Course detail

International accouting standarts

FP-FmusPAcad. year: 2025/2026

The course is focused both on the theory and the application of the International Financial Reporting Standards. It contents contains the explanation of recognition, disclosure and measurement of the impact of transactions, events and other conditions on the assets, liabilities, equity, expenses, income and cash-flow, both from the point of view of general (underlying) principles and the principles of the respective standards and interpretations which are part of them. The integral part of the course content is also the preparation of the financial statements in accordance with the requirements of the IFRS.

Language of instruction

Czech

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

prof. Ing. Miloš Tumpach, Ph.D.

Department

Institute of Finances (ÚF)

Entry knowledge

Fundamental principles of accounting. Accounting of business entities carrying out in accordance with the Czech accounting law. Ratious used for financial analysis.

Rules for evaluation and completion of the course

The final marking of the exam consists of the mid-exam (up to 30 points, depending on the accuracy of answers) and the final exam (up to 70 points, depending on the accuracy of answers). The mid-exam consists set of 15 multichoice questions, marked with 1 point for each entirely correct answer and 5 sets of questions marked with in total with 15 points (depending on the accuracy of answers). The final exam consists of two case studies related to compilation and analysis of financial statements in accordance with the IFRS, based on the available information (each case study is marked up to 20 points, depending on the accuracy of the answer). For both mid-exam and final exam, no supporting sources of information is permitted (closed book exam).
For passing the exam (and successfully completing the course), it is required to achieve at least 15 points from the mid-term exam (50 % out of the total points allocated to this part of the exam) and 35 points from the final part of the exam (50 % out of the total points allocated to this part of the exam).
Attendance at the lectures (3 hours per week) is recommended, attendance at the seminars (1 hour per week) is required.

Aims

The aim of the course is to provide the students with the knowledge and skills necessary for their command of the system of IFRS, that is the very kind of financial reporting, which is based more on the general principles rather than detailed rules for each and every situation. After its completing, the students are deemed to be able to select the accounting policy which will faithfully represents the impact of transactions, events and other conditions on the financial position and financial performance of an entity. They are also deemed to be able to understand and apply the requirements for measurement of assets and liabilities (including the use of estimates) a compile the financial statements in accordance with the standards and interpretations which are included in the body of the IFRS.
Students gain knowledge and skills for work with individual accounting standards and for producing financial statements in accordance with International Financial Reporting Standards (IFRS)

Study aids

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

Beyersdorff, M., Jeremy Barnes, J., Bonham, M. (2021). International GAAP. Ernst & Young LLP. Hoboken : John Wiley & Sons (EN)
DVOŘÁKOVÁ, D. Finanční účetnictví a výkaznictví. Praha : Management Press, 2017. ISBN 9788026506928 (CS)
IFRS Foundation (2021). The Annotated IFRS® Standards Issued 2021. London. (EN)
KRUPOVÁ, L. Leasingy podle IFRS. Praha : VOX, 2017. ISBN 9788087480540 (CS)
Nařízení Komise (ES) č. 1126/2008 ze dne 3. listopadu 2008 , kterým se přijímají některé mezinárodní účetní standardy v souladu s nařízením Evropského parlamentu a Rady (ES) č. 1606/2002 Dostupné na: https://eur-lex.europa.eu/legal-content/CS/TXT/PDF/?uri=CELEX:02008R1126-20210101&from=EN (CS)

Recommended reading

Beyersdorff, M., Jeremy Barnes, J., Bonham, M. (2021). International GAAP. Ernst & Young LLP. Hoboken : John Wiley & Sons. (EN)
Tumpach, M. (2021, příprava do tisku). Mezinárodní standardy pro sestavení účetní závěrky (CS)

Classification of course in study plans

  • Programme MGR-UFRP Master's 1 year of study, winter semester, compulsory

Type of course unit

 

Lecture

39 hod., optionally

Teacher / Lecturer

prof. Ing. Miloš Tumpach, Ph.D.

