INTERNATIONAL ACCOUNTING STANDARDS
INTERNATIONAL ACCOUNTING STANDARDS
Fabrizio Di Lazzaro, Tommaso Fabi
Fabrizio Di Lazzaro
fdilazzaro@luiss.it
Tommaso Fabi
tfabi@luiss.it
Instructional goals
The course aims to transfer knowledge of the standards, methodologies and principles underpinning the preparation of IAS/IFRS Financial Statements and the application of these Standards to the professional practice.
Intended learning outcomes
KNOWLEDGE AND UNDERSTANDING: the student will have acquired the knowledge of the underpinning principles of IAS/IFRS framework and their implementation in individual accounting standards;
APPLYING KNOWLEDGE AND UNDERSTANDING: the student will have achieved the ability to apply this set of principles to accounting practice;
MAKING JUDGMENT: the student will have developed the ability to formulate critical judgments on Financial Statements prepared in accordance with IAS / IFRS;
COMMUNICATION SKILLS: the student will be able to communicate his understanding of accounting rules and underlying principles in an appropriate technical language;
LEARNING SKILLS: the student will have acquired the learning skills necessary for the continuation and conclusion of studies independently.
Course Contents
The course examines IAS-IFRS issued by IASB and endorsed by the European Union.
The course provides a comparative analysis with the local accounting standards and
the US SFAS, issued by the FASB.
Reference Books
AA.VV, Principi contabili internazionali: temi e applicazioni Giappichelli, 2022
IAS/IFRS issued by IASB and endorsed by EU.
OIC documents
Slides – teaching materials
Teaching Methods
Lessons, case studies, conferences
Assessment Method
The student will be assessed through a written exam (2 terms) consisting of questions aimed at assessing both the knowledge and understanding of key concepts and the student's ability to re-elaborate the concepts acquired. In addition to the written exam, students are expected to participate in discussion of case studies, organized in teams. These activities will allow students to implement their skills in terms of critical thinking, management, teamworking, effective communication of the results.
The project is worth around 30% on final valuation.
Learning gaps concerning one or more notions or principles will lead to an insufficient evaluation, even in presence of a basic knowledge of the matter.
Thesis assignment criteria
Research skills
Week 1
Presentation of the course and teachers. IFRS as an international accounting language, financial markets and convergence with the United States;
IAS/IFRS in Italy
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 1
Week 2
Presentation of the IAS/IFRS Conceptual Framework;
Illustrative Examples on the IAS/IFRS Conceptual Framework
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 2
Week 3
Presentation of Financial Statements: IAS 1 and Cash flow statement (IAS 7);
ONLINE: Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8)
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapters 3,4 and 5
Week 4
The cost accounting model – Fixed Assets;
Provisions, contingent assets and contingent liabilities (IAS 37)
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapters 7 and 8
Week 5
Revenue from Contracts with Customers (IFRS 15)
Illustrative Examples on IFRS 15
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 10
Week 6
Substance over form: the Accounting Standard on lease contracts (IFRS 16);
Illustrative Examples on IFRS 16
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 11
Week 7
Business Combinations (IFRS 3);
Training on IFRS 3
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 13
Week 8
Impairment of Assets (IAS 36);
Training on IAS 36
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 15
Week 9
Distinction between equity instruments and debt instruments (IAS 32);
Training on IAS 32
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 12
Week 10
FV vs amortized cost for financial assets measurement of (IFRS 9);
Recognition and Derecognition of financial instruments (IFRS 9)
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 12
Week 11
Accounting for derivatives and hedging (IFRS 9);
Training on derivatives (IFRS 9)
AA.VV, “Principi contabili internazionali: temi e applicazioni”, Giappichelli, 2018, chapter 12
Week 12
Exam simulation