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| GEST1048-1 | International accounting standards (IFRS)
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| Duration : | 30h Th |
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| Credits/ECTS : |
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| Holder(s) : | Patrice Schumesch |
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| Language : | Langue française |
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| Course contents : | 1.Introduction : objectives and outline of the course
2. Legal context
History
Elaboration process of IFRS and the bodies (IASB, SAC, IFRiC) IFRS in the EU and in Belgium (recent developments) Outline of the standards in force.
3. Presentation of the main IFRS standards.
Main principles - conceptuel framework
Presentation of the financial statements (IAS 1)
Main IFRS standards
Balance sheet : intargible assets (IAS 38), tangible assets (IAS 16), lease contracts (IAS 17), Investment property (IAS 40), inventories (IAS 2), contracts in progress (IAS11), capital subsidies (IAS 20), provisions (IAS 37), staff benefits (IAS 19), taxes (IAS 12)
Income statement : revenue recognition (IAS 18), effect of changes in foreign exchange rates (IAS 21), borrowing expenses (IAS 23), impairment of assets (IAS 36), financial instruments (IAS 39).
Appendices : cash-flow statement (IAS 37), post balance sheet events (IAS 10), profit per share (IAS 33)
4. Main differences between IFRS and Belgian accounting law ; overview - illustrations
5. Conclusions |
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| Course objective : | To introduce students to the new international rules of accounting |
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| Prerequisites : | FIN 505 Accounting & Finance
FIN 504 Corporate Accounting
FIN 397 Financial management and Corporate Assessment |
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| Organization : | 7 sessions of 4 hours and 1 session of 2 hours each wednesday as from wednesday the 8th of november 13:00 pm. |
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| Assessment : | First session : oral examination
Second session : multiple choice examination (in writing) |
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