International Financial Reporting Standards

Course Description:

With the evolution of the concept of business globalization and the emergence of multinational companies, the need for harmonized accounting traditions has become more required than ever.  Understanding international issues is critical to the education of a well rounded, competent business student.  Accounting is a demanding field of work that requires integrity, intelligence, fortitude, dedication, and interpersonal skills.  To succeed in this course will require the same.  You should expect extensive reading and homework assignments.  For college classes in general, for each hour of class time, two hours of outside preparation time should be anticipated. Business firms in the 21st Century compete in a global marketplace. This course highlights on the international accounting standards that must be implemented for the preparation and presentation of many financial statements accounts.

Students will begin by reviewing the basic elements and concepts of financial statements, accounting terminology and how financial statements link together. Next, they will consider the evolution of the international regulatory framework for financial reporting. The course will introduce group accounting; accounting for taxes; accounting for property, plant, equipment and impairment of assets; and accounting for intangibles plus inventories. Students will also practice and review the applications of financial statement analysis and earnings per share calculations. In addition, participants will study the role of corporate governance guidelines and business ethics in modern business.

Course Learning Outcomes:

Upon successful completion of this course, students will be able:

• Explain key elements of IFRS.

2-   Integrate aspects of international operations with auditing concepts.

3-    Relate how international operations affect accounting and business activities.

4-    Relate how culture affects accounting and business activities.
5-    Use Internet resources to solve international accounting problems.
6-    Use spreadsheet software to solve international accounting problems.
7-    Develop effective presentations.
8-    Work effectively in a team.