Advanced Financial Accounting 220741-S
Wykład (WYK) Semestr letni 2024/25

Conventional accounting versus contemporary accounting as a financial information system with diversity of functions and methodology. Evolution of financial reports and measurement methods. Financial performance ? reporting and determination.

The measurement methods in an accounting under going concern and loss of going concern. Reliability and relevance of accounting information for users (ex post and ex ante information).

Recognition of tangible fixed assets (property, plant and equipment). Component approach to tangible fixed assets. Initial measurement including borrowing costs and dismantling costs. Subsequent measurement: cost model and revaluation model. Presentation of tangible fixed assets.

Recognition of intangible assets and goodwill in accounting, initial measurement, subsequent measurement, presentation.

The specific issues of tangible and intangible assets: depreciation methods; changes in estimated values: residual value, useful life, depreciation method; models for subsequent measurement: cost model and revaluation model for property, plant and equipment versus intangible assets. The impact of transactions and events concerning PPE and intangibles on the statement of financial position and financial performance report. Revaluation surplus and other comprehensive income arising or revaluation of PPE and intangible assets.

Non-current assets acquired by way of a government grant and non-current assets held for sale: recognition, measurement and presentation.

Measurement, recognition and presentation of income and/or costs from subsidies, donations, compensation, penalties, fines, maintenance of social facilities and extraordinary events.

Impairment of assets. Carrying and recoverable amount of individual assets and cash-generating units. Identification of an asset that may be impaired. Recognising and measuring impairment loss and reversal of impairment loss. Disclosers of impairment losses.

Recognition, measurement and presentation of provisions. Conditions for provision recognition. Contingent liabilities and contingent assets. The impact of transaction and events concerning provisions, contingent liabilities and contingent assets on the statement of financial position and financial performance reporting.

Financial instruments (equity instruments, debt instruments, compound instruments) at investor?s and issuer?s accounts and financial statements: recognition, classification, sale, redemption, measurement, presentation and disclosures.

The principles of recognition, measurement and presentation of investment property. Transfers to and from investment properties. The impact of transactions and events related to recognition, measurement and disposal of investment property on the statement of financial position and financial performance report.

Leases in accounting of lesee: recognition, measurement and presentation of leases by the lessee. The impact of transactions and events related to leases at the lessee on the statement of financial position and financial performance report.

Revenue from contracts with customers. Identification of the contract and financial performance obligation. Determining the transaction price and its allocation. Recognition of revenue at a specific point in time and over time. Contract assets and liabilities under the contract.

Recognition, measurement and presentation of income tax. Income tax, current tax, income tax payable, deferred tax assets and liabilities. The impact of economic events related to income tax on the statement of financial position and financial performance report.

Transactions in foreign currencies ? recognition and measurement rules applying to foreign exchange revaluations. The impact of valuation of assets and liabilities denominated in foreign currencies on the statement of financial position and financial performance report.