Financial Accounting
The course is focused on the basic accounting principles used in IAS and US GAAP.

Art Franczek
Art has been a full-time member of the AIBEc faculty since 1996, and served as Associate Dean for Academic Affairs before becoming President in 2001. He is professor of accounting and director of accounting program at AIBEc.

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 participation ___________ 30%
Midterm _____________________ 30%
Final ________________________ 40%
Total _______________________ 100%

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

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