APPLIES TO ACADEMIC YEAR 2013/2014

REV 3625 Financial Statements / Generally Accepted Accounting Principles

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 registered public accountant.

Learning outcome
Acquired knowledge
The course will give the students in-depth knowledge about the processes of closing the annual accounts and drawing up the annual report in accordance with Norwegian generally accepted accounting principles (NGAAP). This includes thorough knowledge about Norwegian generally accepted accountancy principles (NGAAP). Furthermore the students shall have basic knowledge about the differences between NGAAP and IFRS.

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 Norwegian legislation and accountancy standards - to address and discuss definite accountancy problems related to annual accounts and annual reports.

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

Prerequisites
The first two years of the program or equivalent.

Compulsory reading
Books:
Huneide, Jens-Erik. ... [et al.]. Årsregnskapet i teori og praksis. Siste utg. Gyldendal akademisk
Kristensen, Roy, Janicke L. Rasmussen og Tom Engelsborg. 2010. Årsregnskapet : oppgavesamling med løsningsforslag. 7. utg. Gyldendal Akademisk

Other:
Den norske Revisorforening. Revisors håndbok. Siste utgave. DnR


Recommended reading
Books:
Kvifte, Steinar Sars, André Tofteland og Anne-Cathrine Bernhoft. 2011. Finansregnskap : god regnskapsskikk og IFRS. 2. utg. Fagbokforlaget

Other:
NOU 1995: 30 Ny regnskapslov
Ot prop nr 42 (1997-98) Om lov om årsregnskap m.v. (regnskapsloven)


Course outline
The program includes the following main topics:

• Norwegian and international accounting rules
• Fundamental accounting principles
• Generally accepted accountancy principles
• Valuation rules and accrual rules
• Requirements related to annual accounts and reports
• Cash flow specification
• Consolidated accounts
• Company reorganization, mergers and demergers of companies