Financial ReportingLaajuus (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
- perform a simple tax allocation for a limited liability company

Contents

- Ability to prepare financial statements, including notes, cash flow statements, and balance sheet specifications
- accounting principles and standards
- Equity entries in different company forms
- essential period end adjustment and valuation principles
- contents of the financial statement including notes
- cash flow statement
- non-financial information

Lähtötaso ja sidonnaisuudet muihin opintojaksoihin

Course ECO002AS2AE Financial accounting or similar competence level gained

Implementation methods, demonstration and Work&Study

Contact / Contact blended

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 make a simple tax allocation for a limited liability company

Assessment criteria - grade 3

- is able to prepare independently financial statements for a small company including notes by applying the Finnish GAAP
- is able to prepare calculations for the planning of financial closing
- is able to make a simple tax allocation for a limited liability company

Assessment criteria - grade 5

Student
- is able to prepare independently financial statements for a small company including notes by applying the Finnish GAP
- is able to recognize the main differences between the Finnish GAAP and IFRS
- 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
- understands the EU sustainability reporting requirements in connection to financial statements
- is able to derive taxable income from the net income in a limited liability company

Learning materials

Harrison, W. T., Thomas, C. W., Tietz, W. M. & Suwardy, T. (2024). Financial accounting: International financial reporting standards (12th edition, global edition.). Pearson. Chapters 3, 4, 6, 7, 9.

Accounting Act and Decree (Finland)
Applicable tax laws (Finland)

Other materials informed by the course teacher.