IFRS and Consolidated Financial StatementsLaajuus (5 cr)

Learning objectives

In this module, student will learn the basics of IFRS (International Financial Reporting Standards), knowledge of interpreting IFRS complied financial statements and skills to prepare consolidated financial statements prepared by international businesses.

The module is given in English, you will learn the needed basic accounting terminology used in international accounting and IFRS during the course.

Contents

The IFRS standards part of the course will introduce student to the content of international financial statements and give skills to interpret the information on those reports. During the course, the student becomes familiar with the most common standards and learns how to interpret and apply a standard with related business transaction.

Student will learn basic concepts and principles relating to consolidation of group companies. Student learns how to prepare consolidated financial statements according to IFRS standards for a small group.

Starting level and linkage with other courses

Tuloksen tekijä, Yrityksen talouden hallinta ja Tilinpäätös ja yritystoiminnan verotus. Optionally student has gained knowledge of advanced accounting and on how to prepare financial statements according to some other regulation (for ex Finnish accounting standards).

Implementation methods, demonstration and Work&Study

Day implementation, intensive evening implementation, virtual or educationalisation.

Assessment criteria - grade 1

Student:
- knows what is meant by consolidated financial statements and IFRS financial statements
- is capable to prepare basic eliminations in consolidated accounts
- is familiar with some IFRS standards and their contents

Assessment criteria - grade 3

Student
- is capable to prepare consolidated financial statements of a small group
- is familiar with transfer pricing and what it means from group accounting and consolidated financial statements perspective
- is capable of finding a business transaction related IRFS standard and is capable to interpret it ensuring accounting complience

Assessment criteria - grade 5

Student
- is capable to prepare consolidated financial statements of a small group including some associated and not fully owned subsidiaries.
- is familiar with most common IFRS standards and by using interpretations
- is capable to conclude correct accounting treatment for business transactions ensuring the accounting complies with IFRS.

Learning materials

Financial accounting and reporting (Elliot B, Elliot J.) 8th edition, Pearson

Honkamäki, Reponen, Mäkelä & Pohjonen (2016). Konsernitilinpäätöksen laadinta. e-kirja

Troberg, Pontus (2013). IFRS Now – In the light of US GAAP and Finnish practices.

Van Greuning, Hennie (2009). International Financial Reporting Standards : A Practical Guide (5th edition). eBook access via ebrary.

Haaramo, Virkkunen, Räty, Peill, Palmuaro (2015, jatkuva päivitys): IFRS Raportointi, e-book.

Also some material provided by teachers.