6 ECTS credits
168 h study time
Offer 2 with catalog number 4001692FNR for all students in the 1st semester
at
a (F) Master - specialised level.
- Semester
- 1st semester
- Enrollment based on exam contract
- Impossible
- Grading method
- Grading (scale from 0 to 20)
- Can retake in second session
- Yes
- Enrollment Requirements
- Studenten die dit opleidingsonderdeel opnemen, moeten minstens ingeschreven of geslaagd zijn voor ‘Jaarrekeninganalyse en Auditing’.
Voor studenten in de Master of Business & Technology en voor studenten in de master International Business, gelden er geen bijkomende inschrijvingsvereisten.
For students of the Master International Business and Master Business & Technology: no additional prerequisites
- Taught in
- English
- Faculty
- Faculty of Social Sciences & SolvayBusinessSchool
- Department
- Business
- Educational team
- Veronique Weets
(course titular)
Thomas Selleslagh
- Activities and contact hours
-
30 contact hours Lecture
142 contact hours Independent or External Form of Study
- Course Content
The content of the course is as follows:
- Introduction to international financial reporting: The first part of the course describes international financial accounting and gives the context for the study of IFRS (International Financial Reporting Standards)
- Basic concepts in IFRS: Treats the basic concepts of international accounting, the choice of accounting policies and the presentation of financial statements.
- Revenue recognition and inventories: Although basic concepts of revenue recognition are straight-forward, many accounting accidents are linked with the recognition of revenue. In this part students are introduced to IFRS 15 - Revenue from contracts with customers and IAS 2 - Inventories
- Accounting for fixed assets: How to treat property, plant and equipment and intangible assets in accordance with IFRS.
- Accounting for non- financial liabilities: This part consists of the treatment of provisions and other non-financial liabilities
- Leases: Discussion of IFRS 16 - Leases.
- Financial instruments: In this part an introduction of accounting for financial instruments is given. Students have to be able to account for basic financial assets, financial liabilities, equity instruments and derivatives.
- Income taxes: The last part treats the recognition of actual and deferred income taxes
- Course material
- Digital course material (Required) : Advanced Accounting and International Financial Reporting, Weets V., Electronic Learning Platform
- Additional info
Teaching Methods
- Lecture: collective contact-dependent moments during which the lecturer engages with learning materials.
- Exercises or Practicals (Practical): collective or individual contact-dependent moments during which the students are guided to actively engage with learning materials
- Independent or External Form of Study (Self): independent application of the material discussed in class on real IFRS financial statements
This description of the teaching methods is indicative, in order to assess the expected study load.
Regular students
Lectures including discussions of cases: 30 hours (10 x 3 hours)
Self: 142 hours
- refreshing basic accounting: 24 hours (3 days of 8 hours)
- preparation of the lectures using the reading material and preparing exercises, amounting to 4 hours per week: 52 hours (13 x 4 hours)
- individual study of financial statements in accordance with IFRS, amounting to 2 hours per week: 26 hours (13 x 2 hours)
- preparation exam: 40 hours (5 days of 8 hours)
Working students
There is no specific support for working students, but all lectures are recorded and available via Canvas.
Interessing links:
www.iasb.org
www.efrag.org
www.iasplus.com
http://europa.eu.int/comm/internal_market/accounting/ias_en.htm#adopted-commission
- Learning Outcomes
-
Algemene competenties
European listed entities have to prepare their consolidated financial statements in accordance with IFRS (International Financial Reporting Standards). Next to that, more and more non-listed entities are confronted with these international standards for financial reporting
In the course,the basic principles of IFRS are treated. Specific standards are illustrated by case studies.
At the end of the course the students are expected to give a theoretically well-founded solution for a case that relates to the subjects treated. They should be able to read IFRS financial statements and give a well-founded opinion of the quality of these financial statements. Next to that we also expect a general insight and overview of developments relating to IFRS.
- Grading
-
The final grade is composed based on the following categories:
Oral Exam determines 50% of the final mark.
Written Exam determines 50% of the final mark.
Within the Oral Exam category, the following assignments need to be completed:
- Mondeling Examen
with a relative weight of 50
which comprises 50% of the final mark.
Note: Theoretical links and application of material on IFRS Financial statements is tested during oral exam with possibility to prepare
Within the Written Exam category, the following assignments need to be completed:
- Schriftelijk Examen
with a relative weight of 50
which comprises 50% of the final mark.
Note: Capacity to resolve IFRS Cases is tested during written exam with possibility to use course material (no internet connection)
- Additional info regarding evaluation
The written exam is open book and consists of cases similar to the cases treated in class, together with a question regarding the IFRS financial statements studied during the teaching period.
The oral exam is closed book. Students have preparation time for some theoretical questions.
- Allowed unsatisfactory mark
- The supplementary Teaching and Examination Regulations of your faculty stipulate whether an allowed unsatisfactory mark for this programme unit is permitted.
Academic context
This offer is part of the following study plans:
Master of Business Engineering: Standaard traject (only offered in Dutch)
Master of Business Economics: Standaard traject (only offered in Dutch)
Master of International Business: Standaard traject
Master of Business Engineering: Business and Technology: Standaard traject
Master of Teaching in Economics: standaard traject (90 ECTS, Etterbeek) (only offered in Dutch)