Content, progress and pedagogy of the module

The module introduces the principles, methods, and concerns of financial accounting according to the International Financial Reporting Standards (IFRS). In this course, the students will study the main issues in modern financial accounting and understand the IFRS and the International Accounting Standards (IAS). The students will also gain general knowledge about generally accepted accounting principles (GAAP) used by companies in North America, comparatively with the IFRS.

The module provides information about modern financial accounting theories, methods, and international standards in different accounting areas (i.e., the context of accounting, double-entry bookkeeping, cash basis and accrual basis of accounting, and reporting to the financial statements, financial statement analysis). Each accounting area has its own rules (principles). These areas are examined and highlighted individually. Financial Accounting is a key function in modern industrial and service companies as well as public organizations.

The objective of the module is to provide knowledge of accounting at an international level in line with the IFRS and which mindset and approach to use in accounting. The student should have an insight into the respective accounting issues that exist.

Learning objectives

Knowledge

The objective is that the student, after the module, possesses the necessary knowledge of:

• the key concepts, principles, and methods of financial accounting.
• the possibilities and limitations of accounting as a communication tool for external stakeholders.
• the rules and conventions in force regarding international accounting standards that both international and Danish companies need to follow.

Skills

The objective is that the student, after the module, possesses the necessary skills in:

• being able to describe the structure and content of the accounting conceptual framework and explain the content of the basic assumptions of the international financial reporting standards (IFRS) and their significance for the content of the accounts.
• explaining the content of the accounting definitions of assets, liabilities, equity, income & expenses and argue for/against whether specific transactions and events meet the criteria.
• being able to describe applicable rules and apply methods for recognizing and measuring assets and liabilities, explain their operation, and apply the rules and methods to concrete examples.

Competences

The objective is that the student, after the module, possesses the necessary competencies in:

• understand and identify issues in financial accounting.  
• be able to solve the most common problems using relevant methods and digital tools.
• be able to independently draw up annual financial statements covering the most common transactions.
• Analyze a firm’s financial position and performance.

Type of instruction

For information see § 17.

Exam

Exams