Students shall be able to do the following:

Knowledge

• Summarize and interpret concepts and differences in international accounting
• Describe the concepts and role of revenue, expense, asset, liability and equity accounts in financial accounting
• Give an overview of the presentation and disclosure components of financial statements
• Set the current legal environment in relation to the audit approach of an accounting firm

Skills

• Demonstrate valuation and presentation of balance sheet asset and liability accounts
• Evaluate and analyze entity information and identify data relevant to financial accounting and reporting
• Interpret basic financial statement information like balance sheet, income statement and statement of cash flows
• Differentiate between accounting concepts for routine and non-routine transactions

Competencies

• Perform calculations of measurement and valuation of financial statement positions
• Compare IFRS vs. US GAAP or local accounting standards

• Concept of International Accounting
• Presentation and disclosure of financial statements
• Recognition, measurement and valuation of financial statement positions
• Conversion process of a company to international GAAP (first time adoption of IFRS)
• IFRS / US-GAAP comparison
• Recent developments (i.e. analysis of financial statement restatements, development of IFRS /US GAAP, IFRS 9/15/16)

Wiley (Wiley VCH Verlag GmbH & Co. KGaA, (2020): International Financial Reporting Standards (IFRS) 2019: English & German edition of the official standards approved by the EU (paperback)

Ernst & Young (Ernst & Young von John Wiley & Sons): International GAAP: Generally Accepted Accounting Practice under International Financial Reporting Standards (IFRS). 2021 (paperback)