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International Aspects of Financial Accounting

* Exchange students do not have to consider this information when selecting suitable courses for an exchange stay.

Course Unit Code117-0397/02
Number of ECTS Credits Allocated3 ECTS credits
Type of Course Unit *Compulsory
Level of Course Unit *First Cycle
Year of Study *Second Year
Semester when the Course Unit is deliveredSummer Semester
Mode of DeliveryFace-to-face
Language of InstructionCzech
Prerequisites and Co-Requisites Course succeeds to compulsory courses of previous semester
Name of Lecturer(s)Personal IDName
HAK30Ing. Jana Hakalová, Ph.D.
PAL36Ing. Marcela Palochová, Ph.D.
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.
Learning Outcomes of the Course Unit
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.
Course Contents
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.
Recommended or Required Reading
Required Reading:
WEYGANDT, J., KIMMEL, P., KIESO D. Financial Accounting with International Financial Reporting Standards. Wiley, 2018. ISBN 978-1-119-50357-6.
JÍLEK, Josef. Hlavní účetní systémy IFRS a US GAAP. Grada Publishing, a.s., 2018. 200 s. ISBN 978-80-247-2186-6.
KOLEKTIV AUTORŮ. Interpretace Národní účetní rady s praktickými příklady a komentáři. Praha: Grada Publishing, 2019. 384 s. ISBN 978-80-271-2216-5.
Recommended Reading:
PICKER, R., DUNN, J., KOLITZ, D., LIVNE, G., LOFTUS, J., CLARK, K. Applying IFRS Standards. 4and Edition. Sydney, 2019. 752 p. ISBN 978-1-119-15922-3.
DVOŘÁKOVÁ, Dana. Finanční účetnictví a výkaznictví podle mezinárodních standardů IFRS. Praha: Management Press, 2019. 360 s. ISBN 978-80-265-1085-7.
SKÁLOVÁ, J. a kol. Podvojné účetnictví 2023. Praha: Grada Publishing, 2023, 200 s. ISBN 978-80-271-3980-4.
STROUHAL, Jiří. Slovník pojmů IFRS. Praha: Wolters Kluwer ČR, 2019. 220 s. ISBN 978-80-7598-514-9.
Planned learning activities and teaching methods
Lectures, Tutorials
Assesment methods and criteria
Task TitleTask TypeMaximum Number of Points
(Act. for Subtasks)
Minimum Number of Points for Task Passing
CreditCredit85 85