- •Contents
- •Introduction
- •1. The development and implementation of ifrs
- •1. Read the article and discuss
- •1) What is Accounting? Its Definition and Actual Meaning
- •2) Accounting Definition
- •3) Financial Accounting Basics
- •4) Brief ifrs Glossary
- •2. Complete the following sentences
- •3. Use «Debit» or «Credit» to complete the table below
- •4. Choose the correct answer in the table below
- •5. For each of the transactions in items 1 through 12, indicate the two (or more) effects on the accounting equation of the business or company.
- •6. Read the article and discuss
- •Is Accounting a Good Career Choice?
- •And It's an Excellent Choice.
- •Stability
- •Compensation
- •Diversity
- •7. Choose the correct answer
- •2. The Framework and the first application of ifrs
- •1. Fill in the gaps with a suitable word from the box
- •2. Use «Debit» or «Credit» to complete the table below
- •3. Sample Chart of Accounts For a Large Corporation
- •4. Match these words with their meanings
- •Types of accounts
- •5. Complete the following sentences
- •6. Complete the following sentences
- •1) Accounting Principles
- •2) Elements of Financial Statements
- •3) Financial Statements
- •4) Income Statement
- •5) Balance Sheet
- •7. Match these words with their meanings
- •Other Characteristics of Accounting Information
- •1. Reliable, Verifiable, and Objective
- •2. Consistency
- •3. Comparability
- •3. Property, plan, equipment and investment property
- •1. Read the article and discuss What is the difference between amortization and depreciation?
- •31 March 2009
- •31 March 2010
- •31 March 2011
- •Depreciation
- •Example 6
- •Accounting Entry
- •Methods of Depreciation
- •Straight Line Depreciation Method
- •Example 7
- •Reducing Balance Depreciation Method
- •Example 8
- •Units of Production Depreciation Method
- •Example 9
- •Example - Units of Usage (Activity) Depreciation
- •Considerations - Advantages and Disadvantages
- •Disposal of Fixed Assets
- •Example 10
- •4 Intangible assets
- •1. Read the article and discuss
- •2. Choose the correct answer “True” or “False” Depreciation
- •3. Choose the correct answer
- •5. Inventories
- •1. Read the article and discuss
- •1) Inventory and Cost of Goods Sold
- •Value of work in progress:
- •Value of finished goods:
- •2) Methods of calculating inventory cost
- •First In First Out (fifo)
- •Example 4
- •Last In First Out (lifo)
- •Example 5
- •Average Cost Method (avco)
- •Example 6
- •Actual Unit Cost Method
- •Accounting for Inventory
- •3) Perpetual vs Periodic Inventory System
- •Differences Between Perpetual and Periodic System
- •2. Complete the following sentences
- •3. Choose the correct answer
- •6. Biological assetS
- •6) Is the growing of plants to be used in the production of drugs an activity within the scope of ias 41?
- •7) Is the produce or harvest from a biological asset another biological asset?
- •8) Is land related to agricultural activity a biological asset in terms of ias 41?
- •9) In an integrated business, are all the activities treated as being in the scope of ias 41?
- •2. Complete the following table
- •3. Complete the following table
- •7. Cash and cash equivalents
- •1. Read the article and discuss
- •1) What is the difference between the direct method and the indirect method for the statement of cash flows?
- •2) What is the difference between net cash flow and net income?
- •3) What is the difference between cash flow and free cash flow?
- •4) How can a company have a profit but not have cash?
- •2. Complete the following sentences
- •4. For items 1 – 12 indicate whether they will have a positive or negative effect on cash.
- •5. Choose the correct answer
- •6. Use «Increases» or «Decreases» to complete the table below
- •7. Read the article and discuss
- •Cash Payments
- •8. Accounts Receivable and Revenues
- •1. Read the article and discuss What is accounts receivable?
- •Accounting for Receivables
- •Sales Tax
- •Example
- •Allowance Method for Reporting Credit Losses
- •Writing Off an Account under the Allowance Method
- •Bad Debts Expense as a Percent of Sales
- •Difference between Expense and Allowance
- •Pledging or Selling Accounts Receivable
- •2. Complete the following sentences
- •3. Choose the correct answer
- •4. Use the following information for questions 1-5:
- •4. Read the article and discuss What are the differences among accounting revenue, gain, and net income?
- •2. Example of revenue, income, gross profit, profit, net income, and gain
- •9. Stockholders' Equity
- •1. Read the article and discuss
- •1) What Is a Corporation?
- •2) What is stock?
- •3) What are the stockholders’ equity accounts?
- •4) Treasury Stock — Cost Method
- •Example
- •5) Treasury Stock — Par Value Method
- •Example
- •6) What is retained earnings?
- •Example
- •7) Does a dividend reduce profit?
- •8) What is the difference between stocks and bonds?
- •9) Does the income statement explain the change in the equity section of a balance sheet?
- •10) What is preferred stock?
- •11) Why is there a large difference between share value and stockholders’ equity?
- •Issuance of No Par Stock Example
- •12) Issuance of Shares for Non-Cash Items
- •Example
- •13) Lump-Sum Stock Issuance
- •Example
- •14) Stock Dividends
- •Small Stock Dividend
- •Large Stock Dividend
- •Example
- •Stock Splits
- •Example
- •15) Accounting For Stockholders' Equity
- •16) Paid-in Capital or Contributed Capital
- •17) Retained Earnings
- •18) Treasury Stock
- •19) Accumulated Other Comprehensive Income
- •20) Stock Splits and Stock Dividends
- •Cash Dividends on Common Stock
- •21) Preferred Stock
- •22) Par Value of Preferred Stock
- •23) Issuing Preferred Stock
- •24) Features Offered in Preferred Stock
- •Nonparticipating vs. Participating
- •Cumulative vs. Noncumulative
- •Callable
- •Convertible
- •Combination of Features
- •25) Entries to the Retained Earnings Account
- •26) Prior Period Adjustments
- •27) Book Value
- •28) Preferred Stock's Book Value
- •29) Common Stock's Book Value
- •30) Earnings Available for Common Stock
- •31) Weighted-Average Number of Shares of Common Stock
- •32) Earnings per Share of Common Stock
- •33) Other
- •2. Complete the following sentences
- •10. Liabilities and employee benefits
- •1. Read the article and discuss
- •1) Defined Contribution Plan
- •Accounting for a defined contribution plan
- •Example
- •2) Defined Benefit Plan
- •Example
- •3) Net pension asset/liability
- •Example
- •4) Pension expense
- •Projected Benefit Obligation
- •Example
- •Plan Assets
- •Example
- •Pension Expense
- •Pension expense under defined contribution plan
- •Example
- •Pension expense under defined benefit plan
- •5) Funded Status
- •Example
- •Suggested Reading
- •International Financial Reporting Standards
- •International Accounting Standards
- •Ifric Interpretations
- •Sic Interpretations
- •Other pronouncements
- •Облік за міжнародними стандартами (іноземною мовою)
- •54020, М. Миколаїв, вул. Паризької Комуни, 9
Suggested Reading
International Financial Reporting Standards
№ |
Name |
Issued |
IFRS 1 |
First-time Adoption of International Financial Reporting Standards |
2008* |
IFRS 2 |
Share-based Payment |
2004 |
IFRS 3 |
Business Combinations |
2008* |
IFRS 4 |
Insurance Contracts |
2004 |
IFRS 5 |
Non-current Assets Held for Sale and Discontinued Operations |
2004 |
IFRS 6 |
Exploration for and Evaluation of Mineral Assets |
