Subject of the Academic Discipline

Formation of students’ fundamental theoretical knowledge and practical skills in organizing and maintaining accounting and financial reporting under international standards.

Purpose of the Academic Discipline

To teach students how to correctly apply theoretical knowledge and practical skills in building an accounting system, organizing and maintaining accounting of assets, capital, and liabilities in enterprises, preparing financial statements under international standards, and analyzing the presented information to provide recommendations for further enterprise management.

Main Objectives

• Mastering the theoretical study of international accounting and financial reporting standards;
• Systematizing acquired knowledge regarding the formation of an accounting system in an enterprise;
• Ensuring the acquisition of methodological approaches and practical techniques for preparing financial statements under international standards;
• Developing skills to interpret and use reporting information for managerial decision-making;
• Studying the organization of accounting under international standards;
• Mastering the methodology of transforming financial statements prepared under national standards into statements under international standards.

Place of the Academic Discipline in the Master’s Training Structure

The discipline “Accounting and Reporting by International Standards” is a mandatory component of the master’s program in accounting and taxation. It builds upon the knowledge gained from courses such as “Professional Ethics and Standards in Accounting and Auditing,” “Research Methodology in Accounting, Auditing, and Taxation,” “Accounting Organization and Tax Optimization,” “Accounting in Economic Entities’ Management,” “Strategic Management Accounting and Analysis,” and serves as the foundation for courses such as “Organization and Methodology of Financial Investigations” and “Corporate Reporting under EU Requirements.”

Competency, Knowledge, and Skills Requirements

Upon completing this course, students should develop the following competencies:

General Competencies:

• GC01. Ability to identify, define, and solve problems.
• GC02. Ability to communicate in a foreign language.
• GC04. Ability to conduct research at an appropriate level.
• GC06. Ability to search for, process, and analyze information from various sources.
• GC07. Ability to work in an international context.
• GC09. Appreciation and respect for diversity and multiculturalism.
• GC10. Ability to act based on ethical considerations (motives).

Special Competencies:

• SC01. Ability to generate and use accounting information for making effective managerial decisions at all enterprise management levels to enhance efficiency, effectiveness, and corporate social responsibility.
• SC02. Ability to organize the accounting process and regulate the activities of its performers following enterprise management requirements.
• SC04. Ability to prepare financial statements under international standards, correctly interpret, disclose, and use the relevant information for making effective managerial decisions.
• SC07. Ability to formulate tasks, improve methodologies, and implement modern methods of financial and managerial accounting, analysis, auditing, and taxation according to the enterprise’s strategic goals.
• SC09. Ability to provide consulting services to business owners, enterprise management, and other stakeholders in accounting, analysis, control, and taxation.
• SC10. Ability to conduct research to address current issues in the theory, methodology, organization, and practice of accounting, auditing, analysis, control, and taxation.

Learning Outcomes

Students should:

Know:

• The purpose and ways of harmonizing accounting and financial reporting;
• The structure and content of international accounting and financial reporting standards;
• The objectives and necessity of applying international accounting and financial reporting standards;
• Differences in accounting and financial reporting procedures under international and national standards;
• The essence of methodological principles and accounting methods for assets, liabilities, and equity as per International Accounting Standards;
• The methodology for preparing financial statements according to international standards;
• The procedure for presenting financial statements under international standards.

Be able to:

• Apply accounting and financial reporting standards;
• Fill out reporting forms used in international practice: statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, notes including a summary of significant accounting policies and other explanations, and an additional statement of financial position at the beginning of the comparative period;
• Use accounting information for managerial decision-making;
• Apply best practices in organizing accounting under international standards in domestic accounting practices.

Learning Outcomes

• LO02. Understand the theory, methodology, and practice of forming accounting information at various stages of the accounting process and control for modern and potential business management needs, considering professional judgment.
• LO03. Communicate fluently in a foreign language, both orally and in writing, when discussing research results and innovations.
• LO06. Identify the information needs of accounting information users in enterprise management and provide consultations to enterprise management on accounting-related matters.
• LO09. Prepare financial statements under national and international standards for corporate entities, disclose, and use relevant information for managerial decision-making.
• LO15. Apply scientific research methods in accounting, auditing, analysis, control, and taxation, implementing them in professional activities and business practices.

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Section 3. Thematic Plan of the Academic Discipline

Topic No.	Topic Name
Topic 1	Importance of International Accounting and Financial Reporting Standards, their development and implementation process
Topic 2	Accounting policy: purpose, objectives, presentation format under IFRS
Topic 3	Accounting for long-term assets
Topic 4	Accounting for cash and cash equivalents
Topic 5	Accounting for inventories
Topic 6	Accounting for equity and liabilities
Topic 7	Liabilities and employee benefits
Topic 8	The essence and requirements for financial reporting preparation
Topic 9	Financial reporting under international standards and its characteristics