01
The indicative module outline is as follows:
Semester 1
Elective
Specialization
Financial Accounting
6
ECTS Credits
39
Total Teaching Hours
English
Language
None
Prerequisites
No
Open to Erasmus
Module Description
This module provides an introduction to the principles and practice of financial accounting, equipping students with the conceptual foundation and technical competence necessary to prepare, analyse, and interpret financial statements in accordance with International Financial Reporting Standards (IFRS). By bridging the technical mechanics of accounting with the broader context of corporate transparency and accountability, the module prepares students to engage critically with financial information in both academic and professional settings.
Learning Outcomes
Upon successful completion, students will be able to:
- Explain the conceptual and regulatory framework of financial accounting, including the objectives of financial reporting, the qualitative characteristics of useful financial information, and the role of the IASB and IFRS in shaping accounting practice.
- Apply the principles of double-entry bookkeeping to record, classify, and summarise financial transactions, and prepare a trial balance as the basis for the financial statements.
- Prepare the primary financial statements in accordance with IFRS, including the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, and the statement of cash flows.
- Account for key items in the financial statements, including inventories, property, plant and equipment, depreciation, accruals, prepayments, and provisions, applying relevant accounting standards.
- Analyse and interpret financial statements using ratio analysis and other analytical techniques, evaluating firm performance, liquidity, and financial position from the perspective of diverse user groups.
Module Outline
13 thematic units across the semester.
02
Introduction to Accounting, examples, exercises
03
Conceptual framework of financial science, examples, exercises
04
Accounts, examples, exercises
05
Statement of Financial Position (Balance Sheet), examples, exercises
06
Assets, examples, exercises
07
Inventories, examples, exercises
08
Receivables-Cash, examples, exercises
09
Liabilities and Equity, examples, exercises
10
Income Statement, examples, exercises
11
Statement of Changes in Equity, examples, exercises
12
Cash Flow Statement, examples, exercises
13
Accounting Cycle, examples, exercises
Assessment
Description of the assessment process
Assessment Language, Assessment Methods, Formative or Summative, Multiple Choice Test, Short Answer Questions, Essay Development Questions, Problem Solving, Written Assignment, Report/Report, Oral Examination, Public Presentation, Laboratory Paper, Clinical Patient Examination, Artistic Interpretation, Other/Other
Explicitly defined assessment criteria and if and where they are accessible by students are mentioned.
The module assessment language is in English and students are expected to exhibit the required level of proficiency.
The assessment of the course consists of:
Midterm Exam (40%, problem solving)
Final exam (60%, problem solving)
The evaluation criteria across modes of assessment include the following:
Demonstration of key knowledge related to the content of course
Demonstration of an ability to apply the knowledge in a given problem or case study
Critical ability evident in applying appropriate methods/knowledge in a given case and/or developing theory-based and literature-based arguments.
Structure and presentation
Use of English language
More detailed assessment criteria will be provided to you in the module handbook document or posted on the course webpage, if deemed necessary.
Suggested Bibliography
- Berkau, C. (2022). Financial Statements: International Accounting (IFRS). UVK Verlag.
- Picker, R., van der Tas, L., Kolitz, D., Livne, G., Loftus, J., & Koning, M. (2025). Applying IFRS standards. John Wiley & Sons.
- Weygandt, J. Kimmel, P.D., (2022), Financial Accounting with International Financial Reporting, John Wiley & Sons.
- Other library sources, including journal articles accessible through the Library, as assigned by the instructor.