Financial Reporting Standards 2400-M1FiRSSF
Course will take place both in winter and summer semesters in the form of combining lecture and teamwork exercises (application of financial reporting standards in practice by solving tasks in groups and editing it in a spreadsheet). The method of teaching requires the student to work independently outside the classroom in a dimension of 2h per week. Estimated total number of hours that a student should spend to achieve the learning outcomes is 60 hours (taking into account the teaching hours, the method of assessment, student independent work and team work).
The main objective of the course is to familiarize students with financial reporting standards that are applied to present financial position, results of economic activity and compute current and deferred tax. It includes the presentation of valuation methods, documentation and records of business transactions, principles for presenting the intangible assets, fixed assets, long term investments, equity, liabilities and provisions, financial reporting, based on information from the books.
A detailed plan of lectures and team-work topics:
1) Financial reporting conceptual framework
2) Entity reporting requirements
3) Fixed and intangible assets under IFRS
4) Presentation of financial instruments according to IFRS
5) Analysis of the impairment test
6) Provisions
7) The presentation of equity and liabilities, statement of changes in equity
8) Assets, provisions and liabilities connected with the income tax
9) The recognition of revenue and expenses in accounting and tax
10) Example of preparation a VAT7 declaration
11) Cash flow statement - direct and indirect method
12) Preparing the financial statement based on information from the accounts.
Type of course
Prerequisites (description)
Learning outcomes
Upon finishing the course student:
KNOWLEDGE
1) understands the standards of financial reporting
2) recognizes the balance sheet, profit and loss account, cash flow statement, statement of changes in equity
3) understands how specific items are recognized and valuated on the balance sheet and profit and loss account
4) understands the categories of costs and revenues
SKILLS
1) can explain where figures on the financial statement come from (specific items on the balance sheet, profit and loss account, cash flow statement, statement of changes in equity / as a result of which business operations)
2) can draw up a balance sheet, profit and loss account, cash flow statement and statement of changes in equity
3) knows how to evaluate each group of assets and liabilities
4) can calculate the financial result
5) recognizes the links between the various headings of the balance sheet, profit and loss account, cash flow statement and statement of changes in equity
ATTITUDES
1) understands the role and possibilities of accounting policy in creating the image of financial situation of the entity
2) understands the functions and role of accounting in the management of the enterprise
Assessment criteria
Attendance is mandatory. First part of the assessment is a group work in class or after class (solving tasks related to issues discussed during the course - 30% assessment). The second part is a final written assessment at the end of the semester, which consists of three tasks, and 20 single-choice test questions (70% of the final assessment). Test questions concern the regulation of the Polish Accounting Act and IFRS. The tasks relate to cash flow statement, statement of changes in equity, issues connected with settlement of VAT. Work in groups will consist of solving the tasks concerning the issues discussed in the class. For the proper implementation of each task, the group will receive 1 point. Grading scale (tasks): more than 6 points => 5; 4-5 points => 4; 2-3 points => 3; 0-1 points => 2. For the final written exam each student can get a maximum of 50 points. Grading scale (written exam): 41 to 50 points => 5; 31 to 40 points => 4; 21 to 30 points => 3; 0 to 20 points => 2. The final evaluation is the sum of 30% of the teamwork assessment grade and 70% of the final written assessment grade.
Bibliography
Mandatory literature:
- Anna Białek-Jaworska, Rachunkowość finansowa - materiały na stronie www.wne.uw.edu.pl/~abialek w części Sprawozdawczość finansowa;
- Wiktor Gabrusewicz (red.), Rachunkowość finansowa Część II (Rachunkowość dla zaawansowanych), Stowarzyszenie Księgowych w Polsce, Warszawa 2009;
- Irena Olchowicz, Agnieszka Tłaczała, Sprawozdawczość finansowa według krajowych i międzynarodowych standardów, Vademecum Rachunkowości, Difin, Warszawa 2008;
Additional literature:
- Wiesław Sasin, Zakładowy plan kont dla spółki z o. o., Sigma, Warszawa 2008;
- Jerzy Gierusz, Plan kont z komentarzem. Handel Produkcja Usługi, Ośrodek Doradztwa i Doskonalenia Kadr Sp. z o. o., Gdańsk 2009;
Additional information
Information on level of this course, year of study and semester when the course unit is delivered, types and amount of class hours - can be found in course structure diagrams of apropriate study programmes. This course is related to the following study programmes:
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: