Course aims:

Develop advanced understanding of the International Financial Reporting Standards (IFRS) framework, including its principles, objectives, and governance structure under the International Accounting Standards Board (IASB).
Equip students with applied skills to interpret, prepare, and analyze financial statements for private entities in accordance with IFRS and the IFRS for SMEs Standard.
Enable critical comparison between full IFRS, IFRS for SMEs, and national accounting regulations, identifying implications for measurement, disclosure, and decision-making in private-sector contexts.

Course Entry Requirements:

None

Course contents:

This course provides an in-depth exploration of International Financial Reporting Standards (IFRS), with a particular focus on their application in private entities, including small and medium-sized enterprises (SMEs) that are not publicly listed. Students will examine the conceptual framework, key recognition and measurement principles, and the differences between full IFRS and IFRS for SMEs. The course emphasizes practical implementation, case analysis, and comparisons with national accounting systems, preparing students to apply international standards in advisory, audit, and reporting contexts.

Course Objectives

By the end of this course, students will be able to:

1. Explain the conceptual foundations and objectives of IFRS and IFRS for SMEs.
2. Apply international accounting standards to prepare and interpret financial statements for private entities.
3. Compare full IFRS, IFRS for SMEs, and local GAAP frameworks.
4. Evaluate the impact of IFRS adoption on performance reporting, valuation, and compliance.
5. Develop professional judgment in addressing accounting estimates, disclosures, and ethical challenges.

 

 

Teaching methods:

Lecture, conversation, exemplification.

Learning outcomes:

Learning Outcomes

Students completing this course should be able to:

• Analyze financial statements in compliance with IFRS and IFRS for SMEs.
• Prepare adjustments for IFRS adoption and transition (first-time adoption).
• Identify key measurement and disclosure issues affecting private companies.
• Integrate sustainability and ESG reporting concepts within the IFRS framework.

 

Learning outcomes verification and assessment criteria:

Study case 50%, Papers presented 50%

Recommended reading:

IFRS, IFRS - platform, IFRS FOUNDATION, 2005, all.
EFRAG, ESRG, European Financial Reporting Advisory Group (EFRAG), Brussels, 2023, all.
DUTESCU, Adriana, FINANCIAL ACCOUNTING: An IFRS Perspective in Romania, PALGRAVE MACMILLAN, London, 2019, all.