Course Details

1. Evaluate current developments in corporate reporting and its effects on accounting practice.
2. Examine the reasons for, and critiques of, the pursuit of the global convergence of accounting practice.
3. Appraise the relevance of ethical, economic and social factors to contemporary debates on international financial reporting practice and regulation.
4. Examine the role and influence of different stakeholder groups in the financial regulatory area.
5. Analyse the effect of significance of major accounting differences across countries and their impact upon financial statement analysis.

Environmental and social reporting: Examine its effects on performance. Identify and appraise current reporting requirements. Apply the disclosures for environmental and social reporting to case study scenarios.

The role of stakeholder groups on financial reporting: Examine the role and influence of different stakeholder groups in the financial regulatory area.

Variation in Financial Reporting Regimes: Contrast the financial reporting regimes for the: USA, UK and Cyprus (International Financial Reporting Standards).

Convergence of accounting practice: Identify the term accounting harmonisation. Appraise the pressures for accounting harmonisation. Analyse the benefits and drawbacks of accounting harmonisation. Critically appraise the reasons for, and critiques of, the pursuit of the global convergence of accounting practice. Recognise implementation issues that may arise from the convergence process.

Specific reporting issues: Critically evaluate the accounting practice for Cyprus concerning: Consolidation accounting, Non-current assets, leases, share based payments, first time adoption of standards, goodwill, intangibles, financial instruments, provisions and segmental reporting.

Current developments: Examine recent proposals by international accounting standard setters concerning changes in accounting practice (including discussion papers). Critically appraise the current developments in international accounting practice concerning proposed changes.

• Nobes and Parker (2003) Comparative International Accounting, 7th edition (or latest edition) Prentice Hall, 2003.

• BPP, AIA Professional Level 2 - Paper 13: Financial Accounting 3, 2nd Edition, BPP Learning Materials, 2008.
• Kaplan Publishing, P2 Corporate Reporting Textbook, International Edition, 2009.
• Financial Reporting Standards, Deloittes.

The taught part of course is delivered to the students by means of lectures. Lecture notes and presentations are available through the web for students to use in combination with the textbooks. Lectures are supplemented with class exercises carried out in class and via homework. The students will be asked to complete an assignment during the course.