The purpose of the BEC322 module is to provide students with an understanding of financial accounting practices under the light of the International Financial Reporting Standards (IFRS). First, this module presents the fundamentals of Generally Accepted Accounting Principles (GAAP) and the IFRS. Next, the module emphasizes on the fundamentals of international accounting standards, the accounting treatment of assets, liabilities, income and expenses as well as the preparation of financial statements according to IFRS, and the implications of reporting under IFRS.