REV 3625 Financial Statements / International Financial Reporting Standards (IFRS)

REV 3625 Financial Statements / International Financial Reporting Standards (IFRS)

Course code: 
REV 3625
Department: 
Department of Accounting and Operations Management
Credits: 
15
Course coordinator: 
Roy Kristen Kristensen
Course name in Norwegian: 
Årsregnskap / Internasjonal finansiell rapporteringsstandard (IFRS)
Product category: 
Bachelor
Portfolio: 
Bachelor of Accounting and Auditing - Programme Courses
Semester: 
2019 Autumn
Active status: 
Active
Level of study: 
Bachelor
Teaching language: 
Norwegian
Course type: 
Associate course
Course codes for multi- or associated courses.
REV 3626
REV 3627
Introduction

This course is part of the statutory curriculum for approval as a Norwegian registered public accountant. The course gives the student in-depth knowledge in producing and evaluating whether an annual report is produced accouding to various generally accepted accounting principles (NGAAP and IFRS).

Learning outcomes - Knowledge

The course will give the students

  • Kwowledge about cantral accounting standards for producing annual accountsd
  • Knowledge about the company's responsibility for reporting about CSR
  • Knowledge about ethical issues in accounting, including the line between ethical behaviour and manipulation of accounts
  • Ability to describe the regulation regarding notes to the financial statements and the annual report
  • Knowledge about the process of producing annual accounts and being an active contributor in an accounting environment
     
Learning outcomes - Skills

The course will give the students

  • Ability to calculate and measure all the main items in a profit and loss statement and balance statement and specifications to the annual accounts
  • Ability to apply the knowledge in practical accounting cases and its influence on the profit and loss and balance sheets
  • Ability to produce accounts for business acquisition with tax and minority interests
  • Ability to produce consolidated accounts
  • Ability to produce accounts with use of the equity method
General Competence

The students should be aware of the importance of accurate and informative financial reports. Annual accounts and reports contain important information to owners, investors, business partners and other parties conserned, and should comprehend the importance of the financial reporting for these parties. The course will give the students:

  • Ability to acquire updated knowledge in the areas mentioned above and other areas connected with financial reporting
  • Ability to communicate central subject matters in relevant ways
  • Ability to exchange viewpoints and experience with fellow professionals and contribute in developing best practice in the area
  • Ability to contribute and back up innovation processes
  • Ability to reflect on ethical problems in the area
  • Ability to see the topics in a larger picture and from a social perspective
Course content
  • The program includes the following main topics:
  • Norwegian and international accounting regulation
  • Fundamental accounting principles
  • Generally accepted accountancy principles
  • Valuation rules and accrual rules
  • Requirements related to annual accounts and reports
  • Consolidated accounts
  • Equity method
Teaching and learning activities

The course is taught in teaching sessions over two terms. The students are enrolled in the relevant part of the course, REV 3626 and REV 3627, each semester.. The teaching is based on 90 lecturing hours. 

Curriculum proposals and exercise suggestions are distributed each semester.

Software tools
No specified computer-based tools are required.
Additional information

The candidate must have grade C or better at the exam in this course in order to be approved as a registered auditor. (registrert revisor).

Re-sit examiniation
Re-sit examination is offered every semester for REV 36252 and REV 36253.

Qualifications

Higher Education Entrance Qualification.

Required prerequisite knowledge

The first two years of the program or equivalent.

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
REV36252
Grading scale:
Pass/fail
Grading rules:
Internal examiner
Resit:
Examination every semester
0Yes3 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Laws and regulations, including offprints of laws and law drafts
  • Compilation of tax laws (Gjems-Onstad or Jarøy) with comments
  • Interest- and annuity tables
  • Auditor's manual / Offprint without comments
Individual (Will be based on the curriculum which has been covered in the fall semester).
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
REV 36253
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
100Yes6 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
  • Laws and regulations, including offprints of laws and law drafts
  • Offprint: International Accounting Standards (IAS) selected standards
  • Compilation of tax laws (Gjems-Onstad or Jarøy) with comments
  • Book: Myrbakken, E., & Haakanes, S. IFRS på norsk: forskrift om internasjonale regnskapsstandarder. Fagbokforlaget
  • Interest- and annuity tables
  • Auditor's manual / Offprint without comments
Individual (Will be based on the full course curriculum).
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:0
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Laws and regulations, including offprints of laws and law drafts
  • Compilation of tax laws (Gjems-Onstad or Jarøy) with comments
  • Interest- and annuity tables
  • Auditor's manual / Offprint without comments
Duration:3 Hour(s)
Comment:(Will be based on the curriculum which has been covered in the fall semester).
Exam code:REV36252
Grading scale:Pass/fail
Resit:Examination every semester
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
  • Laws and regulations, including offprints of laws and law drafts
  • Offprint: International Accounting Standards (IAS) selected standards
  • Compilation of tax laws (Gjems-Onstad or Jarøy) with comments
  • Book: Myrbakken, E., & Haakanes, S. IFRS på norsk: forskrift om internasjonale regnskapsstandarder. Fagbokforlaget
  • Interest- and annuity tables
  • Auditor's manual / Offprint without comments
Duration:6 Hour(s)
Comment:(Will be based on the full course curriculum).
Exam code:REV 36253
Grading scale:ECTS
Resit:Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
100
Student workload
ActivityDurationComment
Teaching
90 Hour(s)
Prepare for teaching
64 Hour(s)
Student's own work with learning resources
120 Hour(s)
Group work / Assignments
120 Hour(s)
Examination
6 Hour(s)
Sum workload: 
400

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 15 ECTS credit corresponds to a workload of at least 400 hours.