Module/Course Description

Course Title: International Accounting

Course Code: UU-ACG-4120-ZM

Programme: Bachelor of Science in Accounting and Finance - ACCA - ZM

Credits: 12.00

Course Description:

The rationale behind every module is to offer the student all possible knowledge in each module of the course, in order to be able to deepen their understanding and render them capable of practically applying it. International Accounting discusses the international classification of financial reporting, the similarities and differences in accounting thought, the principle and procedures in different countries, the on-going institutional attempts toward worldwide and/or regional standardization. The students are also offered an explanation of the abandonment of stable international currency systems, rising prices, and the international diversification of securities investments and get to know the details and requirements of International Financial Reporting Standards (IFRS).

Explain the types of differences that may exist between financial reports from different companies or countries and discuss the arguments for and against global accounting standards. Explain why global standards may or may not be appropriate for developing countries or for small and medium-sized companies.
Discuss the reasons why companies might list on foreign stock markets and the different approaches they can take when reporting to foreign investors. Explain why investors might want to invest in foreign companies and the approaches they may take.
Explain and evaluate developments in audit and assurance to improve the credibility of financial reporting. Explain how the development of corporate governance and corporate social responsibility are reflected in financial reporting. Discuss the effectiveness of regulation in ensuring compliance with requirements for financial reporting.
Explain the problems of defining `transparency' in disclosure. Explain and evaluate the initiatives being taken on developing CSR and remuneration reports.
Discuss the scope of choice within IFRS and the likely effect of the IFRS/US GAAP convergence process in presentation of financial statements, fair value measurement, group accounting, segment reporting and foreign currency translation
Demonstrate how various aspects of a country's political, economic, legal, accounting and tax systems can influence accounting rules and practices. Discuss how a country might import or export accounting rules and practices.
Explain what is meant by the meaning of the word “culture” and demonstrate the relationship between culture and organizational structures. Discuss the accounting values identified by Gray and explain how they may be related to culture.
Distinguish deductive from inductive approaches to classification of accounting systems and simple from complex classification systems. Explain the advantages and limitations of the different types of classification systems.

Explain how certain indices are used to measure similarities and differences in reported figures and in accounting methods. Discuss the problems of measuring differences and similarities in narrative, voluntary disclosures.
Explain the nature and operations of the IASB and the key stages of historical development of international accounting standards. Discuss the challenges facing the IASB and explain how multinational companies demonstrate their use of global accounting standards.
Explain features of the accounting system and accounting practices in the USA and make comparisons of US GAAP with IFRS. Discuss the impact of the
Sarbanes-Oxley Act 2002.
Explain the effect of the IAS Regulation. Discuss the role and nature of EU Directives in accounting and auditing and explain how the EU is modernizing its approach to accounting legislation.

Prerequisites: UU-Bsc-IND100-ZM, UU-FNT-103-ZM

Prerequisites Categories: Semester 1, Semester 2, Semester 3, Semester 4, Semester 5

Typical Module duration: 4.0 Week(s)

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