Financial Reporting I

DESCRIPTION:
Introduction to Financial Reporting. Focus on International Financial Reporting Standards (IFRS) in relation to preparation of single entity financial statements, as well as asset and revenue elements.

RATIONALE: 
The course exposes students to the wider international framework of accounting by exploring specific IFRS. It enhances their analytical ability and equips them to deal with more complex accounting and reporting issues. It constitutes a conversion course for students who have completed introductory courses in Financial Accounting (under United States’ Generally Accepted Accounting Practices) and intend to apply their knowledge in an international context.

LEARNING OUTCOMES: 
As a result of taking this course, students should be able to:
1. Discuss the International Accounting Standard Board’s (IASB) regulatory and conceptual framework for financial reporting.
2. Construct single entity financial statements under IFRS (incl. statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows).
3. Recognize, measure and disclose asset elements of the financial statements (incl. property plant and equipment, investment property, intangible assets, non-current assets held for sale, inventories, and biological assets) according to IFRS.
4. Outline IASB’s approach to revenue recognition, explain and apply the accruals and substance over form principles, and determine the amounts to be shown in the financial statements for long-term construction contracts.

METHOD OF TEACHING AND LEARNING:
In congruence with the teaching and learning strategy of the college, the following tools are used:
− Class lectures, interactive learning (class discussions, group work) and practical problems solved in class.
− Exercises are assigned as homework, the solutions of which are reviewed in class.
− Office hours: students are encouraged to make full use of their instructor’s office hours.
− Use of blackboard