Financial Accounting - IFRS

BUS447 Financial Accounting - IFRS

  • Topics


    •  IFRS Overview and Introduction
    • The Conceptual Framework for Financial Reporting
    • Presentation of Financial Statements (IAS 1)
    • Inventories (IAS 2)
    • Property, Plant and Equipment (IAS 16)
    • Investment Property (IAS 40)
    • Intangible Assets (IAS 38)
    • Impairment of Assets (IAS 36)
    • Leases (IAS 17/IFRS 16)
    • Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
    • Revenue from Contracts with Customers (IFRS 15)

  • Learning outcome

    Learning outcome

    Upon completion of the course, the students shall:


    • understand the economic substance underlying the transactions.
    • have knowledge of the framework, concepts, and principles of IFRS.


    • know how to apply IFRS to recognize, measure, and disclose accounting transactions in real business situations.
    • be able to realize the discretion and judgment made by management in applying accounting standards.

    General competence

    • be capable of interpreting and analyzing financial statements prepared under IFRS.
    • be competent to make informed decisions across a broad range of accounting issues faced by multinational enterprises.

  • Teaching


    Lectures, cases, and group discussions

  • Required prerequisites

    Required prerequisites

    BED2/BED020 Finansregnskap or equivalent courses (e.g., introductory financial accounting) serve as a prerequisite for this course.

  • Credit reduction due to overlap

    Credit reduction due to overlap

    Students who have already taken BUS402/MRR412 Finansregnskap or other similar IFRS courses are not accepted to the course.

  • Requirements for course approval

    Requirements for course approval

    Project assignment 

  • Assessment


    Four hour written school exam

  • Grading Scale

    Grading Scale


  • Semester



  • Literature


    Picker, R., K. Clark, J. Dunn, D. Kolitz, G. Livne, J. Loftus, and L. van der Tas. 2016. Applying IFRS Standards, 4th Edition. Wiley.

    International Financial Reporting Standards (free access at

    Online IFRS resources from Deloitte, PwC, EY, and KPMG:


    Other supplementary materials will be available on itslearning.


ECTS Credits
Teaching language

Course responsible

 Tzu-Ting Chiu, Assistant Professor, Department of Accounting, Auditing and Law