2004 |
IFRS 7 |
Financial Instruments: Disclosures |
2005 |
IFRS 8 |
Operating Segments |
2006 |
IFRS 9 |
Financial Instruments |
2013* |
IFRS 10 |
Consolidated Financial Statements |
2011 |
IFRS 11 |
Joint Arrangements |
2011 |
IFRS 12 |
Disclosure of Interests in Other Entities |
2011 |
IFRS 13 |
Fair Value Measurement |
2011 |
IFRS 14 |
Regulatory Deferral Accounts |
2014 |
International Accounting Standards
№ |
Name |
Issued |
IAS 1 |
Presentation of Financial Statements |
2007* |
IAS 2 |
Inventories |
2005* |
IAS 3 |
Consolidated Financial Statements Superseded in 1989 by IAS 27 and IAS 28 |
1976 |
IAS 4 |
Depreciation Accounting Withdrawn in 1999 |
|
IAS 5 |
Information to Be Disclosed in Financial Statements Superseded by IAS 1 effective 1 July 1998 |
1976 |
IAS 6 |
Accounting Responses to Changing Prices Superseded by IAS 15, which was withdrawn December 2003 |
|
IAS 7 |
Statement of Cash Flows |
1992 |
IAS 8 |
Accounting Policies, Changes in Accounting Estimates and Errors |
2003 |
IAS 9 |
Accounting for Research and Development Activities Superseded by IAS 39 effective 1 July 1999 |
|
IAS 10 |
Events After the Reporting Period |
2003 |
IAS 11 |
Construction Contracts |
1993 |
IAS 12 |
Income Taxes |
1996* |
IAS 13 |
Presentation of Current Assets and Current Liabilities Superseded by IAS 39 effective 1 July 1998 |
|
IAS 14 |
Segment Reporting Superseded by IFRS 8 effective 1 January 2009 |
1997 |
IAS 15 |
Information Reflecting the Effects of Changing Prices Withdrawn December 2003 |
2003 |
IAS 16 |
Property, Plant and Equipment |
2003* |
IAS 17 |
Leases |
2003* |
IAS 18 |
Revenue |
1993* |
IAS 19 |
Employee Benefits (1998) Superseded by IAS 19 (2011) effective 1 January 2013 |
1998 |
IAS 19 |
Employee Benefits (2011) |
2011* |
IAS 20 |
Accounting for Government Grants and Disclosure of Government Assistance |
1983 |
IAS 21 |
The Effects of Changes in Foreign Exchange Rates |
2003* |
IAS 22 |
Business Combinations Superseded by IFRS 3 effective 31 March 2004 |
1998* |
IAS 23 |
Borrowing Costs |
2007* |
IAS 24 |
Related Party Disclosures |
2009* |
IAS 25 |
Accounting for Investments Superseded by IAS 39 and IAS 40 effective 2001 |
|
IAS 26 |
Accounting and Reporting by Retirement Benefit Plans |
1987 |
IAS 27 |
Separate Financial Statements (2011) |
2011 |
IAS 27 |
Consolidated and Separate Financial Statements Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013 |
2003 |
IAS 28 |
Investments in Associates and Joint Ventures (2011) |
2011 |
IAS 28 |
Investments in Associates Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013 |
2003 |
IAS 29 |
Financial Reporting in Hyperinflationary Economies |
1989 |
IAS 30 |
Disclosures in the Financial Statements of Banks and Similar Financial Institutions Superseded by IFRS 7 effective 1 January 2007 |
1990 |
IAS 31 |
Interests In Joint Ventures Superseded by IFRS 11 and IFRS 12 effective 1 January 2013 |
2003* |
IAS 32 |
Financial Instruments: Presentation |
2003* |
IAS 33 |
Earnings Per Share |
2003* |
IAS 34 |
Interim Financial Reporting |
1998 |
IAS 35 |
Discontinuing Operations Superseded by IFRS 5 effective 1 January 2005 |
1998 |
IAS 36 |
Impairment of Assets |
2004* |
IAS 37 |
Provisions, Contingent Liabilities and Contingent Assets |
1998 |
IAS 38 |
Intangible Assets |
2004* |
IAS 39 |
Financial Instruments: Recognition and Measurement Superseded by IFRS 9 where IFRS 9 is applied |
2003* |
IAS 40 |
Investment Property |
2003* |
IAS 41 |
Agriculture |
2001 |