COURSE INFORMATION
Course Title: INTERNATIONAL ACCOUNTING AND IFRS
Code Course Type Regular Semester Theory Practice Lab Credits ECTS
BUS 527 C 1 3 0 0 3 7.5
Lecturer and Office Hours: Mustafa Üç Tuesday-Thursday
Second Lecturer(s): NA
Teaching Assistant(s) and Office Hours: NA
Language: English
Compulsory/Elective: Elective
Classroom and Meeting Time: Wednesday, 18:00 – 21:00
Course Description: This course is designed to build advanced knowledge of financial accounting on international issues and use of common global accounting standards set IFRS. To discuss elaborately on nine selected IFRSs and conceptual framework. This course gains to students understanding of international perspectives on financial accounting in a globalized world. Within the course the demand for harmonization of global financial reporting standards is explained. The details of some IFRSs and main differences between US-GAAP are discussed. The standards are discussed in details are; IFRS 15 Revenue, IAS 2 Inventories, IAS 16 Property, Plant and Equipment, IAS 38 Intangibles and IFRS 3 Business Combinations, IAS 8 Accounting Policies, IAS 12 Income Taxes, and IFRS 10 Consolidated Financial Statements.
Course Objectives: This course gains to students understanding of international perspectives on financial accounting in a globalized world. To explain the demand of harmonization of global financial reporting standards. To discuss with details of some significant IFRSs and compare them between US-GAAP.
COURSE OUTLINE
Week Topics
1 Introduction to International Accounting and IFRS/Syllabus Review
2 Why do accounting systems differs from country to country?
3 Classification of accounting systems (Anglo-Saxon and Continental European Accounting Worlds)
4 Harmanization of Financial Reporting Standards and rise of IFRS
5 Evaluation of Financial Statements by IFRS
6 Conceptual Framework of IFRS and Presentation of Financial Statements IAS 1
7 Revenue from Contracts with Customers IFRS 15
8 Mid-term Exam
9 Inventories IAS 2
10 Property Plant and Equipment IAS 16
11 Intangible Assets IAS 38 and Business Combinations (Goodwill) IFRS 3
12 Accounting Policies, Changes in Accounting Estimates, and Errors IAS 8
13 Income Taxes IAS 12
14 Consolidated Financial Statements IFRS 10
Prerequisite(s): Introduction To Accounting, Financial Accounting, Intermediate Accounting.
Textbook: Wiley. (2015). Wiley Interpretation and Application of International Financial Reporting Standards. New Jersey: John & Sons Inc. Evans, T. Accounting Theory : Contemporary Accounting Issues, 2003, Thomson South-Western, USA. Walton, P., A. Haller, and B. Raffournier, 2003, International Accounting, Thomson Scientific, Second Edition, UK.
Other References: All periodic academic journals in accounting listed by Thomson Reuters SSCI . www.ifrs.org
Laboratory Work:
Computer Usage: Not compulsory
Others: No
COURSE LEARNING OUTCOMES
1 To provide theoretical and institutional aspects of international accounting.
2 To identify main elements of IFRS standards and present elaborate knowledge on some selected standards
3 To provide the students a sound theoretical background for comprehension of standard setting issue of accounting, and global accounting issues.
4 To present research perspectives in international accounting
COURSE CONTRIBUTION TO... PROGRAM COMPETENCIES
(Blank : no contribution, 1: least contribution ... 5: highest contribution)
No Program Competencies Cont.
MSc BAF Program
1 The students are gained the ability to look at the problems of daily life from a broader perspective. They gain the needed skills not only to understand economic problems in banking and finance but also to construct a model and defend in meaningful way. 4
2 They have knowledge about the finance and banking. 4
3 They have knowledge about the money and banking. 4
4 They have knowledge about the international finance and banking. 4
5 They have ability to use mathematical and statistical methods in banking and finance. 5
6 They know how to use computer programs in both daily office usage and statistical data evaluations in banking and finance department. 3
7 They have necessary banking and finance skills that needed in private and public sector. 4
8 They are intended to be specialist in one of departmental fields that they choose from the list of general economics, finance economics, public finance, corporate finance, finance management, international finance markets and institutions, banking and central banking, international finance and banking, money and banking, international trade and banking. 3
9 They have ability to utilize fundamental economic theories and tools to solve economic problems in banking and finance. 3
10 They are aware of the fact that banking and finance is a social science and they respect the social perspectives and social values of the society’s ethics. 4
COURSE EVALUATION METHOD
Method Quantity Percentage
Midterm Exam(s)
1
35
Project
1
25
Final Exam
1
40
Total Percent: 100%
ECTS (ALLOCATED BASED ON STUDENT WORKLOAD)
Activities Quantity Duration(Hours) Total Workload(Hours)
Course Duration (Including the exam week: 16x Total course hours) 16 3 48
Hours for off-the-classroom study (Pre-study, practice) 16 3 48
Mid-terms 1 10 10
Assignments 2 25 50
Final examination 1 31 31
Other 1 13 13
Total Work Load:
200
Total Work Load/25(h):
8
ECTS Credit of the Course:
7.5