Advanced Financial Accounting D, 5 points/7,5 ECTS-credits Syllabus : Advanced financial accounting D Course code : FEKD79 Responsibility : Umeå School of Business Subject : Business administration Level : D (specialized) Course credit : 5 points / 7,5 ECTS Field of education: Social sciences This course is a course at specialized level in a MSc-degree at the University of Umeå. The course is also an elective course in the Master’s Programs at Umeå School of Business (USBE). Further information: www.usbe.umu.se/master/index_eng.html 1. Resolution to arrange the course The course was established by the Faculty of Social Sciences at Umeå University and the syllabus was confirmed by the Board of Umeå School of Business on May 29, 2006. The syllabus i valid from February 15, 2007. 2. Objective and contents International Financial Reporting Standards (IFRS) have received increasingly favorable attention during the past years, especially after the European Union mandated use of IFRS by all publicly held companies beginning in 2005. Other major countries, including China, Russia and Australia are also transitioning to IFRS. The main objective of this course is to consolidate students’ understanding of the IFRS standards and students’ ability to utilize aspects of accounting theory to resolve major reporting issues. Learning outcomes After having passed the course, students are expected to be able to: o Recognize differences between IFRS standards and local standards. o Apply IFRS standards in practice in basic and intermediate situations, and know when experts need to be contacted in order to resolve more complicated accounting issues. o Identify places where there is accounting flexibility in the IFRS standards and evaluate the appropriateness of companies’ accounting policies and choices. o Use accounting principles and theory in order to evaluate and criticize accounting standards. 3. Prerequisites • Courses in Business Administration (90 ECTS) • A minimum of 40 points/60 ECTS from A-level and B-level courses (Management, Accounting, Financial Investments, Cost Accounting, Marketing) • At the advanced, C level, a minimum of 20 points/30 ECTS, including a Bachelor’s thesis or equivalent Furthermore, 10 points/15 ECTS Statistics or similar and a C-level course in Accounting (10 points/15 ECTS) are recommended. It is also expected that the student has knowledge of IAS/IFRS equivalent to the C-level at USBE. Students with a limited knowledge of IAS/IFRS are recommended to read the reference literature described below as background reading. 4. Teaching methods/Focus of instruction This course is presented through lectures and written work by students. Students are required to write an essay that presents and compares the IFRS reporting with the reporting in a specific country for specific accounting issues. 5. Examination modes The following grading system is used: Pass with distinction (Väl godkänd, Vg, 75% or more), Pass (Godkänd, G, 50% or more) Fail (Underkänd, U, less than 50%). For exchange students the ECTS grading scale will be used upon request. The examination is based upon a written comprehensive examination (tentamen) and the completion and presentation of an essay. Complementary work on term papers and other compulsory tasks should be completed two weeks after the final date of the module, at the latest. Students who do not pass at the time of the normal written examination will be offered an opportunity to sit a further examination within 2-3 weeks. Beyond that, additional examination opportunities normally arise every academic year one week prior to the start of the autumn term. Information on this can be obtained from this web page http://www.usbe.umu.se/svl/lwuppseng.html When a student has failed an examination on two occasions, he or she has a right to have another grading teacher. A written request should be handed to the director of studies no later than two weeks before the next examination opportunity. Grades on the course are awarded when students have passed all examinations and compulsory course elements. 6. Utilisation et cetera In cases where there are applicants from exchange programme or similar, the course language will be English. Otherwise, parts of the course may be taught in English. Information on language aspects can be obtained from the Student Counsellor. Timetable and other courses, see http://www.usbe.umu.se/svl/lwcourse.shtml Other Regulations Acknowledgment/Plagiarism: Plagiarism is not acceptable and may result in the imposition of severe penalties. The University provides clear guidelines on its attitude towards plagiarism and how to avoid unintentional plagiarism located on the web at http://www.usbe.umu.se/varastudenter/uppsats/Policy-deceive.html Students are advised to read these carefully. If any doubts remain as to what constitutes plagiarism, students should discuss the matter with the lecturer(s). Acceptable Calculators in Examinations: Students may use scientific or financial calculators. They may not use programmable calculators identified by their alphanumeric keyboard. Study Time: Students are expected to prepare a significant amount of material outside of the classroom in order to fulfil course requirements. Previous indications suggest that students should treat this subject as full time work and invest a minimum of forty hours in preparation and attendance. 7. Reading and other materials Required (assigned) text: Epstein, B.J., IFRS 2006: Interpretation and application of international financial reporting standards, Wiley, 2006. Reference reading: Elliott, B. and Elliott, J., Financial Accounting Reporting and Analysis, International edition, 2:nd Edition, 2006, Prentice Hall. (This book is recommended particularly for students not familiar with the IFRS standards). ------------------------------------------ Umeå University, Umeå School of Business, 901 87 Umeå Phone: 090-786 50 00 vx. Fax: 090-786 66 74.