APPLIES TO ACADEMIC YEAR 2016/2017

GRA 6226 Financial Reporting, general issues

Responsible for the course
Hans Robert Schwencke, Tonny Stenheim

Department
Department of Accounting - Auditing and Business Analytics

Term
According to study plan

ECTS Credits
6

Language of instruction
English

Introduction
IFRS is an internationally accepted set of accounting standards. All listed firms in the EU/EEA are required to use these standards in their consolidated financial statements, and most other firms in EU/EEA-area are allowed to use IFRS in their financial statements. Thus, high expertise in IFRS is needed for professional auditors, accounting preparers and accounting users. The course is compulsory for students in the MRR program.

Learning outcome
The course aims at giving the students in-depth knowledge on IASB’s Conceptual Framework. Definitions and recognition criteria of assets, liabilities, equity and profits are discussed thoroughly.

The course aims at giving the students in-depth knowledge on fundamental topics of IFRS-regulation such as accounting for business combinations and consolidated financial statements. Other topics such as revenue recognition and accounting for intangible assets, provisions and impairment losses are also discussed. The course will also give an introduction to financial instruments, pension accounting and tax accounting.

Prerequisites

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 spesific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.

Compulsory reading
Books:
Picker, Ruth (et. al.). 2016. Applying international financial reporting standards. 4th ed. Wiley

Other:
Articles and book chapters


Recommended reading

Course outline
Basic accounting concepts and technics. IFRS conceptual framework. Financial reporting standards.

Computer-based tools
Not applicable

Learning process and workload
A course of 6 ECTS credits corresponds to a workload of 160-180 hours.

Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class that is not included on the course homepage/It's learning or text book.

Coursework requirements

Examination
The student can choose to answer the written examination in English or in Norwegian.

The full title of the approved examination support material "IFRS in Norwegian" is "IFRS på norsk: forskrift om internasjonale regnskapsstandarder, Fagbokforlaget, 6. utgave, 2016"