Olet täällä

IFRS – International Financial Reporting Standards

IFRS – International Financial Reporting Standards

Code: ACC4LH009
Extent: 3 cr (81 h)
Timing: 4. - 6. semester
Language: English (you will learn the accounting vocabulary during the course)
Type: Specialization studies (part of ASO B, Finnish Business Programme)

Prerequisites

The student has successfully completed the basic and joint professional studies. Also it is recommended that the student has passed an advanced accounting course, for example the Ulkoinen laskentatoimi A-Aso in Finnish Business Programme. English skills, but no need to know the accounting vocabulary.

Learning outcomes

Upon successful completion of the course, the student is familiar with the most important IFRS-standards and is able to apply the standards into practice. The student knows how the IFRS financial statement differs from a financial statement prepared according to Finnish Accounting Standards. During the course the target is also learn the accounting vocabulary in English and thus in the future will be able to provide accounting services in English.

Course contents

  • The contents and background of IFRS – International Financial Reporting Standards
  • IFRS Financial Statements
  • The key valuation methods according to IFRS
  • Accounting vocabulary in English

Teaching and learning methods

Class room implementation:
Contact lessons (problem based learning) 32 h   
Independent studies 48 h
Self-assessment of learning -assignment 1 h

Virtual implementation:
Group- and independent learning with study cases 80 h
Self-assessment of learning -assignment 1 h

Book exam implementation:
Independent studies 80 h
Self-assessment of one's own learning 1 h

Cooperation with the business community
During contact lessons guest speaker from a company. Working with real-live cases.

Accreditation of prior learning

Accreditation of prior learning (APL) is observed on the course according to separate instructions. Please contact the lecturer about this.

Teacher with the main responsibility for the course

Heli Kortesalmi

Course materials

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.
Other material assigned by the teacher.

Assessment criteria

Students' performance is graded on the following scale: Excellent (5), Very good (4), Good (3), Satisfactory (2), Fair (1), Fail (0).

Grade/Learning outcomes

1 (min 40 % of the competence level)

3 (min 70 % of the competence level)

5 (min 90 % of the competence level)

Knowledge

The student knows some of the basics of IFRS standards but is not able to see their effects to financial statements.

The student knows the key IFRS standards and knows where to find more information about them.

The student knows the key IFRS standards and their key contents excellently.

Skills

The student knows which standard should be applied for certain business transactions but is not able to apply the standard in practice.

The student knows which standard should be applied for certain business transactions and is able to apply the standard in practice.

The student is able to analyze which standard should be applied for certain business transactions and is able to apply the standard in practice. Student is able to argument why certain application method should be taken.

Competence

The student knows little about IFRS-standards.

Student is able to do IFRS accounting for existing business transactions.

Student is able to suggest and argument which IFRS standard should be applied, and how in new business transactions.

Modes of assessment and their weights

Class room course: PBL sessions and active participation 100%
Virtual course: Group work 50%, Individual home exam 50%
Book exam implementation: Exam 100 %. For this please contact the teacher.