This course would like to equip students with the knowledge to understand the main accounting issues of an annual report prepared according to the IFRS standards, in order to make informed business decisions. The main topics of the Class are the following:
A. General principles
B. Presentation of financial statements
C. Bases for measurement of financial statement elements
D. Recognition, measurement, presentation, and disclosure of financial statement elements
E. Impairment of assets.
IFRS Standards and some additional readings recommended during the class.
Learning Objectives
Allow the student to interpret the main financial statements and understand how the key line items are recognized and measured.
Prerequisites
A solid grasp of the accounting logic and the general rules to draw up the financial statements.
Teaching Methods
Lectures, tutorials, and workshops with professionals.
Type of Assessment
Individual written test and term project.
Course program
1. General principles.
Aims of general-purpose financial reporting, qualitative characteristics of financial reporting information, the elements of financial statements.
2. Presentation of the financial statements.
Complete set of financial statements, structure and contents.
3. Bases for measurement of the elements of financial statements.
Historical cost, fair value measurement.
4. Recognition, measurement, presentation, and disclosure of financial statement elements:
o Revenues from contracts with customers
o Income taxes
o Property, plant, and equipment
o Intangible assets
o Leases
o Provisions
o Financial instruments
5. Impairment of assets.
Measuring recoverable amount, recognition and measurement of impairment losses, reversing an impairment loss, cash generating unit and goodwill.