ACC401E Financial Accounting I
The purpose of this course is to enable students to interpret and analyze financial statements prepared under IFRS. Students will learn the conceptual framework and key principles under IFRS, and in particular, how to apply IFRS to recognize, measure, and disclose accounting transactions. Topics covered by this course include:
- IFRS Overview and Introduction
- The Conceptual Framework for Financial Reporting
- Presentation of Financial Statements (IAS 1)
- Inventories (IAS 2)
- Property, Plant and Equipment (IAS 16)
- Investment Property (IAS 40)
- Intangible Assets (IAS 38)
- Impairment of Assets (IAS 36)
- Provisions, Contingent Liabilities and Contingent Assets (IAS 37)
- Leases (IFRS 16)
- Revenue from Contracts with Customers (IFRS 15)
Upon completion of the course, students will:
- understand the economic substance underlying the transactions and the purpose of financial statements.
- have knowledge of the framework, concepts, and key accounting policies in IFRS.
- know the discretion underlying the accounting standards and how it may affect the reported numbers in financial statements.
- be able to explain the key principles and accounting rules under IFRS.
- know how to apply IFRS to recognize, measure, and disclose accounting transactions in real business situations.
- be able to exercise reasonable judgment and realize the discretion in applying accounting standards.
- be able to raise critical questions, identify problems, and present solutions across a variety of accounting issues.
In class meetings, we mainly focus on discussions of the pre-assigned discussion questions for each topic and Q&As. There is a mini-lecture (about 30 minutes) at the beginning of each class meeting, which gives a brief recap of the lecture slides for the topic of the day. Students should read through the lecture slides before coming to class.
In autumn 2023, all class meetings are planned to be held physically and will not be recorded (to ensure that everyone can speak freely).
BED2/BED020 Finansregnskap or an equivalent course (e.g., introductory financial accounting) serves as a prerequisite for this course.
Credit reduction due to overlap
This course is an continuation of BUS402E and MRR412E, and is equivalent to ACC401N, BUS402 and MRR412. These courses cannot be combined.
In-class quizzes (every other week) and one group project assignment. Valid compulsory activities (work requirements) from BUS402X / MRR412X is valid as compulsory activities (work requirements) for this course
Three-hour digital individual written school exam in English; answers must be written in English.
Picker, R., K. Clark, J. Dunn, D. Kolitz, G. Livne, J. Loftus, and L. van der Tas. 2019. Applying IFRS Standards, 4th Edition. Wiley.
International Financial Reporting Standards (free access at https://www.ifrs.org).
Online IFRS resources from Deloitte, PwC, EY, and KPMG:
Other supplementary materials are available on canvas.
Permitted Support Material
One bilingual dictionary (Category I)
All in accordance with Supplementary provisions to the Regulations for Full-time Study Programmes at the Norwegian School of Economics Ch.4 Permitted support material
and https://www.nhh.no/en/for-students/regulations/ https://www.nhh.no/en/for-students/regulations/ https://www.nhh.no/en/for-students/examinations/examination-support-materials/ https://www.nhh.no/en/for-students/examinations/examination-support-materials/
- ECTS Credits
- Teaching language
Autumn. Offered autumn 2023.
Ulf Mohrmann, Assistant Professor, Department of Accounting, Auditing and Law