BUS402E 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.
Lectures, cases, and group discussions
For this semester, class meetings, which focus on discussions of pre-assigned questions for each topic, will be held on Zoom. Thus, it is possible to follow the course digitally. Mini-lectures, which give an overview of each topic and aim to help students prepare for class meetings, are pre-recorded and uploaded to the course website in advance.
BED2/BED020 Finansregnskap or an equivalent course (e.g., introductory financial accounting) serves as a prerequisite for this course.
Credit reduction due to overlap
BUS402E / MRR412E Financial Accounting I is equivalent to BUS402 / MRR412 Finansregnskap I. These two courses cannot be combined.
Students who have taken BUS402 / MRR412 or BUS447 are not allowed to earn credits from this course.
Requirements for course approval
Individual and group assignments, including online in-class individual / group assignments and a group project assignment.
Course approval from BUS402 / MRR412 is valid as course approval in BUS402E / MRR412E.
Four-hour individual written home exam in English
Picker, R., K. Clark, J. Dunn, D. Kolitz, G. Livne, J. Loftus, and L. van der Tas. 2016. 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 will be available on canvas.
- ECTS Credits
- Teaching language
Spring. Offered spring 2022.
Tzu-Ting Chiu, Associate Professor, Department of Accounting, Auditing and Law
Ulf Mohrmann, Assistant Professor, Department of Accounting, Auditing and Law