Course Description

A financial accounting course which explores the accounting treatments for various topics using International Financial Reporting Standards (IFRS), exploring accounting topics at both the conceptual and practical levels. Emphasis is placed on comparison to U.S. GAAP for learning and scrutinizing the relevance of information provided by accounting standards.

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Athena Title

Intl Fin Reporting Standards

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Prerequisite

ACCT 5020/7020 or permission of department

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Semester Course Offered

Offered fall

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Grading System

A - F (Traditional)

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Course Objectives

The general objective of this course is to expose students to the financial accounting issues faced by multinational firms. By the end the course, the student should be able to: • Describe the international efforts to converge financial reporting standards, with emphasis on the convergence of IFRS and U.S. GAAP • Account for various transactions using International Financial Reporting Standards (IFRS) • Understand major differences between IFRS and U.S. GAAP • Appreciate the complexities of creating accounting standards for recognition, measurement, disclosure, and at the conceptual level • Evaluate and apply judgment to the relevance of various accounting treatments for a selected issue • Understand approaches for accounting for the effects of inflation on financial statements

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Topical Outline

1. Course introduction 2. Convergence of global accounting standards 3. The conceptual framework 4. Accounting for assets using IFRS 5. Accounting for liabilities using IFRS 6. Other IFRS accounting issues which may include first-time adoption of IFRS, revenue recognition, leasing, or financial instruments 7. Inflation accounting

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