Internal and External Financial Reporting

Description

This course contributes to the following learning outcomes: The student ... 2 Has knowledge and understanding of the different domains of business management and the coherence between them. 2.a Understands basic theories, basic terms, and basic concepts of each management domain, in particular with respect to the financial, operational, commercial and organisational activities, and applies them when solving (business) economics problems. 2.a.1 Understands correct entries within the system of double entry bookkeeping based on supporting documents and using the Belgian chart of accounts. 2.a.2 Understands how the financial situation of a company can be measured and evaluated. 2.a.3 Understands the possible classifications of costs and makes this reasoning itself at a given cost in a given situation. 2.a.4 Understands the different cost methods and also applies these methods to a given initial situation. 2.e Has insight into the current financial reporting regulations and applies them to register financial transactions. 2.e.1 Has insight into the Belgian law on accounting and corporate financial statements and applies it when registering the common commercial and financial operations, transactions concerning fixed assets, current assets and liabilities, including the transactions at year-end. 2.e.2 Has insight into the choices the Belgian GAAP offers concerning valuation rules and can make a targeted choice in view of an image-oriented versus tax-efficient presentation in the financial statements. 2.e.3 Has insight into international law (IAS/IFRS) on accounting and statutory financial statements and is able to indicate similarities/differences with respect to the Belgian GAAP. 2.f Assesses the financial performance of an organisation based on a thorough understanding of the structure and preparation of annual accounts and also based on the critical use of several techniques of financial analysis; produces recommendations to adjust the financial policy. 2.g Analyses critical methods of cost accounting and uses them accurately when taking management decisions. 2.t Analyses issues in different management domains on the basis of appropriate theories, concepts and models and proposes a scientifically sound solution. 2.t.1 Analyses the financial situation of an existing company and is able to formulate recommendations about the financial policy based on the information generated by the financial statement analysis. 2.t.2 Analyses what the impact is of a specific cost system on the profit or loss in a given situation. 12 Recognises the social and ethical aspects of management and can reflect critically on them. 12.a Estimates the impact of business operations on various stakeholders and society. 12.a.1 Reflects what the impact is of financial figures and decisions to the various stakeholders (suppliers, customers, staff ...). ERS learning outcomes: The student: critically analyses accounting information, recognises underlying assumptions and reflects on them in a reasoned way. identifies the information needs of different internal and external stakeholders and understands how accounting information responds to these needs. Can recognise ethical dilemmas within internal and external financial reporting, assess the implications, and justify ethically sound choices based on accounting principles and in line with the professional deontology of (management) accountants. can assess a company's business performance and sustainable value creation based on an analysis of operational, investment and financing decisions a company makes.