International Financial Reporting

This course is designed to provide students with an understanding of the theory and practice of financial reporting, with a focus on International Financial Reporting Standards (IFRS).

IFRS are global financial reporting standards independent from individual national jurisdictions. They are developed by the International Accounting Standards Board (IASB) in London, and they are required or allowed as the basis for the financial reporting of companies in more than 100 countries around the globe. In the European Union, all exchange-listed companies are required to prepare their consolidated financial statements in accordance with IFRS.

The main course objectives are as follows:

• to (re-) acquaint you with the basic techniques of financial accounting.
• to introduce to you the institutions and processes behind IFRS accounting, in particular, the International Accounting Standards Board, IASB.
• to present to you the Conceptual Framework that underlies IFRS. Financial accounting is based on estimates and judgments. Therefore, to prepare and to interpret IFRS financial statements competently one needs not only technical expertise, but also a solid and critical understanding of the objectives and the other concepts of IFRS.
• to familiarize you with the components of IFRS financial statements (Balance Sheet, Income Statement, Cash Flow Statement etc.) and to understand how they relate to each other.
• to discuss the most important accounting topics that are of relevance to managers, analysts, investors, and other users of financial reporting information, and to explain the
  relevant IFRS rules and requirements for recognition, measurement and disclosure.
• and to raise your awareness of the economic consequences of financial reporting, from the perspectives of preparers and of users of IFRS financial statements.