Teaching  methods  •  Pre-­‐reading  •  Research  •  Lecture  •  Discussion  •  Exercises  •  Assignments  •  Q&A  •  Mid-­‐term  and  final  tests  •  Office  hour  each  week  

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Ground  Rules    1.  Be  on  Gme  and  don’t  leave  early  2.  Mobiles  and  laptops  off  3.  Don’t  come  and  go  4.  Hand  in  assignments  on  Gme  

Please  text  or  e-­‐mail  for  an  appointment  beforehand  

WHAT  ARE  THE  IAS/IFRS?  

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ObjecGves  of  Session  1  

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At  the  end  of  this  session  students  will  be  able  to:  •  Understand  why  there  is  a  need  for  consistent  

interna:onal  financial  repor:ng  •  Be  able  to  iden*fy  the  interna:onal  accoun:ng  

standards  currently  in  force  •  Know  what  the  4  financials  statements  required  

by  IAS1  are  and  the  alternate  presenta:ons  available  and  understand  their  purpose  

•  Understand  how  the  4  financial  statements  interlink  with  each  other.  

The  development  of  accounGng  standards–  a  response  to  the  

evoluGon  of  business  •  Cash  accounGng  •  Accruals  accounGng  •  Mergers  and  acquisiGons  •  InternaGonal  trade  •  InternaGonal  stakeholders  •  Cross-­‐border  investors  •  Foreign  investments  •  Joint  ventures  •  Conglomerates  •  Leasing  •  Pensions  and  OPEBS  •  Stock  opGons  •  Intangibles  •  Financial  instruments  •  MulGple  elements  •  Accoun1ng  scandals  

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Growing  need  for  consistency  and  

comparability  for  the  various  stakeholders  

Users  of  IFRS  -­‐  Stakeholder  needs  

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Stakeholder   Needs  Shareholders   Stewardship  of  management  

Creditors   Safe  to  sell  too?  

Banks   Safe  to  lend  too?  Need  to  recall  loan  

Customers   Safe  source  of  supply?  

Tax  authoriGes   Share  of  profits,  Sales  taxes  

Employees   Profit  sharing,  job  stability  

Management   Bonus  calculaGon  

Sales  force   Commissions  

Credit  raGng  agencies   Assign  raGng  

PotenGal  investors   Future  prospects  

How  do  you  think  that  you  might  need  to  use  published  financial  statements  in  the  future?  

The  Current  List  of  IAS  and  IFRS  

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Warning!  Not  all  IASs  and  IFRSs  have  been  endorsed  by  the  EU.  Latest  posiGon  can  be  found  at  www.efrag.org  

Status and History of IFRS

DateStandard Issued

IFRS 1 First-time adoption of International Financial Reporting Standards Nov 2008 From July 1 2009IFRS 2 Share-Based Payment Feb 2004 From January 1 2005IFRS 3 Business Combinations Jan 2008 From July 1 2009IFRS 4 Insurance Contracts Dec 2005 From January 1 2005IFRS 5 Non-current Assets Held for Sale and Discontinued Operations Mar 2004 From January 1 2005IFRS 6 Exploration for and Evaluation of Mineral Resource Dec 2004 From January 1 2006IFRS 7 Financial Instruments: Disclosures Aug 2005 From January 1 2007IFRS 8 Operating Segments Nov 2006 From January 1 2009IFRS 9 Financial Instruments Oct 2010 From January 1 2015IFRS 10 Consolidated Financial Statements May 2011 From January 1 2013IFRS 11 Joint Arrangements May 2011 From January 1 2013IFRS 12 Disclosure of Interests in Other Entities May 2011 From January 1 2013IFRS 13 Fair Value Measurement May 2011 From January 1 2013

IAS 1 Presentation of Financial Statements (Revised) Sep 2007 From January 1 2009IAS 2 Inventories Dec 2003 From January 1 2005IAS 3 Consolidated Financial Statements (Superseded by IAS 27 and 28)IAS 4 Depreciation Accounting (Replaced by IAS 16, 22 and 38)IAS 5 Information to be disclosed in Financial Statements (Replaced by IAS 1)IAS 6 Accounting Responses to Changing Prices (Superseded by IAS 15)IAS 7 Statement of Cash Flows Apr 2001 From January 1 1994IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Dec 2003 From January 1 2005IAS 9 Accounting for Research and Development Activities (Superseded by IAS 38)IAS 10 Events after the Reporting Period Dec 2003 From January 1 2005IAS 11 Construction Contracts Apr 2001 From January 1 1995IAS 12 Income Taxes Apr 2001 From January 1 1998IAS 13 Presentation of Current Assets and Liabilities (Superseded by IAS 1)IAS 14 Segment Reporting (Superseded by IFRS 8)IAS 15 Information Reflecting the Effects of Changing Prices (Withdrawn in December 2003)IAS 16 Property, Plant and Equipment Dec 2003 From January 1 2005IAS 17 Leases Dec 2003 From January 1 2005IAS 18 Revenue Apr 2001 From January 1 1995IAS 19 Employee Benefits Jun 2011 From January 1 2013IAS 20 Accounting for Government grants and Disclosure of Government Assistance From January 1 1984IAS 21 The Effects of Changes in Foreign Exchange Rates Dec 2003 From January 1 2005IAS 22 Business Combinations (Replaced by IFRS 3)IAS 23 Borrowing Costs Mar 2007 From January 1 2009IAS 24 Related Party Disclosures Nov 2009 From January 1 2011IAS 25 Accounting for Investments (Superseded by IAS 39 and 40)IAS 26 Accounting and Reporting by Retirement Benefit Plans Apr 2001 From January 1 1988IAS 27 Separate Financial Statements (Revised in 2008) May 2011 From January 1 2013IAS 28 Investments in Associates and Joint Ventures Dec 2003 From January 1 2013IAS 29 Financial Reporting in Hyperinflationary Economies Apr 2001 From January 1 1990IAS 30 Disclosures in Financial Statements of Banks and Similar Financial Institutions (Superseded by IFRS 7)IAS 31 Interests in Joint Ventures (To be superseded by IFRS 11) Dec 2003 From January 1 2005IAS 32 Financial Instruments: Presentation Dec 2003 From January 1 2005IAS 33 Earnings per Share Dec 2003 From January 1 2005IAS 34 Interim Financial Reporting Apr 2001 From January 1 1999IAS 35 Discontinued Operations (Replaced by IFRS 5)IAS 36 Impairment of Assets Mar 2004 From March 31 2004IAS 37 Provisions, Contingent Liabilities and Contingent Assets Apr 2001 From July 1 1999IAS 38 Intangible Assets Mar 2004 From March 31 2004IAS 39 Financial Instruments: Recognition and Measurement Dec 2003 From January 1 2005IAS 40 Investment Property Dec 2003 From January 1 2005IAS 41 Agriculture Dec 2003 From January 1 2003

