International Accounting

1
and Financial Reporting
Ass. Prof. Mohammed ALASHI

Prepared by: Mohammed ALASHI

2 Course description

This course aims to develop students’

conceptual understanding of financial
reporting issues and their knowledge of
the IFRS adoption problems and proposed
solutions.

Prepared by: Mohammed ALASHI

3 Course Learning Outcomes

1. Knowledge and Understanding

 Know the regulatory environment of corporate financial reporting.
 Understand the major issues in corporate financial reporting and the accepted
solutions to such issues.
2. Intellectual Skills: Analysis/Synthesis/Evaluation
 Exercise powers of enquiry, logic and critical analysis.
 Exercise powers of interpretation and evaluation of arguments and evidence.
 Sustain a critical argument in writing.

Prepared by: Mohammed ALASHI

4 Course Learning Outcomes

3. Discipline Specific Skills: Application of Knowledge; Application of

Theories/Models; Problem solving
 Critically evaluate current accounting principles, the conceptual framework,
historical cost convention and alternative approaches to income measurement.
 Perform sophisticated analysis of financial accounting statements.
 Apply knowledge, techniques and concepts to real-world situations.
 Produce critical analyses of current issues and proposed solutions.

Prepared by: Mohammed ALASHI

5 References

1. Wiley, I. F. R. S. (2018). Interpretation and Application of IFRS Standards. PKF

International Ltd.
2. Ernst &. Young. (2019). International GAAP 2019: Generally Accepted
Accounting Principles Under International Financial Reporting Standards.
Wiley.
3. Elliott, B. and Elliott, J. 2017. Financial accounting and reporting. 18th ed.
Harlow: Pearson.
4. https://www.ifrs.org/

Prepared by: Mohammed ALASHI

6 Covered topics
1 Introduction to International Financial Reporting Standards 1st

2 Conceptual Framework 1+2

Conceptual framework for financial reporting
3 Presentation of Financial Statements 2
Conceptual framework, IAS 1, 7, 8, 10, 12, 18, 24, 27, 33, 34 IFRS 5, 8

4 Statement of Financial Position 2+3

IAS 1, 8, 10, 24, 32, 36, 38, 39, 40, 41 IFRS 5, 6
5 Statements of Profit or Loss and Other Comprehensive 3+4
Income, and Changes in Equity
Conceptual framework, IAS 1, 14, 16, 19, 21, 36, 37, 38, 39, 40 IFRS 1, 5, 15 SIC 29

6 Statement of Cash Flows 3+4

IAS 7
7 Accounting Policies, Changes in Accounting Estimates, 4
and Errors
IAS 1, IAS 8
Prepared by: Mohammed ALASHI
7 Covered topics
8 Inventories 4
IAS 2, 8, 18, 34, 41
9 Property, Plant and Equipment 5
IFRS 5, 8 IAS 16, 36, 37 IFRIC 1, 17, 18

10 Borrowing cost 6
IAS 23

11 Intangible Assets 7
IFRS 3 IAS 23, 36, 38 SIC 32

12 Investment property 8
IAS 40

13 Impairment of Assets and Non-Current Assets Held for 9

Sale
IFRS 5 IAS 36

14 Shareholders’ Equity 10
IFRS 2 IAS 1, 8, 32 IFRIC 2

Prepared by: Mohammed ALASHI

8 Covered topics
15 Current Liabilities, Provisions, Contingencies and Events 11
After the reporting period
IAS 1, 10, 37 IFRS 9 IFRIC 1, 6, 21
16 Employee benefit 12
IAS 19 IFRIC 14

17 Revenue from Contracts with Customer 13

IASB’s Framework for Preparation and Presentation of Financial Statements IFRS 15

18 Government grant 14
IAS 20, 41 SIC 10, 29 IFRIC 12

19 Lease 14
IAS 17, 24, 36 SIC 15, 27 IFRIC 4

20 Foreign currency 15
IAS 21

21 Fair value 16
IFRS 13
Prepared by: Mohammed ALASHI
 9 Evaluation

 Assignment 1 (presentation on 1 selected paper) 10 points.

 Assignment 2 (literature review on IFRS’ topic, at least 5 papers should be cited) 20 points.
 Final Exam 70 Points.

Prepared by: Mohammed ALASHI

10 1th Aspect: Presentation of Financial
Statement and

1. Conceptual Framework for Financial Reporting

2. IAS 1 Presentation of Financial Statements
3. IAS 7 Statement of Cash Flows
4. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
5. IAS 10 Events after the Reporting Period
6. IAS 34 Interim Financial Reporting
7. IAS 37 Provisions, Contingent Liabilities and Contingent Assets

Prepared by: Mohammed ALASHI

11 2th Aspect: Recognition and Measurement
of Non-current Assets

1. IAS 16 Property, Plant and Equipment

2. IAS 23 Borrowing Costs
3. IAS 36 Impairment of Assets
4. IAS 38 Intangible Assets
5. IAS 40 Investment Property
6. IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Prepared by: Mohammed ALASHI

12 3th Aspect: Business Combination

1. IFRS 3 Business Combinations

2. IFRS 10 Consolidated Financial Statements
3. IAS 27 Separate Financial Statements
4. IAS 28 Investments in Associates and Joint Ventures
5. IAS 21 The Effects of Changes in Foreign Exchange Rates

Prepared by: Mohammed ALASHI

13 4th Aspect: Financial Instrument

1. IAS 32 Financial Instruments: Presentation

2. IAS 39 Financial Instruments: Recognition and Measurement
3. IFRS 7 Financial Instruments: Disclosures
4. IFRS 9 Financial Instruments

Prepared by: Mohammed ALASHI

14 5th Aspect: Sectors

1. IAS 11 Construction Contracts

2. IAS 41 Agriculture
3. IFRS 4 Insurance Contracts
4. IFRS 6 Exploration for and Evaluation of Mineral Resources
5. IFRS 17 Insurance Contracts

Prepared by: Mohammed ALASHI

15 6th Aspect: Recognition and measurement
of financial statement items
1. IAS 2 Inventories
2. IAS 17 Leases
3. IAS 18 Revenue
4. IAS 19 Employee Benefits
5. IAS 26 Accounting and Reporting by Retirement Benefit Plans
6. IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
7. IAS 29 Financial Reporting in Hyperinflationary Economies
8. IAS 12 Income Taxes
9. IFRS 1 First-time Adoption of International Financial Reporting Standards
10. IFRS 2 Share-based Payment
11. IFRS 14 Regulatory Deferral Accounts
12. IFRS 15 Revenue from Contracts with Customers
13. IFRS 16 Leases

Prepared by: Mohammed ALASHI

16 7th Aspect: Disclosure

1. IAS 24 Related Party Disclosures

2. IAS 33 Earnings per Share
3. IFRS 8 Operating Segments
4. IFRS 11 Joint Arrangements
5. IFRS 12 Disclosure of Interests in Other Entities
6. IFRS 13 Fair Value Measurement

Prepared by: Mohammed ALASHI