Ateneo - UPO

The International Accounting Standards course provides the knowledge necessary to understand and apply to financial statements the international accounting standards - IAS / IFRS - issued by the IASB. It also aims to highlight the main differences between the financial statements drawn up according to national standards and those drawn up according international standards.

The text used to conduct the lessons in the classroom, which serves as a reference text to support the exam, is as follows. A.A.V.V. – IAS/IFRS – Ipsoa Editore – Gruppo WolterKluwersItalia, Milano, IV edition, 2022.

Knowledge and understanding:
The course develops the theory and methodologies related to the preparation and analysis of separate financial statements for entities in Italy required to adopt International Financial Reporting Standards. The educational pathway aims to provide an understanding of business transactions, the rationale behind the accounting process, and the consolidation of technical-economic and managerial skills. Upon completion of the course, students acquire knowledge of the structure of financial statements intended for publication, their contents, information potential, and limitations, as well as the differences and underlying reasons compared to financial statements prepared under national accounting standards (Italian GAAP).

Applying knowledge and understanding:
The acquired knowledge forms the basis for developing technical accounting skills. The pedagogical approach is oriented towards identifying and applying methods for the correct recognition and measurement of line items in financial statements, in compliance with international accounting standards issued by the IASB. The integration of theory with practical exercises and case-study simulations enables a clear understanding of accounting mechanics and allows students to test their level of achievement. Upon completion, students will be able to evaluate accounting estimates and conjectures, apply key valuation criteria, assess an entity's financial health, and prepare financial statements.

Making judgements:
The course fosters the development of independent judgment, providing the necessary tools to critically evaluate business events recorded in general accounting and the resulting outcomes presented in the financial statements.

Communication skills:
The course enables the development of communication and interpersonal skills suitable for business consulting and administrative roles. Students gain mastery of technical accounting terminology, required to communicate clearly and rigorously with both specialist and non-specialist audiences.

Learning skills:
The course provides the methodological tools required for self-directed learning through the critical analysis of international accounting standards. The teaching method allows for the gradual assimilation of key concepts and underlying logic, enabling students to independently analyze and evaluate differences relative to financial statements prepared under national accounting standards.

Background knowledge: good knowledge of the methodology for recording management and closing operations in double-entry on the accounting books, good knowledge of national GAAPs and national legislation on financial statements

The course consists of a total of 64 contact hours.

Classes are held in person, combining lecture-based and interactive learning to encourage active participation. Each credit corresponds to 7.5 hours of classroom teaching and 17.5 hours of independent study.

Independent study activities include the in-depth review of the topics outlined in the course syllabus and the completion of assigned exercises.

To support the learning process, the contact hours—which are essential for successful completion of the course assessment—are allocated across each topic of the syllabus among introductory lectures, group case studies followed by classroom discussion led by students, and interactive exercises. These activities are designed to facilitate the understanding of the concepts and principles established by the relevant legal framework, while fostering students' critical thinking, active participation, and engagement.

Independent learning activities include the study of the course materials and topics specified in the detailed syllabus, as well as the completion of the exercises assigned by the instructor during class, which are intended to assess students' level of preparation and understanding

Attending the course is not compulsory but it is highly recommended.
Students with physical disabilities, Learning Disabilities or Special Education Needs can request specific services and tools via the Staff Sviluppo e Coordinamento Carriere e Servizi alle Studentesse e agli Studenti, consulting the University webpage: https://www.uniupo.it/en/services/servicesstudents-physical-or-learning-disabilities Students with disabilities, learning disabilities or special education needs, once they have contacted the University Staff, can refer to the tutor in charge of the course to define the examination modalities, concerning academic aspects.

Exams can be taken in two ways:
- Support of partial intermediate tests.
Continuous assessment through midterm examinations, subject to participation in the group case studies. Students may take two midterm examinations. Participation in the group case studies is a mandatory requirement for eligibility to sit the midterm examinations. Admission to the second midterm examination is conditional upon passing the first with a minimum grade of 18/30. The final grade for the continuous assessment is based on the grades obtained in the two midterm examinations and on the assessment of the group case study assignments, according to the criteria presented during the course. Successful completion of both midterm examinations results in the assignment of the final course grade, which is determined on the basis of the overall assessment. The final grade must be officially recorded by the end of the summer examination session; otherwise, it will lapse
- Support for a general exam.
The student, who does not pass one of the two intermediate tests or who chooses the general exam as a test, will have to take a written test covering the whole program of the course. The written exam will include exercises and cases aimed at understanding both the degree of learning and the independence of judgment in the choice and use of the accounting principles and the most appropriate tax provisions to be applied.
It will also include open-ended theoretical questions typically aimed at verifying the degree of learning of the subject.

