course description for International Accounting Standards (IAS/IFRS) – typically offered in Year 3, Semester 6 of a BBA in Auditing:

International Accounting Standards (IAS/IFRS)

Course Code: BBA-AUD 380
Credit Hours: 3
Semester Offered: Year 3 – Semester 6

Course Description

This course provides students with an in-depth understanding of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). It emphasizes the global harmonization of financial reporting and equips students with the skills to prepare, interpret, and analyze financial statements in compliance with international standards. Practical applications are highlighted through case studies, ensuring students can bridge the gap between theory and practice.

Course Objectives

By the end of the course, students should be able to:

1. Explain the role and importance of IAS/IFRS in global financial reporting.

2. Understand the conceptual framework for financial reporting.

3. Apply IAS/IFRS in the preparation of financial statements for different entities.

4. Interpret and analyze financial statements prepared under international standards.

5. Compare national accounting standards with IFRS and understand convergence issues.

6. Recognize ethical and professional issues in international accounting practice.

Learning Outcomes

On successful completion, students will be able to:

• Prepare financial statements in compliance with IFRS.

• Apply standards on recognition, measurement, presentation, and disclosure of assets, liabilities, income, and expenses.

• Analyze and interpret IFRS-compliant reports for decision-making.

• Discuss current developments and challenges in global accounting standards.

• Demonstrate awareness of the impact of IFRS adoption on auditing and corporate governance.

Key Topics

1. Introduction to IAS/IFRS

   • History and development of international standards

   • Role of the IASB and IFRS Foundation

   • IFRS adoption and convergence globally

2. Conceptual Framework for Financial Reporting

   • Objectives of financial reporting

   • Qualitative characteristics of useful information

   • Elements of financial statements

3. Presentation of Financial Statements (IAS 1 & IAS 7)

   • Statement of financial position

   • Statement of profit or loss and other comprehensive income

   • Statement of cash flows

4. Accounting for Assets

   • Property, plant, and equipment (IAS 16)

   • Intangible assets (IAS 38)

   • Impairment of assets (IAS 36)

   • Leases (IFRS 16)

5. Accounting for Liabilities & Equity

   • Provisions, contingent liabilities, and contingent assets (IAS 37)

   • Financial instruments (IFRS 9)

   • Share capital, reserves, and dividends

6. Revenue and Expenses

   • Revenue recognition (IFRS 15)

   • Employee benefits (IAS 19)

   • Borrowing costs (IAS 23)

7. Specialized Standards

   • Business combinations (IFRS 3)

   • Consolidated financial statements (IFRS 10)

   • Fair value measurement (IFRS 13)

8. Disclosure and Reporting Issues

   • Related party disclosures (IAS 24)

   • Earnings per share (IAS 33)

   • Segment reporting (IFRS 8)

9. Current Trends and Challenges

   • IFRS for SMEs

   • Global adoption challenges

   • Emerging issues in sustainability and ESG reporting

Teaching Methods

• Lectures and guided discussions

• Practical exercises in preparing IFRS-based financial statements

• Case studies of multinational companies applying IFRS

• Group projects comparing IFRS with local accounting standards

Assessment Methods

• Assignments & Practical Exercises (20%)

• Midterm Examination (20%)

• Group Project (IFRS Case Study Analysis) (10%)

• Final Examination (50%)

???? Recommended Textbooks & References

1. Epstein, B. J., & Jermakowicz, E. K. – IFRS: Interpretation and Application of International Financial Reporting Standards

2. Picker, R., Clark, K., Dunn, J., Kolitz, D., & Livne, G. – IFRS in Practice

3. IASB – International Financial Reporting Standards (Official Pronouncements)

4. Deloitte, PwC, EY & KPMG – IFRS Practical Guides and Illustrations