Advanced Financial Accounting 2600-MFBRz1ZRF
The course provides comprehensive knowledge on the complex aspects of accounting, understood as a science, the language of business, and a regulatory and informational system. It examines historical and contemporary changes in accounting that have shaped its role in adapting to the evolution of economic and organisational management. Participants will also explore international accounting, including International Financial Reporting Standards (IFRS), US GAAP regulations, SEC requirements, and the principles of Islamic financial accounting, all of which influence Polish accounting standards to varying degrees.
The course analyses the structure of financial statements, international trends, and principles for determining financial results, including comprehensive income. It covers accounting for financial investments and investment properties in accordance with IFRS, US GAAP, and Polish accounting law, with attention to various types of financial instruments and methods for recognising investment properties. Similarly, the accounting of fixed assets, such as tangible fixed assets, intangible assets, and intellectual assets, is examined based on international and Polish regulations, including principles of depreciation, leasing, and reserve management.
The practical component includes seminars where students acquire skills in recording and valuing economic events, understanding their impact on assets, liabilities, and the structure of revenues and costs. Additionally, methods for determining financial results, including internal turnovers, provisions, and deferred income and expenses, are discussed in line with Polish Accounting Standards (KSR) and the Accounting Act (UoR). For more complex financial operations, the course focuses on long-term contracts, development agreements, financial and operational leasing, and principles for recognising impairment of assets. An important element is the preparation of cash flow statements and the analysis of equity within the context of the Accounting Act and the Commercial Companies Code.
The course prepares students to independently analyse and apply advanced accounting principles in various economic contexts, enabling a deep understanding of national and international regulations.
Type of course
Learning outcomes
After completing the course, the student:
in terms of knowledge:
● recognizes and is able to implement concepts in the field of valuation of assets and liabilities (K_W01)
● defines and adjusts economic events in the context of accounting principles according to AA and CRS and international law (K_W02)
● explains the categories of costs and revenues in terms of problems discussed in class (K_W03)
● describes the rules for determining the financial result, taking into account the specific nature of the entity's operations (K_W04)
in terms of skills:
● identifies information on the circumstances determining the impairment, calculates and recognises the effects of impairment (K_U01)
● explains where the items of the balance sheet and profit and loss account related to internal trading, long-term contracts, leases, provisions, impairment (K_U01) come from (as a result of which business operations)
● compares national regulations against the background of legal and operational conditions in the scope discussed in the class (K_U02)
● determines the financial result taking into account internal turnover, long-term services, reserves and RMB (K_U02)
● formulates elements of accounting policy in creating a picture of the property and financial situation of an economic entity (K_U06)
● notices changes in selected aspects of advanced accounting in the processes of managing a business entity (K_U09)
● adapts changes in regulations in the scope discussed in class (K_U09)
in terms of social competences:
● discusses ethical dilemmas concerning the issues of recognition, valuation and presentation in the scope discussed in class (K_K05)
Assessment criteria
Lecture: written exam (closed questions) – 100%
This exam will be conducted in the classroom using an electronic platform,
Written tests (including the use of electronic means of communication) - 80%, ongoing verification of the mastered skills (quizzes, group work, activity during classes) - 20%
Bibliography
Accounting Act - current text as of the date of the course and current texts of national accounting standards (CRS 1, 3, 4, 5, 6, 7, 8, 11, 13, 14 and CRS positions)
Tax and balance sheet closing of the year 2024 or 2023, ed. A. Hołda, C.H.Beck 2024, 2023, in particular chapters prepared by K. Trzpioła
J. Turyna, Financial Accounting, ed. fourth, C.H.Beck Publishing House, Warsaw 2014.
Author's materials in electronic form
Complementary:
E.Kalwasińska, D.Maciejowska, Accounting and financial reporting according to the Polish balance sheet law, Wydawnictwo Naukowe WZ Uw, Warsaw 2016 (accessed: sde.wz.uw.edu.pl)
K. Trzpioła Accounting according to the amended regulations of the Accounting Act, IFRS/IAS and tax regulations - practical tips
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: