47736 - Accounting

Learning outcomes

This course aims to introduce students to accounting and prepare them to deal effectively with this subject in their future professional careers.

To that end, we will focus on International Financial Reporting Standards (IFRS) that are adopted by the European Union (EU) and most countries in the world, emphasizing the decision usefulness of Financial Reporting. We will also show the important differences that remain between IFRS, which are set by the International Accounting Standards Board (IASB), and U.S. Generally Accepted Accounting Principles (GAAP), which are issued by the Financial Accounting Standards Board (FASB), as well as the ongoing joint convergence efforts to develop one universally accepted set of Accounting Standards.

A special attention will be devoted to the regulation of accounting in Italy and to e thical issues.

Course contents

Week 1

 

Economic Activity, “Azienda”, and Business

 

The Information System and the Function of Financial Reporting

 

 

Week 2

 

Accounting in Action (Ch. 1)

 

The Recording Process (Ch. 2)

 

1st homework assigned

 

 

Week 3

 

Adjusting the Accounts (Ch. 3)

 

Completing the Accounting Cycle (Ch. 4)

 

 

Week 4

 

Accounting for Merchandising Operations (Ch. 5)

 

Inventories (Ch. 6)

 

1st homework due

 

 

Week 5

 

Fraud, Internal Control, and Cash (Ch. 7)

 

Accounting for Receivables (Ch. 8)

 

 

Week 6

 

1st mid-term exam

 

 

Week 7

 

Plant Assets, Natural Resources, and Intangible Assets (Ch. 9)

 

Liabilities (Ch. 10)

 

 

 

Week 8

 

Corporations (Ch. 11)

 

Investments (Ch. 12)

 

2nd homework assigned

 

 

Week 9

 

Statement of Cash Flows (Ch. 13)

 

Financial Statement Analysis (Ch. 14)

 

2nd homework due

 

 

Week 10

 

Theory of the Firm and Accounting Theory: a comparison between different approaches to Financial Accounting and Financial Reporting

 

 

Week 11

 

The Process of Harmonization and the ongoing joint convergence towards one universally accepted set of Accounting Standards

 

The Regulation of Accounting in Italy

 

 

Week 12

 

2nd mid-term exam

 

Readings/Bibliography

Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Financial Accounting: IFRS edition, 1st edition, Hoboken, NJ: Wiley, 2010, ISBN-13: 978-0470552001.

Teaching methods

Attendance is not mandatory and no record of attendance will be kept. However, it is strongly advised to attend all class meetings because of the technical content of this subject. In addition, it is expected that students come to class prepared and ready to contribute to classroom discussions. Students are strongly encouraged to ask questions, make comments, and answer the questions raised in class.

Assessment methods

The final mark will be calculated as the average mark of two mid-term exams. If one passes (min 18/30) the first mid-term in the middle of the course, one can take the second mid-term at the end of the course or in the other calls of the Summer session (July and September).

 

Students that pass the first mid-term exam, but fail the second one at the end of the course, can repeat only the second mid-term in the other calls of the Summer session.

 

Students that do not take or fail the first mid-term can take the full exam in the other calls of the Summer session or later.

 

Exams are written and include multiple choices, exercises, and open questions. Calculators are permitted during the exams.

 

Two homework problems will be assigned during the course, which will be evaluated from 0 to 3 points each. The average score of these assignments will be added to the final mark in the exam.

 

Active class participation may be weighted in determining the final mark at the discretion of the professor.

Teaching tools

Explanation of contents, discussion of cases, exercises, review of written assignments only as necessary.

Office hours

See the website of Maria Teresa Speziale