International GAAP 2020, Ernst & Young LLP

International GAAP 2020 is a comprehensive guide to interpreting and implementing International Financial Reporting Standards (IFRS), setting IFRS in a relevant business context, and providing insights into how complex practical issues should be resolved in the real world of global financial reporting. This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying, or teaching IFRS. Written by financial reporting professionals from around the world, this guide to reporting under IFRS provides a global perspective, clearly explaining complex technical accounting issues and setting IFRS in a practical context. Numerous worked examples and hundreds of illustrations from the published financial reports of major listed companies from around the world are included. The 2020 edition has been fully revised and updated with information on the latest IFRS changes and current issues." viewed May 20, 2020

The main objective of this course is to give students a critical understanding of financial statements prepared in an international environment. In particular, the first part is dedicated at introducing the IFRS, used by many companies all over the world in preparing separate and consolidated financial statements. Students will be able to understand how IFRSs work, how transactions made by companies are depicted in financial statements and how investors read and interpret financial statements. In the second part of this module, concerning the Financial Statement Analysis, students will be able to understand the basics of analysis, and to read the main indicators of performance found in the financial statements. They should be able to identify the main strengths and weaknesses of the activity and performance of companies and pinpoint useful recommendations about the activity on the future. A special focus will be on assessing the probable future performance of the companies. Traditional financial ratios will be introduced along with other alternative performance measures as they are emerging in recent developments.
Therefore, students will be able to work for preparers and investors.

- Be able to identify the consequences of the main economic decisions on the financial statements.
- Know how to interpret IFRS financial information published by groups.
- Develop a critical mind as a preparer and user of financial statements: understand the impact of management estimates on the financial statements, identify earnings management practices and areas of risk.
- Recognize the main items of Financial Statements that may impact the future cash flows of the company.
- Be able to analyze inventory, receivables and payables related to trading cycle and that may impact short term liquidity abilities.
- Understand the main features of Insurance contracts to the extension it impacts the performance of companies and that it helps to understand the future perspective.
- Be able to perform a basic vertical and horizontal analysis of Financial Statements
- Be able to calculate and interpret the most common financial ratios, such as liquidity ratios, debt ratios and profitability indicators.
- Organize an opinion as to how the company is performing, regarding an overall assessment based on all financial ratios, either traditional or alternative measures.
- Assess the probable future performance of the company and its perspective.
In order to obtain these goals, traditional teaching methods (lessons, exercises and cases) are utilized together with group or individual assignments. Moreover, a problem solving approach is utilized (for example, students are asked to identify the effects of various solutions in different complex situations).
A complex learning approach is utilized and students are asked to have a personal involvement and a critical approach to manage complex situations.
Ability to handle and communicate useful information related to IFRSs is obtained thanks to to written and oral assignments.

The course is divided into two parts:
First part: Financial statements under IFRS (35 hours)
- Introduction to international financial reporting
- The IASB conceptual framework and accounting theory
- Fair values, value in use and fulfilment value
- Presentation and disclosure in published financial statements (IAS 1)
- Fixed (non-current) tangible assets (IAS 16, IAS 20, IAS 23, IAS 40)
- Intangible assets (IAS 38)
- Impairment (IAS 36) and disposal of assets (IFRS 5)
- Leases (IFRS 16)
- Accounting for financial instruments (IFRS 9, IAS 32): summary
- Revenue (IFRS 15)
- Provisions, contingent liabilities and contingent assets (IAS 37)
- Income taxes (IAS 12): summary
- Employee benefits (IAS 19) and share-based payment (IFRS 2): summary
- Disclosure issues
- Business combinations (IFRS 3)
- Consolidated financial statements (IFRS 10)
- Accounting for associates (IAS 28), joint arrangements (IFRS 11) and related party disclosures: summary
- Foreign currency translation (IAS 21): summary

Second part: Financial statement analysis (35 hours)
- Inventories (IAS 2)
- Insurance Contracts (IFRS 4)
- Statement of Cash flows (IAS 7)
- Introduction to interpretation of financial statements
- Interpretation of financial statements
- Accounting Analysis, earnings management and other accounting cosmetics
- Techniques of financial analysis
- Assessing future perspective performance of companies
- Key Performance Indicators and Alternative Performance Measures


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