•   Financial Statements and Corporate Tax ECO005AS2AE-3002 19.08.2024-11.10.2024  5   (EVENING, ...) +-
    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
    Starting level and linkage with other courses
    Course ECO002AS2AE Financial accounting or similar competence level gained
    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
    Assessment criteria
    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
    Teaching methods and instruction

    This is an EVENING CONTACT implementation.
    The lessons contain lectures, examples and exercises mainly in excel. If time allows, Procountor accounting program will be used as well.
    Flipped classroom is used for certain sections of the course.The implementation requires independent studies.

    Learning material and recommended literature

    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.

    Working life connections

    Practical examples as much as possible. The material and exercises are according to Finnish GAAP.

    Campus

    Pasila Campus

    Exam dates and re-exam possibilities

    Exam will be during the last week of the course in the electronic exam room.
    The 1st retake opportunity will be in the electronic exam room within 2-3 weeks after the course.
    2nd retake by request.

    Exam is 70-80% of the course grade.
    Assignments (Excel and/or Procountor) are 20-30% of the course grade.

    Teaching language

    English

    Timing

    19.08.2024 - 11.10.2024

    Learning assignments

    Course contains class exercises in excel with solutions in Moodle. There will 4-6 assignments in excel and/or Procountor making 20-30% of the course grade.

    Enrollment

    03.06.2024 - 16.08.2024

    Content scheduling

    Weekly evening lessons on Mondays.

    Groups
    • EVENING
    • CONTACT
    • EXCH
    • IBEB5PAACC
    Alternative learning methods

    RPL and Work study available.
    For RPL, contact the teacher.

    Teachers

    Leena Mekkonen-Leppänen

    Seats

    15 - 45

    Further information

    Exam (electronic exam room) 70-80%
    Excel and/or Procountor assignments 20-30%

    Degree Programme

    INTBBA International Business

    R&D proportion

    0.00 cr

    Virtual proportion

    0.00 cr

    Evaluation scale

    H-5