APPLIES TO ACADEMIC YEAR 2016/2017 Norwegian version

BØK 3647 Financial Accounting

Responsible for the course
Roy Kristen Kristensen

Department
Department of Accounting - Auditing and Business Analytics

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, Ole, red. Skattelovsamlingen. Siste utg. Gyldendal juridisk
Kristensen, Roy ... [et al.]. Årsregnskapet : Oppgavesamling med løsningsforslag. siste utgave. Gyldendal akademisk
Schwencke, Hans Robert... [et al.]. Årsregnskapet i teori og praksis. siste utg. Gyldendal akademisk

Recommended reading
Books:
Kvifte, Steinar Sars, André Tofteland og Anne-Cathrine Bernhoft. Finansregnskap : God regnskapsskikk og IFRS : Oppgaver og løsninger. siste utgave. Fagbokforlaget

Course outline
Accounting theory

• Focus on the user groups of comapny accounts and their need for accounting information and accounting regulation
• Norwegian and international accounting rules, development of international regulation and regulatory bodies
• Profit and loss versus balance orientation
• IFRS conseptual framework
• The theoretical basis for the Norwegian basic accounting principles and best accounting practice

• In depth knowledge of valuation, measuring and accruals of the most basic items in the accounts as well as basic accounting principles
• Knowledge about the special regulations for small and micro companies
• Knowledge about the special regulations for ideal organizations
• Knowledge about the most basic differences between accounting and taxation
• Ability to produce annual accounts, including tax and year end disposals, for a limited company
• Knowledge about the regulation regarding notes to company accounts and Directors' report
• Ability to produce basic consolidated accounts