International Standards of Accounting and Financial Reporting 2400-SPSR3MSS

A) Knowledge

The student has knowledge of national and international financial reporting standards. The student knows the basic concepts and principles of financial reporting standards and understands their significance in terms of impact on the data contained in financial reports.

1. The student has knowledge of the underlying assumptions of the international financial reporting standards. The student knows and understands the basic effects of the implementation of IFRS for financial reporting company. S1A_W02, S1A_W06, S1A_W07, S1A_W11

2. The student knows the basic concepts of financial reporting standards: financial and operating leases, assets held for sale, inventory, investment property, financial assets and the acquisition of tangible and intangible assets. S1A_W02, S1A_W06, S1A_W07, S1A_W11

B) Skills

The student has acquired the ability to assess the impact of changes in accounting policies on financial statements of the company. The student is able to measure and present the changes resulting from an introduction of IFRS in selected areas of the business. The student can identify and estimate the value of the company. The student can prepare consolidated financial statements using the purchase method.

1. The student can assess the impact of changes in accounting policies on the financial statements of the company. The student is able to describe changes in accounting standards in the assets, liabilities, revenues and expenses of the company. S1A_U01, S1A_U02, S1A_U03, S1A_U04, S1A_U06, S1A_U07, S1A_U08

2. The student is able to measure, disclose and present the changes as a result of the introduction of IFRS in the following business areas: finance and operating leases, error correction, acquisition of fixed assets and intangible assets, discontinued business, use of fixed assets for sale, inventory, financial assets, real estate investment, long-term services. S1A_U01, S1A_U02, S1A_U03, S1A_U04, S1A_U06, S1A_U07, S1A_U08

3. The student can identify and estimate the value of the company. S1A_U01, S1A_U02, S1A_U03, S1A_U04, S1A_U06, S1A_U07, S1A_U08

4. The student can prepare consolidated financial statements using the purchase method. S1A_U01, S1A_U02, S1A_U03, S1A_U04, S1A_U06, S1A_U07, S1A_U08

C) Social competence

The student is aware of the need to create financial reports basedon international financial regulation. The student is aware of the limitations and simplifications of approaches used with specific accounting solutions.

1. The student is aware that the information contained in financial statements may not be the same depending of the application of various valuation methods. S1A_K03, S1A_K04, S1A_K05, S1A_K06, S1A_K07

2. The student can identify the basic differences and assess their impact on the financial data when applying national or international accounting standards. S1A_K03, S1A_K04, S1A_K05, S1A_K06, S1A_K07

3. The student is able to work in enterprises, whose financial statements are based on international standards of financial reporting and accounting. S1A_K03, S1A_K04, S1A_K05, S1A_K06, S1A_K07

Mandatory participation in class. The basis of course assessment is equally divided between (50%) an active work in groups during class, which consists of problem solving od issues discussed during the classes and presentation of an analysis of an impact of business operations (introduction to the financial statements, balance sheet, income statement, statement of changes in equity, and notes to financial statements) in financial statements and (50%) evaluation based on a multiple choice test at the end of the semester (the last class). The test will consist of 20 multiple choice questions on IFRS guidelines, principles of valuation, disclosure and presentation in financial statements of an impact of economic events.

Required reading:
(Acts adopted under the EC Treaty / Euratom Treaty whose publication is obligatory)
REGULATION
COMMISSION REGULATION (EC) No 1126/2008 of 3 November 2008
adopting of certain international accounting standards in accordance with Regulation (EC)
No 1606/2002 of the European Parliament and Council
(Text with EEA relevance)
IASB, International Financial Reporting Standards, including IAS and Interpretations as of 1 January 2007 (2009), Association of Accountants in Poland, Warsaw 2007;
Irena Olchowicz, Agnieszka Tłaczała, “Financial reporting according to the national and international standards”
John Turin, “Financial Reporting Standards IFRS U.S. GAAP Polish legislation”, Difin, Warsaw 2006;
Alicja Jaruga (ed.), “International Financial Reporting Standards (IFRS / IAS) and the Accounting Act - similarities and differences”, Accountants Association in Poland, Warsaw 2006;

Reference materials:
Alicja Jaruga (ed.), “The unconsolidated financial statements under International Accounting Standards (IFRS / IAS)”, Accountants Association in Poland, Warsaw 2005;
George Gierusz, Texas Gościniak, Beata Zackiewicz, “First time Adoption of International Financial Reporting Standards for the first time”, Difin, Warsaw 2007;

Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system:

• Description of 2400-SPSR3MSS in USOSweb