6 ECTS credits
172 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.
- 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
- Financial instruments: In this part an introduction of accounting for financial instruments is given.
- Course material
- Digital course material (Required) : Advanced Accounting and International Financial Reporting, Weets V., Canvas
- 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
Students have to describe the accounting treatment of a transaction linked with the topics discussed in an open-book exam. For the answer they might have give journal entries, amortisation tables, etc. This answer has to be theoretically well-founded with links to the standards discussed or to basic accounting principles.
Students have to analyse the IFRS financial statements of an existing entity and indicate in these financial statements how the principles discussed in the course are applied.
Students have to formulate the accounting principles discussed in class and explain the rationale behind these principles by making links between the standards and the definitions and principles formulated in the Accounting Framework or by referring to basic accounting principles. These reasonings have to be made in a closed book exam.
- Grading
-
The final grade is composed based on the following categories:
Oral Exam determines 25% of the final mark.
Written Exam determines 75% of the final mark.
Within the Oral Exam category, the following assignments need to be completed:
- Oral Exam
with a relative weight of 100
which comprises 25% 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:
- Written Exam
with a relative weight of 100
which comprises 75% 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.
If a student makes an unacceptable error against basic accounting principles the student will not pass the exam even if he/she also answers correctly to other 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)