GRA 6226 Financial Reporting, general issues
GRA 6226 Financial Reporting, general issues
The course is about preparing and understanding financial statements according to IFRS. IFRS is an internationally accepted set of accounting standards used by listed firms in the EU/EEA and elsewhere in the world. Expertise in IFRS is needed for professional auditors, accounting preparers and accounting users. The course is compulsory for students in the Master of Accounting and Auditing.
The course set-up is flipped classroom. This means that students are expected to study the materials at home using the textbook and videos. They will also have to do exercises online to get access to the next videos. More difficult exercises will be dealt with in class.
The course’s objectives are to make students familiar with IFRS, but more importantly, to further develop students’ conceptual knowledge of financial accounting and to facilitate their understanding:
(i) of current financial accounting practices under IFRS
(ii) of why the IASB prescribes certain accounting methods, and
(iii) of the tax consequences of accounting standards
The students will obtain advanced knowledge about essential topics under IFRS such as accounting for revenues, intangible assets, provisions, leases, and taxes. The students will also gather initial knowledge about business combinations and consolidated financial statements.
Students will learn how to prepare consolidated and separate financial statements according to IFRS. Students will also be able to discuss IFRS regulation with reference to the IASB’s conceptual framework.
The students should be able to critically assess current IFRS regulation and practice.
- Basic accounting concepts and techniques
- IFRS conceptual framework.
- Financial reporting standards, eg.
- Business combinations and consolidation
- Revenue recognition
- Leasing
- Fixed assets and provisions
- Cash flow statements
The course is set up as a flipped classroom course. This means that students are expected to study the materials at home using the textbook and videos. They will also have to do exercises online to get access to the next videos. More difficult exercises will be dealt with in class. Students are expeced to prepare for the more difficult exercises at home.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
Basic accounting course.
| Assessments |
|---|
Exam category: School Exam Form of assessment: Written School Exam - digital Exam/hand-in semester: First Semester Weight: 100 Grouping: Individual Support materials:
Duration: 3 Hour(s) Exam code: GRA 62266 Grading scale: ECTS Resit: Examination when next scheduled course |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 16 Hour(s) | |
Student's own work with learning resources | 130 Hour(s) | |
Individual problem solving | 20 Hour(s) | |
Examination | 6 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.