Globalization is occurring rapidly. As economic and other interactions increase among countries, capital markets must provide high-quality financial information. A need therefore exists for high quality financial reporting standards that meet this objective. Fortunately, International Financial Reporting Standards (IFRS) has broad international acceptance, being used in some form by more than 115 countries around the world. This course provides the tools needed to understand what IFRS is and how it is applied in practice. The emphasis on fair value, the proper accounting for financial instruments, and the new developments related to leasing, revenue recognition, and financial statement presentation are examined in light of current practice. In addition, given the rapid changes taking place, we provide and discuss the new Conceptual Framework to understand how these issues will likely be resolved in the future.
Prerequisites: ACCT 210, ACCT 211
ACCT 300 Intermediate Accounting I