Course Syllabus

ACCT 3023/5023

International Accounting

Study Abroad

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Course Objectives

This course has the following major learning objectives:

1. Identify the major reasons accounting differs around the world
2. Describe the forces for convergence of accounting standards
3. Evaluate the pros and cons of adopting IFRS for financial reporting in capital markets worldwide
4. Compare U.S. GAAP and IFRS and obtain an IFRS Certificate from a recognized accounting body - ACCA
5. Explain how MNEs deal with issues of foreign exchange risk management, corporate governance, performance evaluation and control, auditing, and taxation

We will examine the accounting function from an international perspective, focusing on the flow of information in multiple currencies, complying with reporting requirements in the United States and abroad, setting budgets and monitoring performance, and controlling the use of corporate assets through reports and audits.  Special emphasis will be placed on the development of International Financial Reporting Standards by the International Accounting Standards Board.  Those of you going into public accounting will find the course useful in terms of understanding the organization and needs of your corporate clients, as well as gaining a more thorough

understanding of the structure of and services provided by the large public accounting firms.

We hope to accomplish these objectives by doing the following:

1. Provide hands-on experience researching intentional accounting issues.
2. Improve your ability to explain and defend your accounting recommendations, both orally and in writing.
3. Improve your ability to work with and lead a team of accounting professionals.
4. Increase your technological skills through the use of internet information sources and the use of Excel to solve a complex accounting problem.

Journal

While you are in London and Brussels, you should keep a journal related to the business visits and thoughts you have related to them and to international accounting issues.  Due June 5 after you get back.

Position Paper

The topic of the position paper is “Should U.S. Preparers be Allowed to Use IFRS for Listing on U.S. Stock Exchanges?”  The paper should be a maximum of five to seven pages, and you are to pick a position for or against the statement and defend it. This is due May 31.

Financial Statement Project – Big World

A company is interested in financial reporting under international accounting standards (IFRS). They have decided to account for their transactions under both U.S. GAAP and IFRS for a one year period. At the end of the one-year period, they will prepare their financial statements and notes under each of the methods.

As the accountant, you are responsible for journalizing the transactions and preparing any necessary adjusting entries, ledgers, trial balances, financial statements, footnotes, etc.  The project will be done as a group, and the project is due on May 3.  The project should take approximately 20 hours to complete, and you can work in groups to complete the project.

IFRS Certificate (ACCA)

You will need to complete the course and pass the IFRS certificate exam by June 15.  I will need to get a copy of the final percentage you achieved on the exam.  You need to receive at least 50% on this exam to receive a passing grade in the class.  A score of 50% will give you 70% on that portion of the grade.  Every percentage point above 50% will earn you 3 more points up to a maximum of 200/200 (if you get a 70% or better you receive full credit for this portion of the course).

Integrity:  Students’ rights and responsibilities with regard to academic integrity are discussed on the provost’s website at http://integrity.ou.edu/students_guide.html.  I expect integrity in all you do in this class.   Any violations of the academic integrity policy will be in accordance with the academic integrity policy.

Accommodation: Any student in this course who has a disability that may prevent him or her from fully demonstrating his or her abilities should contact me personally as soon as possible so we can discuss accommodations necessary to ensure full participation and facilitate your educational opportunities.