The purpose of the science studingis to provide students with the necessary theoretical knowledge of regulations and the contents of the main International Financial Reporting Standards and their Interpretations, and the practical skills in the application of procedures related to preparing and presenting the financial statements of multinational corporations and securities market participants.
The tasksof the science areto provide students with an understanding of the main IFRS` requirements about financial reporting structure, approaches to recognition and disclosure of the financial statements` items, choosingand setting up accounting policies and accounting estimates, as well as method of forming the financial statements of companies as private ownership, and consolidated financial statements of the group companies.
Results of educational:
After studying science a student must:
- know: status of IFRS in the world and in Ukraine; the process of development and adoption of IFRS; purpose and main provisions of the financial reporting framework under IFRS; IFRS basic requirements for the recognition and assessment methods for elements entities`financial statements and their forms and formats; methods of evaluating for certain assets, liabilities, revenues and expenses according to the principles and rules set by international standards; model of accounting for assets, liabilities, equity and activity results, which are used to prepare financial statements under IFRS;accounting for the international investment market instruments and derivatives and their reporting; methodsof preparation of consolidated financial statements for a group of companies; accounting for effects of changes in foreign exchange ratesand price changes on the entity`s performance; basic methodological and organizational principles of transformation of Ukrainian enterprises`financial statements into financial statements prepared in accordance with international standards;
- be able to: choose the valuation methods and models of assets, liabilities, revenues and expenses envisaged by IFRS that would reflect in the best way the features of the entity and the objectives set for it; apply principles of preparing financial statements under IFRS to recognition, measurement and presentation of financial statements`items;form the separate financial statements of the entity underIFRS; form the consolidated financial statements; depict the impact of exchange rate changes and price changesin theentity`sfinancial statements; apply the method of transformation of financial statements prepared onUkrainianaccounting standartsin the financial statements under IFRS.
The content of scienceis revealed in the following topics: Essence of International Financial Reporting Standards and the basic procedures for their implementation. Composition and structure of the financial statements of multinational companies` and securities market participants and the basic requirements for their presentation. Additional disclosures in the financial statement. Recognition, measurement and disclosure of company`s assets in the financial statements. Features of the recognition, measurement and disclosure of company`s liabilities. The requirements for the recognition, measurement and disclosure of company`s revenues and expenses. Accounting of financial instruments and their disclosures in the financial statements.  Recognition, measurement and the disclosures for investments in Associates and Joint Ventures in the financial statement of investor.  Accounting`s features of the business combination and consolidated financial statements. Financial statement`s Report Methods for the effect of foreign exchange rate changes and price changes