Intermediate Financial Accounting an Ifrs Perspective by fmu20533


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									Intermediate Accounting
Instructor: Sibel ULUSOY TOKGÖZ–Capital Markets Board of Turkey (SPK)
Tel: 292 85 43
Course Objectives

All companies listed in the Istanbul Stock Exchange have to comply with the Capital Markets Board’s
accounting standards which are in line with International Financial Reporting Standards (IFRS) as
endorsed by the EU. This course covers international accounting standards within the scope of
intermediate accounting topics. During the semester, current practices regarding the application of
accounting standards in Turkey would be represented with the help of contemporary press articles and
publicly disclosed financial reporting problems. Throughout the course, the essential differences
between the US GAAP and IFRS will also be provided.

During the course, students would be able to review their current accounting knowledge and expand
upon that knowledge to cover some of the more complex issues in accounting such as, revenue
recognition, long term contracts, income taxes, leasing, accounting changes and error correction. At
the end of the course, students are expected to become more familiar with financing, investing and
operating activities of companies and identify reporting requirements of corporations relevant to those

Course Schedule

Topic                                                                       Week
Overview of the Course and Accounting Cycle, an Introduction to             (Week 1)
International Accounting Standards
Income Statement and Revenue Recognition                                    (Week 2)
    - Review of income statement
    - Revenue Recognition
           o Long Term Contracts
                   Percentage of Completion Method
                   Cost Recovery Method

Discontinued Operations and Separately Stated Items                         (Week 3)
   - Discontinued Operations
          o Disposal In Same Year As Measurement Date
          o Disposal In Year After Measurement Date
   - Separately Stated Items

Contingencies                                                               (Week 4)
   - Loss Contingencies
   - Product Warranties
   - Gain Contingencies

Receivables                                                                 (Week 5)
   -Financing With Receivables
   -Sell Receivables
   -Use Receivables As Collateral
Income Taxes                                                             (Week 5,6)
   - Differences in Financial and Taxable Income
                 Deferred Tax Assets
                 Deferred Tax Liabilities
                 Income Tax Expense

Midterm 1                                                                (Week 7)
   - Property, Plant and Equipment (PP&E)(Construction)                  (Week 8)

Leases                                                                   (Week 8, 9)
   - Distinction between Operating and Capital Leases
   - Accounting for Operating Leases
         o Lessor Perspective
         o Lessee Perspective
   - Accounting for Capital Leases
         o Lessor Perspective
         o Lessee Perspective
   - Sales Type Leases vs. Direct Finance Leases
   - Residual Value
   - Bargain Purchase Options

Accounting Changes and Error Corrections                                 (Week 10)
   - Prospective Approach
   - Retrospective Approach
   - Accounting Changes
          o Change in Accounting Principle
          o Change in Accounting Estimates
   - Error Corrections
Mid-term 2                                                               (Week 11)
Long Term Debt                                                           (Week 12)
Investments                                                              (Week 13)
Cash Flow Statements                                                     (Week 14)


Midterm 1 25%
Midterm 2 25%
Final 30%
Quiz and Homework 20%

BA 1402 – Financial Accounting
Text Book: Spiceland, Sepe and Tomassini, Intermediate Accounting, third edition, 2003.

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