Replaced or supersededUnder revision

Effective Date

Link  Between  IFRS  and  Course  Sessions  

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A86045'Accounting'and'Financial'Reporting'7'Academic'Year'2013/2014'7'Second'Semester'7'Syllabus

Session Day Date Time Hours Session PrimaryText2Book2Reference* IAS/IFRS

1 Tues 182Feb 09.002C212.00 3 Financial2reporting2under2IFRS 2Chapter21 IAS21 IAS28 IFRS25 IFRS28 IAS210 IAS220 IAS221 IAS224 IAS2332 Thurs 202Feb 09.002C211.00 2 Financial2analysis 2Chapter293 Fri 212Feb 11.00C213.00 2 Review2session

4 Tues 252Feb 09.002C212.00 3 Revenues Chapter22 IAS218 IAS2115 Thurs 272Feb 09.002C211.00 2 Costs2and2expenses Chapter22 IFRS22 IAS219

6 Tues 42Mar 09.002C212.00 3 NonCcurrent2assets2C2Intangible2assets Chapter25 IAS2387 Thurs 62Mar 09.002C211.00 2 NonCcurrent2assets2CTangible2assets,2and2

Financial2assetsChapter25 IAS216 IAS217 IFRS27

8 Tues 112Mar 09.002C212.00 3 Impairment2of2assets 2Chapter25 IAS2369 Thurs 132Mar 09.002C211.00 2 Review2session

10 Tues 182Mar 09.002C212.00 3 Current2assets2C2Inventories Chapter23 IAS22 IAS21111 Thurs 202Mar 09.002C211.00 2 Current2assets2C2Accounts2receivable Chapter23

12 Tues 252Mar 09.002C212.00 3 NonCFinancial2liabilities Chapter24 IAS237 IAS219 IAS22613 Thurs 272Mar 09.002C211.00 2 Review2session

14 Mon 312Mar 09.002C211.00 MidCterm2testTues 12AprThurs 32Apr

15 Tues 82Apr 09.002C212.00 3 Financing2including2leases Chapter26 IAS217 IFRS27 IFRS29 IAS232 IAS22316 Thurs 102Apr 09.002C211.00 2 Review2session

17 Tues 152Apr 09.002C212.00 3 Taxation2C2Direct2&2Indirect Chapter27 IAS21218 Thurs 172Apr 09.002C211.00 2 Review2session

Tues 222Apr Pasqua2e2252aprileThurs 242Apr

19 Tues 292Apr 09.002C212.00 3 Group2accounts Chapter28 IFRS210 IFRS211 IFRS212 IAS227 IAS228 IAS229Thurs 12May Ponte2del212maggio

20 Tues 62May 09.002C212.00 3 Business2combinations Chapter28 IFRS2321 Thurs 82May 09.002C211.00 2 Review2session

22 Tues 132May 09.002C212.00 3 Cash2flow2statement 2Chapter29 IAS2723 Thurs 152May 09.002C211.00 2 Review2session

24 Tues 202May 09.002C212.00 3 Fair2value Various IFRS21325 Thurs 222May 09.002C211.00 2 Review2session

60

26 Mon 262May Exams52July

IASs2and2IFRSs2not2addressed IFRS21 IFRS24 IAS234 IAS240 IAS241

*2Financial2Reporting2under2IFRS2C2A2Topic2Based2Approach22Wolfganf2Dick2C2Franck2MissonierCPierra

Additional2relevant2IASs/IFRSs

What  the  ISAs  and  IFRSs  Contain  

•  ObjecGve  •  Scope  •  DefiniGon  •  RecogniGon,  measurement,  and  subsequent  accounGng  

•  Disclosures  •  EffecGve  date  •  TransiGon  provisions  

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