117-0397/02 – International Aspects of Financial Accounting (MAFÚ)
| Gurantor department | Department of Accounting and Taxes | Credits | 3 |
| Subject guarantor | Ing. Marcela Palochová, Ph.D. | Subject version guarantor | Ing. Marcela Palochová, Ph.D. |
| Study level | undergraduate or graduate | Requirement | Compulsory |
| Year | 2 | Semester | summer |
| | Study language | Czech |
| Year of introduction | 2021/2022 | Year of cancellation | |
| Intended for the faculties | EKF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
1. Explain the basic concepts of harmonization, standardization and regulation of accounting in an international context.
2. Explain the international aspects of financial accounting and reporting (meaning).
3. Explain the international aspects of financial accounting and reporting (function and basic principles).
4. Use practical knowledge from the IFRS Framework Financial Reporting Framework.
5. To characterize the selected differences between IFRS and Czech accounting legislation, including illustrative examples and links to the IFRIC interpretation.
6. Explain the importance of transparency and disclosure of accounting information.
Teaching methods
Lectures
Tutorials
Summary
The aim of the course is the familiarisation with the issue of international accounting. The course provides a basic overview of the history of creation and implementation of international reporting, it focuses on the nature of International Financial Reporting Standards, on the conceptual framework of financial reporting in accordance with IFRS including selected differences between IFRS and Czech accounting legislation.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
Elaboration and presentation of students' presentations on a given topic to a related issue.
E-learning
Other requirements
Additional requirements for the student to be determined.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
Framework syllabus of lectures:
1. International regulation and harmonization of accounting, the role of International Financial Reporting Standards (IFRS).
2. The process of new standards development, the impact of the standardization process on transparency and disclosure of accounting information.
3. The relationship of IFRS, US GAAP, EU Balance Directives to Czech accounting legislation.
4. The conceptual framework of financial reporting according to IFRS.
5. The IFRS concept of Financial Statements, basic items of Financial Statements, basics items of Financial Statements. Valuation models, issue of conversion of annual accounts.
6. Convergence of IFRS and US GAAP system for creation of a single financial reporting system.
7. Implementation of IFRS into the accounting and tax legislation in the Czech Republic.
8. Summary of selected differences between IFRS and Czech accounting legislation including illustrative examples and links to IFRIC interpretation.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction