INTERNATIONAL ACCOUNTING STANDARDS

Shandong University of Finance and Economics

Course Code：

Total Number of Instruction Hours: 34

Number of Credits：2

About this Course

International Accounting Standards [IAS] aims at introducing students to the current areas of focus regarding the application of international accounting and financial reporting standards. This area of accounting deals with the reporting of information to external users of financial statements. From the perspective of interpretation, emphasis is placed on establishing who these users are and what their needs are. It cannot be assumed that these will be met without the intervention of the government or professional accounting bodies and some of the course is devoted to issues in regulation of external financial reporting. The course includes a discussion not only of the actual content of regulations but also what that content ought to be or might be. Attention is also paid to who sets accounting rules and by what processes. From an application perspective, the aim of the course is to show students how to make the judgments assess recognition and measurement of financial elements that are required by theory or by regulation and also how to communicate, by way of written reports, the results and implications of these calculations.

Prerequisites and Preparation

Fundamental accounting principles; Intermediate financial accounting

Course Goals

Broadly speaking, on successful completion of this course, students should be able to:

·         Discuss and apply a conceptual framework for financial reporting

·         Apply fundamental ethical and professional principles to ethical dilemmas and discuss the consequences

·         Evaluate the appropriateness of the financial reporting framework and critically discuss changes in accounting regulation

·         Apply professional judgement in the reporting of the financial performance of a range of entities

·         Communicate the impact of changes and potential changes in accounting regulation on financial reporting

Course Components and Requirements

·         Assigned readings

·         Lectures

·         One group work and 2 individual assignment

·         Final Exam

Assigned Readings

Kees Camfferman; Stephen A. Zeff. Aiming for Global Accounting Standards: The International Accounting Standards Board, 2001-2011. Oxford University Press, USA

Topical material and additional reading for class discussion may be assigned during the semester.

Deliverables and Grading

Method of evaluation and grading:

1）There will be three assignments in total. The group work will be graded based on the group performance, and the other two assignments will be individually graded. At the end of the term the total assignment grades will count for 30% of the final course grade.

2）There will also be a two hour final, which will be cumulative and cover all of the course materials. This will count as the remaining 70% of the grade.