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International Financial Accounting

International Financial Accounting

Code: ACC3LF002
Extent: 6 ECTS (162 h)
Timing: Semester 5 - 7
Language: English
Level: Professional Specialization Studies
Type: Compulsory to those chosen ACC1LF Financial Management for Global Business as their specialization.


The student has successfully completed the GloBBA Basic and Joint Professional Studies. The course is part of the module of Financial Management for Global Business.

Learning outcomes

Upon successful completion of the course, the student

  • knows  the updated International Financial Accounting standards (IAS/IFRS) and their impact on the Profit&Loss Account and Balance sheet 
  • understands published accounts of companies 
  • deepens the knowledge about business transactions and related accounting processes
  • is able to apply and interpret key ratios in terms of profitability, liquidity and solvency 
  • develops working life relationships and improves teamwork skills
  • the student has enhanced his/her skills in the area of HH3S competences.

Course contents

The course content will focus on Financial Statements in the Global Business. The topics are integrated  and the student  understands the content of Income Statement and Balance sheet  according to the IFRS and  apply key ratio calculations to the case company interpreting the indicators in the certain business field as a project work.

  • Basic content and preparation of published accounts of companies (IAS/IFRS) 
  • Balance sheet: equity, liability, and asset measurement 
  • Profitability, liquidity and solvency key ratio workings 
  • Trend and horizontal performance analysis 
  • Evaluating ratios by comparison and presenting future strategies

Cooperation with the business community

The students will choose the international company in their interest .The annual report and financial statements should be available (recent 3-5 years). The project work will be done in teams (3-4students). The team will keep a project diary during the process.
Accounting simulation assignment with accounting software.

International dimension

The course is based on International Financial Reporting Standards (IFRS).

Teaching and learning methods

Contact lessons
Case studies
Team work
The assessment of one’s own learning 1 h

Accreditation of prior learning

Accreditation of prior learning (APL) is observed on the course according to separate instructions.

Teachers with the main responsibility for the course

Heli Kortesalmi
Jaana Melamies

Course materials

Harrison, Horngren, Thomas & Suwardy: Financial Accounting: International Financial reporting Standards.
8th edition. Ch. 1-9. and 13 Pearson
Braun, Tietz: Managerial Accounting 3rd edition, Ch.14 PearsonAssessment criteria

Grade/Learning outcomes

1 (Min. 40%
competence level)
3 (Min. 70%
competence level)
5 (Min. 90%
competence level)
Knowledge The student knows the basic principle how financial statements are
prepared. He/she knows how to compute ratios in terms of profitability, liquidity and solvency.
The student understands the reason for basic accounting adjustments and knows how to prepare financial statements. He/she is able to apply and interpret key ratios. The student is able to find out the correct accounting treatment for various business processes and understands how to analyze and interpret financial statements.
Skills The student knows how to post the most common adjustment journals to accounting. He/she is able to interpret key ratios and
understands the purpose of the statement of cash flows.
The student is able to prepare financial statements with needed adjustments. He/she is able to analyze different companies in different business fields and prepare a cash flow statement. The student has excellent skills to prepare financial statements and cash flow statement with needed adjustments. He/she is fully capable to interpret ratios and give analytical reasoning.
Competence The student is able to complete basic accounting related tasks with the help of a supervisor. He/she  participates in team meetings during project assignment and attending the project presentation. The student shows  service and sales orientation as required by the HH3S policy. The student is able to complete accounting related tasks relatively independently and shows verbal communication skills in terms of accounting. The student shows well service and sales orientation as required by the HH3S policy. The student is able to complete accounting related tasks very independently and search for needed information. He/she can develop some new ideas concerning a project company. Student  shows good verbal communication skills in terms of accounting. 

The student shows excellently service and sales orientation as required by the HH3S policy.

Modes of assessment and their weights

Project Assignment 30%
Assessments with accounting software 10%
Small research and presentations 10%
Exams 50% (Accounting 30% Analysis 20%)

The assessment of one's own learning does not influence the course grade. The assignment is the same for all courses/modules and the answers will also be used for course/module development. The assignment is completed on an E-form.