International Accounting Regulation

The international legislation and standards which regulate accounting were analysed by studying this subject. It discusses the applicability of international regulation in accounting, the establishment of international accounting methods in the company’s accounting policy and the preparation of financial statements considering changes in the business environment in the context of globalization and principles of sustainable development. The aim of the course is to develop the ability to identify accounting differences between national and international requirements and to solve various accounting problems. The method of study are interpretation, illustration, discussion, practical tasks, literature review, questions and answers. After completing this course, students will be able to submit proposals to businessman how to improve company efficiency in international markets.

To provide knowledge of principal provisions of international accounting regulations for students; to develop students ability to identify differences in accounting requirements applicable in the Republic of Lithuania from international requirements and propose solutions to various accounting problems.

Macroeconomics, Accounting Basics, Financial Accounting and Financial Accountability courses.

1. The need for international accounting regulation in the context of economic globalization. 2. Accounting policies, changes in accounting estimates and errors 3. Fair value 4. Revenue from contracts with customers 5. Methodological Basis of Preparation of Financial Statements 6. Interim and segment financial reporting 7. Consolidation of financial information 8. Accounting in a hyperinflationary economy

1. Defined principles of international financial accounting organization and preparation of financial statements; and requirements necessary for working in multicultural and international groups and organizations. 2. Identified principles and methods of accounting needed for accounting policies formation in international organizations. 3. Determined differences of accounting principles and methods between national and international regulations. A review of the literature with respect to differences between national and international regulations is presented. 4. Defined forms of information provided to consumers in international organizations. 5. Determined main criteria for identifying hyperinflation in the economy. Accounting methods are established in enterprises of hyperinflationary economy.