ACCT 1010 Module - Motlow State Community College

International Module
Name: Ward Harder
College: Motlow State Community College
Course Number and Title: ACCT 1010 Principles of Accounting I
Module Title: Preparation of the Balance Sheet Based on Generally Accepted Accounting
Principles (GAAP) in the United States and the International Financial Reporting Standards
(IFRS) as Adopted by the European Union.
Description of module: The module will help students in ACCT 1010 gain knowledge and
understanding of the differences in the preparation of the balance sheet used in the United States
as compared to the European Union. This module is based on the financial statements in chapter
four (4) of the 24th Edition of ACCOUNTING by Warren, Reeve, and Duchac.
Module Objectives:
Objective 1: Students in ACCT 1010 will develop greater knowledge of cultures in the world
around them and the impact of diverse cultural perspectives on world events.
Students Learning Outcomes (Knowledge)
1a. Students will increase their knowledge of cultures in the world around them through the
acquisition of knowledge related to International Financial Reporting Standards of the European
Objective 2: Students will acquire increased knowledge of international accounting standards.
Students Learning Outcomes (Comprehension)
2a. Students will understand how international cultural diversity shapes the foundational
elements, theory, research, and practice associated with the preparation of a balance sheet as it
relates to the international area of accounting.
Objective 3: Students in internationalized classes will demonstrate an awareness and
understanding of the interdependence and consequences of international accounting systems and
Students Learning Outcomes (Application)
3b. Students will articulate the perspectives of other cultures and nations when analyzing world
The international module will be presented in week six of the semester or as the professor
discusses chapter 4, whichever occurs first. International accounting statements are discussed on
page 156 of the textbook with additional information shown in Appendix D.
Students will select one country in the European Union to compare with the US in terms of
accepted balance sheet accounting procedures.
The instructor may add other resources.
The professor will incorporate in his or her lecture material in chapter four (4) a discussion of
international accounting standards and the cultural influences that affect the preparation of the
balance sheet.
The professor will assign exercises on the preparation of the balance sheet in chapter four (4) that
will be worked according to GAAP in the United States and the IFRS, as adopted by the
European Union.
The students will work exercises 4-12 and 4-13 on page 187 according to the International
Financial Reporting Standards as adopted by the European Union and according to GAAP in the
United States. Additionally the students will compare the GAAP in the United States with the
IFRS used in by the European Union as it relates to a particular country in the European Union.
The students will be graded on the content, correctness, and quality of their work.
These exercises will be included in the students’ homework grade as one of the course
Effectiveness standard or grading weight: 70% of students will score 3 or higher on each
Student Learning Outcome as listed on the International Module Grading Rubric.
Warren, Reeve, Duchac, ACCOUNTING. 24th edition. South-Western Cengage Learning, 2012.
Appendix D.
The International Financial Reporting Standards website,