To achieve a passing grade, mastery of at least the fundamental concepts of accounting is required.

To achieve an excellent grade, full acquisition of not only the core concepts but also the more detailed and technical aspects must be demonstrated, showing a clear understanding of nuances and articulating reasoning thoroughly during the exams.

Knowledge and understanding
The course provides the theoretical foundations and methodological skills required to comprehend International Financial Reporting Standards (IAS/IFRS, IFRIC, and SIC) from a rigorous business-economic perspective. Specifically, the curriculum covers the recognition, measurement, and classification criteria established by the following standards:

Financial statement presentation and general principles: IAS 1 (Presentation of Financial Statements), IAS 7 (Statement of Cash Flows), IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors), IAS 10 (Events After the Reporting Period), IFRS 18 (Presentation and Disclosure in Financial Statements).

Asset measurement and business resources: IAS 2 (Inventories), IAS 16 (Property, Plant and Equipment), IAS 23 (Borrowing Costs), IAS 36 (Impairment of Assets), IAS 38 (Intangible Assets), IAS 40 (Investment Property), IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), IFRS 13 (Fair Value Measurement).

Liabilities, revenue, and contracts: IAS 11 (Construction Contracts), IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), IFRS 15 (Revenue from Contracts with Customers), IFRS 16 (Leases).

Taxation, grants, and specific items: IAS 12 (Income Taxes), IAS 20 (Accounting for Government Grants and Disclosure of Government Assistance); together with brief overviews of IAS 19 (Employee Benefits) and IAS 21 (The Effects of Changes in Foreign Exchange Rates).

Applied interpretations (IFRIC / SIC): IFRIC 1 (Changes in Existing Decommissioning, Restoration and Similar Liabilities), IFRIC 5 (Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds), IFRIC 6 (Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment), IFRIC 12 (Service Concession Arrangements), IFRIC 13 (Customer Loyalty Programmes), SIC 31 (Revenue—Barter Transactions Involving Advertising Services).

Applying knowledge and understanding
The course enables students to independently apply international accounting logic to the representation of business transactions, providing the necessary tools to correctly formulate and resolve practical issues related to the preparation of financial statements in compliance with the examined standards.

Throughout the course, care will be taken to avoid conveying gender stereotypes, prejudices, or concepts contrary to the principles of equality and inclusion—whether through inappropriate language or implicitly—when describing business activities.

Knowledge and understanding
The course develops the theory and methodologies relating to the preparation and interpretation of financial statements prepared in accordance with International Financial Reporting Standards (IAS/IFRS). The learning pathway aims to provide an understanding of business transactions, the underlying logic of the accounting process, and the consolidation of technical-economic and managerial skills in international accounting. Upon completion of the course, students acquire knowledge of the structure of financial statements intended for publication, their contents, information potential, and limitations, alongside the ability to outline and understand the key conceptual and structural differences compared to financial statements prepared under national accounting standards (Italian GAAP/OIC).

Applying knowledge and understanding
Business economics knowledge forms the foundation for developing technical accounting skills in an international context. The educational approach focuses on identifying and understanding the methods for the correct recognition and measurement of line items in financial statements, in compliance with international accounting standards issued by the IASB (International Accounting Standards Board). The integration of theory with practical exercises and case studies facilitates an understanding of the operational mechanics of bookkeeping and enables the assessment of learning progress. Upon completion of the course, students acquire the ability to evaluate accounting estimates and conjectures, apply measurement criteria prescribed by IAS/IFRS, analyze an entity's financial health, prepare financial statements and the statement of cash flows, and highlight practical operational differences compared to Italian accounting practice.

Making judgements
The course fosters the development of independent judgment required to formulate critical evaluations regarding business transactions recorded in general accounting, the accounting options provided by international standards, and the resulting financial performance, while critically assessing the impacts arising from discrepancies with national accounting regulations.

Communication skills
The course enables the development of communication and interpersonal skills suitable for business consulting and administrative roles, with a focus on the international environment. Students acquire mastery of technical international accounting terminology, necessary to defend financial statement choices and interact clearly and rigorously with both specialist and non-specialist stakeholders.

Learning skills
The course provides the methodological tools suitable for self-directed learning through the critical analysis of international accounting standards and their updates. The teaching method allows for the gradual assimilation of the concepts and underlying logic of the discipline, developing an aptitude for analyzing business operations, presenting them in financial statements, and independently identifying differences between international regulations and Italian accounting standards.