019. ISBN 978-80-87840-70-0.
  • MELVILLE, A. International financial reporting: a practical guide. Harlow, England: Pearson, 2019. ISBN 978-1-292-29312-7.
  • WEYGANDT, J. J., P. D. KIMMEL a D. E. KIESO. Financial Accounting IFRS. 2nd ed.. John Wiley and Sons. Hoboken, 2013. ISBN 978-1-118-28590-9.


Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester
Faculty: Faculty of Economics Study plan (Version): Business Administration (2014) Category: Economy 2 Recommended year of study:2, Recommended semester: Summer