Art Franczek

Art Franczek is currently the president of The American Institute of Business and Economics in Moscow, he holds degrees in History and Political Science in addition to an MBA, CPA and a Masters of Taxation.

Financial Accounting

Purpose of this Course

This course provides the student with a thorough background of IFRS (International Financial Accounting Standards) including issues such as Accrual basis Accounting, Accounting for Inventories, Reserve for Uncollectible Accounts, Accounting for Contingencies, Fixed Assets, Accounting for Debt and Equity, Accounting for Investments, Cash Flows and Analysis of Financial Statements.

Particular attention is given to the conversion of Russian Accounting Standards (RAS) to IFRS and the Convergence of US GAAP to IFRS. Also special tutoring is provided for those students who do not have a business background.

Course Materials

  • Students are provided with a CD that includes the following materials:
  • Power point slides and required readings organized by topic
  • Required Homework organized by topic
  • Accounting movies
  • Supplemental material such as the most recent articles on Accounting and articles written by Art Franczek


Grading of this course will be based on examinations and class participation.

Failure to attend 40% of classes leads to immediate failure in the course and loss of credit.

The course will be graded in accordance with the following schedule:

Class participation30%

Course Topics

  1. Accounting: an information system
  2. The double-entry accounting system
  3. The accounting cycle
  4. The accounting cycle concluded
  5. Merchandising operations
  6. Inventories
  7. Internal control, cash & s.t. inv.
  8. Trade accounts and notes
  9. Accounting systems
  10. Plant assets
  11. Current liabilities, payroll accounting
  12. Accounting principles & fin. disclosures
  13. Corporations: organization & capital stock
  14. Corporations: dividends, retained earnings
  15. Long term liabilities, present values
  16. Handout chapter on investments
  17. Cash flows
  18. Analysis of financial statements
  19. Review for final exam

You can download description of the course here.

Takeovers, Restructuring, and Corporate Governance

Takeovers, Restructuring, and Corporate Governance course starts on Tuesday, July 17, 2018.

Take AIBEc Courses Online on Coursera

You can take AIBEc financial courses online on major international platform Coursera (more…)

Fall Semester, 2018

Fall Semester starts on October 2, 2018.