Study Guide

Objective

The student is able to explain the purpose of consolidated financial statements and the use of the information they deliver. The student is able to define the instances when the obligation to prepare consolidated financial statements exists and is able to define the boundaries of a group. The student is able to prepare consolidated financial statements, is able to recognize special cases pertaining to them and is able to find relevant, up-to-date information to problems concerning them.

The student is familiar with the basics of IFRS standards.

The student is able to read articles in English and to find information from sources in English. The student understands the international nature of the field and knows the meaning of international standards and practices. The student knows the major international organizations in the field.

Students will be able to use the technology needed in accounting and accounting processes effectively, will be able to solve process problems, analyze data and make suggestions for improving the results of business operations. The student understands the importance of information availability, usability, integrity, and security. Students will be able to gather, edit and analyze information to increase understanding, improve forecasts and support business decision making. The student understands the importance of right, good quality information in corporate decision making and corporate reputation.

Content

- group concept
- elimination entries
- group combinations
- consolidated income statement and balance sheet
- IFRS / IAS standards
- the importance of the quality of information in the company's decision-making and its reputation
- identification and correction of incomplete and incorrect information
- legislation relating to financial statements
- Excel

Qualifications

- Accounting process
- Company administrative processes 1 and 2

As part of the course, the student must attend the financial administration case clinic in the autumn semester.

Assessment criteria, satisfactory (1)

The student is able to explain the purpose of consolidated financial statements and the use of the information they deliver. The student is able to define the most basic instances when the obligation to prepare consolidated financial statements exists and with the aid of the concept of a group is able to define the boundaries of a simple group. The student is able to prepare uncomplicated consolidated financial statements, is able to recognize most common cases pertaining to the consolidated financial statements and is able to find relevant, up-to-date information to problems concerning them.
The student is able to read articles in English and to find information from given sources in English. The student understands the international nature of the field and knows the meaning of international standards and practices. The student knows the major international organizations in the field.

The student participates in classwork and participates in class discussions. The student contributes to group work and is an encouraging member of the group.

Assessment criteria, good (3)

The student is able to explain the purpose of consolidated financial statements and the use of the information they deliver. The student is able to define the most common instances when the obligation to prepare consolidated financial statements exists and with the aid of the concept of a group is able to define the boundaries of a group. The student is able to prepare consolidated financial statements which contain the most common transactions of a group, is able to recognize special cases pertaining to the consolidated financial statements and is able to find relevant, up-to-date information to problems concerning them.
The student is able to read articles in English and to find information from sources in English. The student understands the international nature of the field and knows the meaning of international standards and practices. The student knows the major international organizations in the field.

As a rule, the student actively participates in classwork and most of the time participates constructively in class discussions. The student actively contributes to the group work being done and is an encouraging member of the group.

Assessment criteria, excellent (5)

The student is able to explain the purpose of consolidated financial statements and the use of the information they deliver. The student is able to define the instances when the obligation to prepare consolidated financial statements exists and is able to define the boundaries of a group. The student is able to prepare consolidated financial statements, is able to recognize special cases pertaining to them and is able to find relevant, up-to-date information to problems concerning them.
The student is able to read articles in English and to find information from sources in English. The student understands the international nature of the field and knows the meaning of international standards and practices. The student knows the major international organizations in the field.

The student actively participates in classwork and participates constructively in class discussions. The student actively contributes to the group work being done and is an encouraging member of the group.

Materials

Haaramo, Palmuaro, Peill: IFRS-raportointi; Tomperi: Kehittyvä kirjanpitotaito; Honkamäki, Reponen: Konsernitilinpäätöksen laadinta