Financial Statements (IFRS)

22B1754

Bachelor

German, English

5.0

winter and summer term

1 semester

We teach students the fundamentals of Accounting in order to make them capable of keeping bookkeeping records and of preparing financial statements on case study level (regarding complexity) following IFRSs and/or HGB. 

Bookkeeping, balance sheet (incl. subsequent valuation of non-current assets and inventory valuation), income statement, statement of cash flows, statement of changes in equity, notes

The total workload for the module is 150 hours (see also "ECTS credit points and grading").

For students support exam tasks and videos are available.

• Written examination or
• Homework / Assignment or
• oral exam

Basics of Accounting based on the textbook Berkau, C.: Basics of Accounting - Bookkeeping, Financial Statements and Management Accounting. 6th edition, UVK-Lucius: Konstanz, München 2012

Students understand Accounting and learn prepare financial statements following German standards HGB and international standards IFRSs and will deepen their basic knowledge in Accounting. Students learn the preparation of a full set of financial statements which includes the balance sheet, the income statement, statement of cash flows and statement of changes in equity.

Students deepen their knowledge in fields of the application of IFRSs and/or HGB, such as subsequent valuations, manufacturing accounting, disclosure of financial instruments and liabilities, revenue recognition etc.

Students know and can manage particular Accounting tasks linked to the preparation of Financial Statements, such as revaluations, recording of leasing and of financial instruments. The can determine depreciations following different methods and can record impairment losses as well as their reversals. Students can prepare group statements with application of consolidations, they can prepare consolidated statements for joint ventures and can disclose separate financial statements following IAS 27. Students learn to do inventory valuation based on calculation of finished goods and revaluations. Students understand and can record share issues, treasury shares and share redemption. Students understand, can evaluate und record the appropriation of profits, disclosure and valuation of financial instruments following IFRS 9 or the effectiv interest method. They understand and can record provisions and understand the nature thereof following the rules in IFRSs. Students learn the principles and can apply revenue recognition and expense calculations. They can prepare and analyse statements of cash flows and statements of changes in equity. The students can prepare and interpret the notes.

Students understand the regulations of IFRSs and are able to reflect the disclosure and valuation of items of financial statements. 

Students learn to prepare financial statements following IFRS for service providers, traders, and production firms. They can transfer the knowledge to real business and understand the preparation of financial statements by applying bookkeeping entries, recording adjustments, and reading/analysing the paragraphs of HGB and IFRS standards. 

Students learn the preparation of financial statements based on case studies which focus on particular problems, i.e. asset valuation, disclosure of financial instruments, and can compare their findings to financial statements of real companies. They learn to derive Accounting knowledge from the interpretation of IFRS standards.

Students discuss in class the application of recognition and evaluation methods and learn technical terms in International Accounting. They can discuss the application of IFRS standards and understand the situation of companies by reading financial statements.

Students take the role of the CFO in a company and adopt the justification function of financial statements towards the owners and stakeholders of a business. They also can reflect the application of IFRS standards.

• International Business and Management, B.A.

• Business Administration and Management, B.A.

• Berkau, Carsten

• Berkau, Carsten