Financial Accounting and Auditing

The topics are based on the student’s knowledge from Annual Financial Statements I and II. The course provides the student with further in-depth knowledge in preparing financial statements and assessing whether financial statements comply with key accounting standards within various accounting languages, including IFRS.

Course topics
Basic accounting policies
Selection of International Financial Reporting Standards (IFRS) (IAS 16 and 40)
Generally accepted accounting principles/Norwegian accounting standards
Accrue, evaluate, classify and present all types of accounting items
Has a knowledge of and masters the choices for small enterprises
Mergers, demergers and acquisition of subsidiaries
Consolidated financial statements
Assess, discuss and solve theoretical issues within the discipline of accounting
Formal procedures and deadlines for preparation of the annual financial statements, etc.

KNOWLEDGE
The student
- has a knowledge of key rules and standards for preparation of annual financial statements
- has a knowledge of the enterprise’s responsibility for reporting on corporate social responsibility
- has a knowledge of ethical issues in the discipline of accounting, including the boundaries of earnings management.
- can describe the requirements for the most important notes to the financial statements and the Board of Directors’

SKILLS
The student
- can recognize and measure all the main items in the income statement and the balance sheet and their specification in the annual financial statements
- can apply knowledge of practical accounting issues and the implications of this knowledge for the income statement and balance sheet
- can prepare accounts for business acquisitions with tax and minorities,
- can prepare consolidated accounts
- can prepare accounts in which the equity method is used

GENERAL COMPETENCE
The student
- can gain up-to-date knowledge within the above areas of knowledge and skill as well as knowledge of other areas within the discipline
- can convey key subject matter through relevant forms of expression
- can exchange points of view and experiences with other professionals and help to develop best practice
- can contribute to and support innovation as well as innovation processes
- can reflect on ethical issues in the discipline
- can see the course in a broader context from a societal perspective

Plenary lectures and solving assignments in groups. The course will be taught for the last time in the spring of 2019.