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| FINA0030-1 | Consolidation and IFRS
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| Duration : | 30h Th |
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| Number of credits : |
| Master in Management Sciences, in-depth approach, 1st year | | Second semester | | 5 |
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| Master in Management Sciences, didactic approach, 1st year | | Second semester | | 5 |
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| Master en sciences de gestion, à finalité spécialisée en banking and asset management, 1st year | | Second semester | | 5 |
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| Master in Management Sciences, professional Focus in Entrepreneurship, 1st year | | Second semester | | 5 |
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| Master en sciences de gestion, à finalité spécialisée en financial analysis and audit, 1st year | | Second semester | | 5 |
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| Master in Management Sciences, professional Focus, 1st year | | Second semester | | 5 |
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| Master en sciences de gestion, à finalité spécialisée en management humain et organisation, 1st year | | Second semester | | 5 |
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| Master in management Sciences, professional focus in management, 1st year | | Second semester | | 5 |
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| Master en sciences de gestion, à finalité spécialisée en management des entreprises sociales, 1st year | | Second semester | | 5 |
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| Master degree in management Sciences, professional focus on Strategic Intelligence and Marketing, 1st year | | Second semester | | 5 |
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| Lecturer : | Patrice Schumesch |
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Language(s) of instruction :
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| English language |
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Course contents :
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| 1. Introduction
a. History, standards setting process, IASB bodies
b. Why IFRS?
i. Legal and statutory context at world, European and Belgian level
ii.External prospects for the company
iii. Internal prospects for the company
2. Start-up costs
3. Intangible assets
4. Tangible fixed assets (including the loan issue costs and investment properties)
5. Leasing, renting
6. Impairment of assets
7. Inventories and contracts in progress
8. Revenue recognition
9. Provision and events after the balance sheet date
10. Employee benefits
11. Stock options
12. Grants
13. Deferred taxes
14. Transactions in foreign currencies
15. Financial instruments
16. Consolidation
17. Business combinations
18. Presentation of financial statements
19. Cash flow statement
20. Segment reporting
21. Earnings per share
22. Discontinued operations
23. Relations with related parties
24. Change in accounting policies
25. Interim reporting
26. IFRS first-time application rules |
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Learning outcomes of the course :
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| This course will be organised in different sections. All the IFRS norms as well as the most important SIC/IFRIC nterpretations will be covered. The basic principles of consolidation will be explained when the IFRS norms related to this subject will be introduced.
Apart from the explanation of the necessary theoretical basic principles, the course will broach illustrative examples inspired of real situations and problems encountered by companies. |
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Prerequisites and co-requisites/ Recommended optional programme components :
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| Good knowledge of general accounting. |
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Planned learning activities and teaching methods :
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| None. Practical examples and concrete application cases will be analysed during the course. |
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Mode of delivery (face-to-face ; distance-learning) :
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| The course will be introduced following the order of the tabel of contents (see above general introduction). As and when we will broach the different themes, I will explain the divergence zones in relation to the Belgian accounting law. I will give you as well practical examples and concrete application cases, for most of them coming from the practical experience I have gained during several IFRS conversion assistance missions within important Belgian and worldwide companies. This course will be interactive, students will regularly be asked to raise questions and to share their opinions on the different subjects. |
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Recommended or required readings :
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| An English version of an exhaustive syllabus as well as an illustrative example of consolidated IFRS financial statements will be at the disposal of the students from the first lesson. Moreover, further analysis and notes will be distributed during the course. |
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Assessment methods and criteria :
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| The evaluation will be done under the form of an oral exam. |
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Organizational remarks :
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| None |
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Contacts :
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| Patrice Schumesch
Partner
PricewaterhouseCoopers
Woluwe Garden, Woluwedal 18
B-1932 Sint-Stevens-Woluwe
E-Mail: patrice.schumesch@pwc.be |
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