Topic outline

  • Welcome to International Accounting course!

    This course will teach you how to understand, apply and explain fundamental concept and principles of most important IFRS standards. At the course you will get a good overall picture of IFRS standards including preparation of financial statements in accordance with IFRS.  You will also understand the main challenges that entities and auditors are facing in applying IFRS standards.

    After successfully completing the course, you will have achieved the following learning outcomes:

    1. Recognize the underlying concept and principles of IFRS

    2. Identify the required format and content of a complete set of financial statements, including identify entity's reportable segments

    3. Identify the classification, recognition, measurement, and disclosure of common financial statement assets and liabilities.

    4. Indicate how to measure fair value when required by IFRS standards.

    5. Indicate and apply the requirements of new standards on revenue recognition (IFRS 15) and leases (IFRS 16).

    6. Identify and account for an impairment loss with respect to a nonfinancial asset.

    7. Classify and measure of non-current assets as either held for use or held for sale

    8. Recognize the accounting treatment applied to share-based payments and employee benefits, as well as to provisions

    9. Recall accounting requirements for business combinations, joint arrangements, and investments in associates.

    10. Indicate tax amounts to be recognized in the financial statements.

    11. Indicate and apply the requirements of new standards on financial instruments (IFRS 9)

    12. Identify the presentation and disclosure requirements of a statement of cash flows, including the proper classification of operating, financing, and investing activities.

    Why study accounting?

    In case you are still in a doubt about the importance of learning and understanding accounting, have a look at what Professor Norm Nemrow has to say (you do not have to agree with his taste of home furnishing, but you can surely agree with what he hays).




  • Assignments

  • Module 1: Conceptual Framework, Presentation of Financial Statements, Fair Value & Operating Segments

    This class will address IASB Conceptual Framework, Presentation of Financial Statements, Fair Value and Operating Segments. It addresses the following learning outcomes:

    • Main purpose and introduction of IASB Conceptual Framework 
    • Components and features of a complete set of financial statements in accordance with IFRS (IAS 1)
    • Definition and measurement of fair value, including valuation approaches and techniques (IFRS 13)
    • Identifying entity's operating and reportable segments (IFRS 8)

  • Module 2: Leases and Revenue from Contracts with Customers

    This class will address the fairly new IFRS standards, namely IFRS 16 & IFRS 15. It addresses the following learning outcomes:

    • New model for recognizing leases and its impacts
    • Requirements of IFRS 16 
    • 5 step model introduced by IFRS 15

  • Module 3: Intangible assets, impairment & discontinued operations

    This class will address IAS 38, IAS 36 and IFRS 5 and the learning outcomes are summarized as follows:

    • Recognition & measurement criteria for intangible assets 
    • Factors that may indicate that an asset is impaired and accounting treatment for impairments
    • Classifying and measurement of non-current assets as held for sale and definition of discontinued operations

  • Module 4: Provisions, Employee Benefits & Share Based Payments

    This class will address IAS 37, IAS 19 and IFRS 2 and the learning outcomes are summarized as follows:

    • Purpose of IAS 19 Standard versus IFRS 2
    • Categories of employee benefits and accounting for different benefits
    • Recognition of share-based payments
    • Required accounting treatments for provisions, contingent assets and liabilities

  • Module 5: Business Combinations, Income Taxes & Financial Instruments

    This class will address IFRS 3, IFRS 9 and IAS 12 and the learning outcomes are summarized as follows:

    • Indicate Business Combinations step-by-step
    • Explain circumstances in which a financial asset or liability should be recognised
    • Calculate the amounts at which financial assets and financial liabilities should be measured on initial recognition and subsequently
    • Understand and calculate current tax as well as deferred tax assets and liabilities arising from temporary differences

  • Module 6: Cash flow statement, Associates and Joint Arrangements

    This class will address IAS 7, IFRS 11 and IAS 28 and the learning outcomes are summarized as follows:

    • Define the purpose of a statement of a cash flows
    • Preparation of cash flow statement 
    • Define the term "associate" and "significant influence"
    • Explain the equity method of accounting and apply this method when accounting for an investment in associates

  • Exam 1

    This is the first exam of International Accounting (22E00400) 2021 based on lectures, textbook and any other material covered during the course. You have 90 minutes to finalize this online exam.

    There are three assignments in the exam. During the exam you shall follow academic ethical code. Well-grounded suspicions of cheating, including messaging with others during the exam or use of text written by others will lead to a rejection of the exam. 

    You can use the text book and other course material during the exam. You are not allowed to search material on the internet during the exam, copy materials from others, nor discuss (or use any messaging application) during the exam. DO NOT COPY-PASTE FROM SLIDES OR TEXTBOOK (NOR INTERNET).

    Bear in mind that the timing of the exam is tight. You will NOT have time to look everything up, but as in a normal exam, are expected to know and understand the content beforehand and conduct your own analysis and conclusion based on IFRS standards.

    If your exam does not start at 9am, please refresh your screen. 

    The limited time in the exam is taken into account in the grading.  

    I wish you all the best in the exam. 

    Nina Sormunen


  • Exam 2

    Not available unless: You are a(n) Student

    This is the second exam of International Accounting (22E00400) 2021 based on lectures, textbook and any other material covered during the course. You have 90 minutes to finalize this online exam.

    There are 4 assignments in the exam. During the exam you shall follow academic ethical code. Well-grounded suspicions of cheating, including messaging with others during the exam or use of text written by others will lead to a rejection of the exam.

    You can use the text book and other course material during the exam. You are not allowed to search material on the internet during the exam, copy materials from others, nor discuss (or use any messaging application) during the exam. DO NOT COPY-PASTE FROM SLIDES OR TEXTBOOK (NOR INTERNET).

    Bear in mind that the timing of the exam is tight. You will NOT have time to look everything up, but as in a normal exam, are expected to know and understand the content beforehand and conduct your own analysis and conclusion based on IFRS standards.

    If your exam does not start at 13:00, please refresh your screen.

    The limited time in the exam is taken into account in the grading. 

    I wish you all the best in the exam.

    Nina Sormunen