Financial Statements and Corporate TaxLaajuus (5 cr)

Learning objectives

After having completed this course or attained an equivalent competence level, the student:
- is able to prepare statutory financial statements for a small company according to accounting standards
- is able to identify key international accounting standards
- is able to apply accrual principle in the valuation of assets and liabilities of a company
- is able to identify the minimum requirements of sustainability reporting in the financial statements
- is able to prepare cash flow statement
- is able to derive taxable income from the net income
- is able to distinguish tax implications in different company forms and analyse total tax rate from owners’ perspective

Contents

- accounting principles and standards
- essential period end adjustment and valuation principles
- contents of the financial statement including notes
- cash flow statement
- non-financial information
- income taxation of a company

Starting level and linkage with other courses

Course ECO002AS2AE Financial accounting or similar competence level gained

Implementation methods, demonstration and Work&Study

Contact, blended, virtual

If you have acquired the required learning outcomes, you can show your competences with a demonstration. If you have any questions, please contact the responsible teacher. More information and instructions regarding the recognition of learning: https://www.haaga-helia.fi/en/recognition-learning

Assessment criteria - grade 1

When the implementation type of the course is CONTACT, ONLINE or BLENDED it is required that the student is present during those teaching hours that are marked in the study schedule. If you are absent more than 25 %, your grade will be lowered by one. If you are absent more than 50 %, the course is failed.

Student
- is able to assist in preparing the financial statements and prepare some basic period end adjustments
- is able to recognize the difference between taxable income and net income
- is able to distinguish tax rules for different company forms

Assessment criteria - grade 3

Student
- is able to prepare financial statements according to accounting principles and standards
- is able to apply valuation principles to assets and liabilities
- is able to prepare basic cash flow statement
- is able to outline basic requirements for sustainability reporting
- is able to derive taxable income from the net income
- is able to choose applicable tax rules for different company forms and provide some advice on tax matters to management and owners

Assessment criteria - grade 5

Student
- is able to prepare independently financial statement by applying all necessary accounting standards and principles
- is able to verify and justify that financial statements give a true and fair view of the company
- is able to prepare cash flow statement
- is able to apply common sustainability reporting requirements in connection to financial statements
- is able to derive taxable income from the net income
- is able to choose applicable tax rules for different company forms and recognize the differences in their total tax rate
- provide advice on tax matters to management and owners

Learning materials

Harrison, W. T., Thomas, C. W., Tietz, W. M. & Suwardy, T. (2018). Financial accounting: International financial reporting standards (11th edition, global edition.). Pearson. Chapters 4, 11. (tbc)

Accounting Act and Decree
Applicable tax laws

Other materials informed by the course teacher.