FINANCIAL STATEMENT AND DISCLOSURE
Learning outcomes of the course unit
At the end of the course the student is expected to be able to:
a) know and understand the international financial reporting standards of the International Accounting Standard Board and the financial disclosure to the market on ownership structures, corporate governance and controls
b) apply the knowledge acquired to financial statements and reports published by public interest entities
c) independently judge and assess the most appropriate choices when applying international financial reporting standards and disclosure
d) communicate correctly and transparently the information deriving from the application of international financial reporting standards and the financial information required by Investor Relations
e) learn skills in order to work in a professional context.
Course contents summary
The contents include two main themes, as indicated in the name of the course: disclosure and financial statements prepared according to international financial reporting standards.
The contents on disclosure are as follows:
-Disclosure on ownership structure
-Disclosure on corporate governance
-Disclosure on controls
The contents of the financial statements prepared according to international financial reporting standards are as follows:
- IAS / IFRS presentation
- Financial instruments (IFRS 7 and 9)
- Tangible fixed assets (IAS 16, 36)
- Intangible fixed assets (IAS 38)
-Quagli Alberto (2018) Gli standard dello IASB nel sistema contabile italiano. Giappichelli. ISBN 9788892117785. Chapter 10, 12, 15, 27, 28.
-Tibiletti Veronica e Zillotti Marco (2019) Governo e controllo delle imprese. Aspetti critici, modelli e applicazioni. McGraw-Hill Education Italy. ISBN: 8838662797 Chapter 1 e 3.
Additional material, uploaded to Elly:
- Reports on ownership structures, corporate governance and controls of banks, insurance companies and listed industrial companies
- Financial statements and notes of banks, insurance companies and listed industrial companies.
The additional teaching materials used during the lessons are uploaded to Elly. To download the material it is necessary to register for the online course. The material used is considered an integral part of the teaching material. Non-attending students are reminded to check the educational material available and the information provided by the teacher via the Elly platform.
Alternative book on international financial reporting standards for those who want to study in English:
-Kieso, Donald E., Jerry J. Weygandt, and Terry D. Warfield. Intermediate Accounting, Binder Ready Version. John Wiley & Sons, 2016. Chapter 10, 11, 12, 17,
The teaching methods use in an integrated and complementary way active learning methods (exercises, business cases) and traditional lessons. The teaching methods will be conducted favoring active learning methods, with lectures characterized by a high practical connotation, especially through the frequent recourse to real cases. Attending students have the opportunity to carry out case study analysis in order to be able to immediately apply the acquired knowledge.
Acquisition of knowledge: through lectures.
Acquisition of the ability to apply knowledge: through exercises.
Acquisition of independent judgment and learning skills: through the analysis of real cases.
Acquisition of technical language: during the course the terminology commonly used by the financial community will be illustrated.
Assessment methods and criteria
The learning assessment includes 2 alternative methods.
- final individual written exam (1 question + 2 exercises + 2 analysis of extracts from real cases): mark out of thirty-two, worth 100% of the final grade. The final grade in thirty-two let to have an objective evaluation to assign “lode”.
Attending students can in any case choose to take the exam with this methodology.
- 1 group work of 3 students consisting of a written report on disclosure: out of fifteen, 15% of the final grade
- 1 group work of 3 students consisting of a written report on the subject of financial statements with international financial reporting standards: out of fifteen, 15% of the final grade
- final individual written test (1 question + 1 exercise + 1 analysis of extracts from a real case): out of thirty-two, 70% of the final grade. The final grade in thirty-two let to have an objective evaluation to assign “lode”. To pass the exam, regardless of the score of the group works, the final written test must be sufficient (at least 18).
Based on the above methodology, the group works can increase or decrease the final grade.
Example 1. group work 1: 15/15; group work 2: 14/15; Final exam: 20/32:
Final grade: (15+14+20*70/32)*0.32=23
Example 2. group work 1: 12/30; group work 2: 13/30; Final exam: 29/32:
Final grade: (12+13+29*70/32)*0.32=28
Example 3. group work 1: 15/15; group work 2: 14/15; Final exam: 15/32:
Final grade: insufficient
Group work is optional. Each student can choose not to carry out the group work and to take the non-attending version of the exam. Even if the group work has been delivered, each student can refuse the group work grade and take the non-attending version of the exam. The grade of the group work is valid for the exam of December 2019, January, July and September 2020. From the December 2020 exam, the group work grade is no longer valid.
For each assignment there will be about 2 weeks between the assignment date and the expiration date.
Useful materials for the exam and communication of results
The use of texts or electronic devices, like for example smartphone or smartwhatch, during the final written test is not permitted, while the use of the calculator is permitted. The results will be communicated to students through the IT system used in this regard by the Department of Economic and Business Sciences, Esse3. There are no intermediate individual tests.
The acquisition of knowledge will be ascertained from the answers to the questions of the final written test.
The acquisition of ability to understand will be verified by the exercises in the final written test.
The acquisition of ability to apply knowledge, of independent judgment and learning skills will be ascertained with group work (attending) or with the analysis of extracts from real cases of the final written test (non-attending).
The ability to communicate with appropriate technical language will be ascertained by verifying the suitability of the lexicon adopted in the answers given to the questions of the written exam.