Financial Accounting I

MRR412E Financial Accounting I

Spring 2019

  • Topics

    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)

  • Learning outcome

    Upon completion of the course, the students shall:

    Knowledge

    • 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.

    Skills

    • 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.

    General competence

    • be able to raise critical questions, identify problems, and present solutions across a variety of accounting issues.

  • Teaching

    Lectures, cases, and group discussions

  • Required prerequisites

    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 are not allowed to earn credits from this course. 

    Note: This course was previously titled "BUS447 Financial Accounting - IFRS" and the total number of attempts applies to the course (not the course code).

  • Requirements for course approval

    Individual and group assignments, including in-class individual assignments and a group project assignment.

    Course approval from BUS402/MRR412 is valid as course approval in BUS402E/MRR412E.

  • Assessment

    Four-hour written school exam in English.

  • Grading Scale

    A-F

  • Literature

    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:

    • https://www.iasplus.com/en
    • https://www.pwc.com/gx/en/services/audit-assurance/ifrs-reporting.html
    • https://www.ey.com/gl/en/issues/ifrs/ifrs-overview
    • https://home.kpmg.com/xx/en/home/services/audit/international-financial-reporting-standards.html

    Other supplementary materials will be available on canvas.

Overview

ECTS Credits
7.5
Teaching language
 English
Semester

Spring. Offered spring 2019.

Course responsible

 Tzu-Ting Chiu, Associate Professor, Department of Accounting, Auditing and Law