Syllabus

1.Structure of the IFRS and their approval. Conceptual framework for financial reporting, faithful presentation, usefullness and relevance of infornation. Measurement bases. Structure of the financial statements and the recognition of its elements. Comparability of accounting information. Accounting policy and its changes
2.Fixed assets and inventories. Determination of costs (including the capitalisation of the borrowing costs, discounting of delayed payments and capitalisation of expenditures for research and development). Impact of the improper capitalisation. Cost and revaluation models
3.Indication and accounting for impairment of assets in accordance with IAS 36 (including the goodwill) and IAS 2. Accounting for reversal of impairment for individual assets. Concept of cash-generating unit
4.Non-financial assets revalued through profit or loss (inventories of trader with commodities, biological assets, properties in accordance with AS 40). Comparison with assets measured at historical costs
5.Financial instruments in accordance with IAS 32, distinguishing of financial liabilities from equities in case of combined instruments. Categories of financial assets and liabilities and their measurement in accordance with IFRS 9. EPS and its dilution in case of combined instruments
6.Accounting leases, including the sale and leaseback transactions
7.Uncertain obligations and provisions in accordance with the IAS 37. Existence of the current obligation in case of orders, credit promises, guarantees and onerous contracs. Use of estimations. Differences in accounting for provisions and contingent liabilities. Accounting for contingent assets
8.Identification and recognition of discontinuing operations and non-current assets held for sale. Information after the reporting periods. Accounting for changes in accounting estimates and its comparison with changes of accounting policies and correction of prior errors
9.Contracts with customers and recognition of related revenues and costs. Differences between the contracts with performance obligation at a point in time and over the time. Determination of the stage of completion. Accounting for contracts by principal and agents, consignment contracts, repurchase contracts and "bill and hold" agreements
10.Government grants under IAS 20, current and deferred taxes in according with the IAS 12. Differences between financial statements compiled in accordance with the IPSAS and IFRS
11.Risks of seasonality of accounting data, conversion of results to other currencies, improper selection and/or application of accounting policies. Determination of functional currency and conversions among the foreign, functional and reporting currencies. Interim financial statements in accordance with IAS 34.
12.Compilation of the balance-sheet, statement of comprehensive income, statement of changes in shareholshareholders´ equity, statement on cash flow (indirect method).
13.Compilation of the notes.

Exercise

13 hod., compulsory

Teacher / Lecturer

prof. Ing. Miloš Tumpach, Ph.D.

Syllabus

1.Structure of the IFRS and their approval. Conceptual framework for financial reporting, faithful presentation, usefullness and relevance of infornation. Measurement bases. Structure of the financial statements and the recognition of its elements. Comparability of accounting information. Accounting policy and its changes
2.Fixed assets and inventories. Determination of costs (including the capitalisation of the borrowing costs, discounting of delayed payments and capitalisation of expenditures for research and development). Impact of the improper capitalisation. Cost and revaluation models
3.Indication and accounting for impairment of assets in accordance with IAS 36 (including the goodwill) and IAS 2. Accounting for reversal of impairment for individual assets. Concept of cash-generating unit
4.Non-financial assets revalued through profit or loss (inventories of trader with commodities, biological assets, properties in accordance with AS 40). Comparison with assets measured at historical costs
5.Financial instruments in accordance with IAS 32, distinguishing of financial liabilities from equities in case of combined instruments. Categories of financial assets and liabilities and their measurement in accordance with IFRS 9. EPS and its dilution in case of combined instruments
6.Accounting leases, including the sale and leaseback transactions
7.Uncertain obligations and provisions in accordance with the IAS 37. Existence of the current obligation in case of orders, credit promises, guarantees and onerous contracs. Use of estimations. Differences in accounting for provisions and contingent liabilities. Accounting for contingent assets
8.Identification and recognition of discontinuing operations and non-current assets held for sale. Information after the reporting periods. Accounting for changes in accounting estimates and its comparison with changes of accounting policies and correction of prior errors
9.Contracts with customers and recognition of related revenues and costs. Differences between the contracts with performance obligation at a point in time and over the time. Determination of the stage of completion. Accounting for contracts by principal and agents, consignment contracts, repurchase contracts and "bill and hold" agreements
10.Government grants under IAS 20, current and deferred taxes in according with the IAS 12. Differences between financial statements compiled in accordance with the IPSAS and IFRS
11.Risks of seasonality of accounting data, conversion of results to other currencies, improper selection and/or application of accounting policies. Determination of functional currency and conversions among the foreign, functional and reporting currencies. Interim financial statements in accordance with IAS 34.
12.Compilation of the balance-sheet, statement of comprehensive income, statement of changes in shareholshareholders´ equity, statement on cash flow (indirect method).
13.Compilation of the notes.