Trends and new initiatives in accounting
- Credits: 6
- Ending: Examination
- Range: 2P + 2C
- Semester: summer
- Year: 1
- Faculty of Economic Informatics
Teachers
Included in study programs
Teaching results
The aim of this course is:
To provide a comprehensive view of the complex corporate reporting concerning both financial and non-financial indicators. Introduce the latest regulation and initiatives in the field of non-financial reporting such as Directive 2014/95 / EU, GRI, IR, EFRAG, etc. Acquire the conceptual apparatus with an emphasis on non-financial reporting and various initiatives related to it. Understand new / modern reporting and communication practices of companies. Compare and analyze selected aspects of corporate communication. Point out new trends and technologies that can bring significant changes into accounting and auditing.
After completing the course, students should acquire:
1. Knowledge and understanding:
• understand the principles and conceptual apparatus of financial and non-financial reporting,
• get acquainted with current trends and practices in corporate reporting,
• understand new technologies and the possibilities of their use in accounting.
2. Practical competencies:
• ability to apply basic theoretical concepts related to financial and non-financial reporting,
• ability to interpret financial and non-financial indicators,
• ability to analyze company reports and identify strengths and weaknesses of companies´ external communication.
3. Skills:
• ability to think analytically,
• ability to summarize results and propose alternative solutions for corporate reporting,
• ability to work independently and also in a team (teamwork),
• integrate the above knowledge into the own conclusions and formulate the right decision.
Indicative content
Traditional financial statements, their limitations, and shifts in paradigm. Non-financial reporting. ESG reports and overview of basic Key Performance Indicators (KPIs). Sustainability reports and new formats of annual reports. Sustainability ratings and indexes. Overview of initiatives and regulations in the field of non-financial reporting (Global Reporting Initiative, EU Directive). Non-financial reporting via social media. Integrated reporting concept. Integrated navigation chart. Future of reporting? Using eXtensible Business Reporting Language (XBRL) for financial and non-financial reporting. Recent initiatives in the field of non-financial reporting and the need for transparency regarding the use of artificial intelligence in business processes within the EU (EFRAG, AI White Book). General overview of blockchain technology and its possible application in accounting. Smart Contracts. Impacts of blockchain on the current labor market and the profession of accountant / auditor.
Support literature
1. IFRS – IAS 1 Presentation of Financial Statements.
2. Global Reporting Initiative (GRI). https://www.globalreporting.org/
3. Krzus, M. And Eccles, R. (2010). One Report: Integrated Reporting for a Sustainable Strategy. John Wiley & Sons, Inc., Hoboken, New Jersey.
4. European Parliament (2014). Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.
5. European Reporting Lab @ EFRAG (2021). Proposals for a relevant and dynamic EU sustainability reporting standard-setting.
6. European Commission (2021). Proposal for a regulation of the European Parliament and of the Council. Laying down harmonized rules on Artificial Intelligence (Artificial Intelligence Act) and amending certain Union legislative acts.
7. Bonsón, E., Bednárová, M. (2019), “Blockchain and its implications for Accounting and Auditing“, Meditari Accountancy Research, Vol. 27, No. 5, pp. 725-740
Syllabus
1 Traditional financial statements, their limitations, and shifts in paradigm. 2 Non-financial reporting. ESG reports and overview of basic Key Performance Indicators (KPIs). 3 Sustainability reports and new formats of annual reports. 4 Sustainability ratings and indexes. 5 Overview of initiatives and regulations in the field of non-financial reporting (Global Reporting Initiative, EU Directive). 6 Non-financial reporting via social media. 7 Integrated reporting concept. 8 Integrated navigation chart. Future of reporting? 9 Using eXtensible Business Reporting Language (XBRL) for financial and non-financial reporting. 10 Recent initiatives in the field of non-financial reporting and the need for transparency regarding the use of artificial intelligence in business processes within the EU (EFRAG, AI White Book). 11 General overview of blockchain technology and its possible application in accounting. 12 Smart Contracts. 13 Impacts of blockchain on the current labor market and the profession of accountant / auditor.
Requirements to complete the course
Continuous semester project, written final exam
Student assessment includes:
30 % continuous semester project/assignment
10 % active participation in classes
60 % written final exam
Student workload (in hours):
Total student workload for 6 credits (6 x 26) = 156 hours includes:
participation in lectures 26 h.
participation in seminars 26 h.
preparation for lectures 10 h.
preparation for seminars 15 h.
preparation for semester assignment 30 h.
preparation for the exam 49 h.
Student workload
Continuous semester project, written final exam
Student assessment includes:
30 % continuous semester project/assignment
10 % active participation in classes
60 % written final exam
Student workload (in hours):
Total student workload for 6 credits (6 x 26) = 156 hours includes:
participation in lectures 26 h.
participation in seminars 26 h.
preparation for lectures 10 h.
preparation for seminars 15 h.
preparation for semester assignment 30 h.
preparation for the exam 49 h.
Language whose command is required to complete the course
slovak
Date of approval: 10.02.2023
Date of the latest change: 14.12.2021