|Module:||8a-d Internationale Accounting and Auditing I|
|Credits:||4 SWS / 7,5 Credits|
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|Lecturer:||Prof. Dr. Christiane Pott|
- Introduction to International Financial Reporting
- Institutional Framework of IFRS
- Fundamentals of accounting according to IFRS
- Recognition and measurement of selected balance sheet items
The globalisation of the financial markets already led at the end of the 1990s to more and more companies in Germany preparing financial statements according to international standards in addition to the obligatory financial statements under commercial law. A driver for this was the admission of securities to trading on the stock exchanges in New York, London and Tokyo. After capital market-oriented accounting according to International Accounting Standards (IAS) had become widespread in Europe, the American Security and Exchange Commission (SEC) mandatorily required accounting according to US GAAP for the admission of securities to the American market. In order to standardise accounting in Europe, the EU Commission decided on the mandatory application of IFRS for consolidated financial statements of capital market-oriented companies from 2005.
IFRS differ fundamentally from German commercial accounting. The focus is no longer on creditor protection and capital maintenance, but primarily on the informational interests of shareholders. Therefore, the IFRS follow the principle of the true and fair view. In addition to the differences in content, the IFRS are also written in case law and are not adopted through a legislative process, but are developed by the IASB in several stages.
This module teaches the basics of accounting according to the regulations of the International Accounting Standards Board (IASB). The principles of accounting according to International Financial Reporting Standards (IFRS), the accounting systems and the standards for recognition, measurement and disclosure are explained. Furthermore, the supplementary reporting elements (e.g. notes, management commentary) are dealt with. In addition, significant differences to accounting according to the German Commercial Code (HGB) are pointed out.
At the end of the summer semester (main examination date) - related to the material of lecture and exercise - a 90-minute written exam is offered. 7.5 ECTS credit points can be acquired. At the beginning of the winter semester, a make-up examination date is held under the same conditions as the main examination.
After successful attendance of the course, you will be familiar with the basic concept of International Financial Reporting Standards (IFRS) and will be able to prepare annual financial statements according to IFRS largely independently on the basis of these standards and to interpret published financial statements. You will also acquire the competence to critically analyse discussion papers and exposure drafts on the (further) development of new and existing standards.
The knowledge of international accounting to be acquired is an important prerequisite for employment in the financial departments of large nationally and internationally active companies, for the tasks of credit and financial analysts in credit institutions and, above all, for employment in auditing, tax consulting and management consulting companies.
The course assumes basic knowledge of HGB accounting; this knowledge can be acquired, for example, in the course "Accounting" (Module 4a).
Heuser, Paul J./Theile, Carsten: IFRS Handbuch: Einzel- und Konzernabschluss, 5. Auflage, Verlag Dr. Otto Schmidt, Köln 2012.
Pellens, Bernhard/Fülbier, Rolf Uwe/Gassen, Joachim/Sellhorn, Thorsten: Internationale Rechnungslegung, 9. Auflage, Schäffer-Poeschel, Stuttgart 2014.
Wiley-VCH (Hrsg.): International Financial Reporting Standards (IFRS) 2014, 8. Auflage, Wiley-VCH, Weinheim 2014.