Consolidation and IFRS

Duration

30h Th

Number of credits

Lecturer

Patrice Schumesch

Language(s) of instruction

English language

Organisation and examination

Teaching in the second semester

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

1. Introduction
a. History, standards setting process, IASB bodies
b. Why IFRS?
i. Legal and statutory context at world, European and Belgian level
ii.External prospects for the company
iii. Internal prospects for the company
2. Start-up costs
3. Intangible assets
4. Tangible fixed assets (including the loan issue costs and investment properties)
5. Leasing, renting
6. Impairment of assets
7. Inventories and contracts in progress
8. Revenue recognition
9. Provision and events after the balance sheet date
10. Employee benefits
11. Stock options

12. Grants
13. Deferred taxes
14. Transactions in foreign currencies
15. Financial instruments
16. Consolidation
17. Business combinations
18. Presentation of financial statements
19. Cash flow statement
20. Segment reporting
21. Earnings per share
22. Discontinued operations
23. Relations with related parties
24. Change in accounting policies
25. Interim reporting
26. IFRS first-time application rules

Learning outcomes of the learning unit

This course will be organised in different sections. All the IFRS norms as well as the most important SIC/IFRIC nterpretations will be covered. The basic principles of consolidation will be explained when the IFRS norms related to this subject will be introduced.
Apart from the explanation of the necessary theoretical basic principles, the course will broach illustrative examples inspired of real situations and problems encountered by companies.
An external speaker (consolidation or IFRS responsible) will be invited during a class session to share with the students his practical professional experience.
This course contributes to the following Intended Learning Outcomes :
 
ILO-1 : To strengthen knowledge and understanding of management disciplines and its legal, policy and social context
 
ILO-2 : Gaining the knowledge and understanding of one of the proposed fields of concentration or to gain deep knowledge in the field of the management being already specialized thru a first University Master Degree . 
 
ILO-4 : To acquire the capacity to research autonomously and methodically the information needed to solve a complex, transversal management problem, 
 
ILO-5 : Integrate autonomously researched information, tools, knowledge and context to build and propose, either individually or as part of a team, original, creative and viable solutions to concrete complex management problems, whether real or simulated, taking into account, when necessary, the human, social and legal context.
 
ILO-6 : Ability to speak 2 foreign languages: C1 in English and B2 in one other language.
 
ILO-7 : Being capable of professional team work 
 
ILO-8 : Developing leadership 
 
ILO-9 : Developing a critical sense (arguing)
 
ILO-10 : Developing a transversal, global vision 
 
ILO-11 : Creative conception of solutions 
 
ILO-12 : Professional capacity for oralcommunication
 
ILO-13 : Professional capacity for written communication  
 

Prerequisite knowledge and skills

Good knowledge of general accounting.

Planned learning activities and teaching methods

None. Practical examples and concrete application cases will be analysed during the course.

Mode of delivery (face-to-face ; distance-learning)

The course will be introduced following the order of the tabel of contents (see above general introduction). As and when we will broach the different themes, I will explain the divergence zones in relation to the Belgian accounting law. I will give you as well practical examples and concrete application cases, for most of them coming from the practical experience I have gained during several IFRS conversion assistance missions within important Belgian and worldwide companies. This course will be interactive, students will regularly be asked to raise questions and to share their opinions on the different subjects.

Recommended or required readings

An English version of an exhaustive syllabus as well as an illustrative example of consolidated IFRS financial statements will be at the disposal of the students from the first lesson. A glossary of ISO key accounting words (translation English-French) is also provided to the students. Moreover, further analysis and notes will be distributed during the course.

Assessment methods and criteria

The evaluation will be done under the form of a written exam (95% of the final mark) (MCQ and small exercices/ case studies).
Participation : 5%.
Relative weighting of individual assessment : 100%

Work placement(s)

Organizational remarks

None

Contacts

Patrice Schumesch
Partner
PricewaterhouseCoopers
Woluwe Garden, Woluwedal 18
B-1932 Sint-Stevens-Woluwe
E-Mail: patrice.schumesch@be.pwc.com