APPLIES TO ACADEMIC YEAR 2014/2015

BØK 3647 Financial Accounting

Responsible for the course
Roy Kristen Kristensen

Department
Department of Accounting - Auditing and Law

Term
According to study plan

ECTS Credits
15

Language of instruction
Norwegian

Introduction
This course is part of the statutory curriculum for approval as a Norwegian Certified Accountant. The programme meets the requirements of the Certified Accountant Regulation of 8 February 1999 no. 196 (education requirements for certified accountants).

Learning outcome
Acquired knowledge
The course will give the students in-depth knowledge about the theoretical basis, laws and other central regulations regarding production of annual accounts and drawing up the annual report for private enterprises in accordance with Norwegian generally accepted accounting principles (NGAAP). Furthermore, basic knowledge about differences between NGAAP and IFRS is included.

Acquired skills
The students shall be able to produce annual accounts including consolidated accounts, and annual reports according to Norwegian accountancy legislation. The students shall also be able - with reference to actual legislation - to address and discuss definite accountancy problems related to annual accounts and annual reports.

Reflection
The students should be conscious about the importance of accurate financial accounts.

Prerequisites
The course requieres knowledge corresponding to following courses or eqivalent:
BØK 3411 Finance and Managerial Accounting I, BØK 3421 Finance and Managerial Accounting II, BØK 3531 Financial Accounting and Financial Statement Analysis, BØK 3541 Managerial Accounting and Control.

Compulsory reading
Books:
Gjems-Onstad, red. Skattelovsamlingen. Siste utg. Gyldendal juridisk
Huneide, Jens-Erik. ... [et al.]. Årsregnskapet i teori og praksis. Siste utg. Gyldendal akademisk
Kristensen, Roy, Janicke L. Rasmussen og Tonny Stenheim. 2014. Årsregnskapet : oppgavesamling med løsningsforslag. 8. utg.. Gyldendal akademisk

Recommended reading
Books:
Kvifte, Steinar Sars, André Tofteland og Anne-Cathrine Bernhoft. 2011. Finansregnskap : god regnskapsskikk og IFRS - Oppgaver og løsninger. 3. utg. Fagbokforlaget

Course outline
Accounting theory

• Focus on the users of company accounts
• Norwegian and international accounting rules
• Profit and loss versus balance orientation
• Generally accepted accounting principles

• Valuation and accrual rules
• Requirements to annual accounts and the annual report
• Special regulations for micro companies
• Differnces accounting/taxation
• Consolidated accounts