International AccountingModule Details

Rationale

The course International Accounting plays an important role in the curriculum as it provides students with a comprehensive understanding of global accounting procedures and standards. In today's interconnected business environment, where companies operate across borders, knowledge of international accounting principles is essential for accounting and finance professionals. The course covers topics such as international financial reporting classification, differences in accounting practices across countries, and ongoing efforts towards standardisation, all of which will assist students in navigating the complexities of international financial reporting and understanding the global accounting landscape.
This course aims to provide students with an understanding of accounting practices used in international activities taking into account the significance of a country’s cultural, social, economic, legal and political environment which govern its financial reporting regulations and practices.

Learning Outcomes

At the end of the course students will be expected to:
(i)     Underline the reasons why investors might want to invest in foreign companies and the approaches they may take. 
(ii)    Analyse how the development of corporate governance and corporate social responsibility are reflected in financial reporting.
(iii)   Diagnose the problems of defining `transparency' in disclosure. 
(iv)   Evaluate the initiatives being taken on developing CSR and remuneration reports. 
(v)    Analyse the scope of choice within IFRS and the likely effect of the IFRS/US GAAP convergence process in various accounting processes/practices. 
(vi)   Analyse how various aspects of a country's political, economic, legal, accounting and tax systems can influence accounting rules and practices. 
(vii)  Determine the relationship between culture and organisational structures. 
(viii) Distinguish deductive from inductive approaches to classification of accounting systems and simple from complex classification systems. 
(ix)   Identify the indices used to measure similarities and differences in reported figures and in accounting methods. 
(x)    Analyse operations of the IASB and its challenges. 
(xi)   Distinguish the features of US GAAP with IFRS. 
(xii)  Analyse the role and effect of IAS Regulation and EU modern directives in accounting and auditing.