Financial Accounting 4

• demonstrate solid knowledge of the conceptual framework of accounting, both the asset/liability view and the income oriented perspective
• demonstrate thorough knowledge of key international accounting standards (IFRS) and differences associated with generally accepted accounting principles in Norway (NGAAP)
• demonstrate knowledge on financial instruments and hedging
• demonstrate solid knowledge of ethical accounting professional issues and be able to identify "red flags" in the financial statements
• demonstrate solid knowledge of the recognition and measurement of all the main components on the income statement and balance sheet as well as a solid understanding of the consequences of different perspectives on the financial statements
• apply their knowledge on practical accounting issues
• prepare a comprehensive consolidated financial statement with minority interests
• convey key subject matters through relevant forms of communication
• actively contribute to the professional accounting community

This course provides the students solid knowledge of how to prepare financial statements consistent with key international financial standards (IFRS) and local accounting standards (NGAAP), including the preparations and understanding of the equity method, business combinations and consolidated financial statements. Furthermore, the course includes an introduction to accounting for financial instruments and hedging.

A key topic in this course is evaluating differences in financial reporting, revenue recognition, and assets valuation, between the asset/ liability perspective held by the IASB conceptual framework, and an income oriented framework. Throughout the course the students are encouraged to reflect critically and professionally on the use of accounting standards and other relevant sources, and to get an overview of the differences between international accounting standards and generally accepted accounting principles in Norway (NGAAP).

4-hour home examination with letter grades.

Due to grade requirements for state authorised public accountants, a regular examination will be held both autumn and spring.