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IFRS and Consolidated Financial Statements

IFRS and Consolidated Financial Statements

Code: ACC8LH102
Extent: 5 credits
Timing: 4. or 5. semester
Language: English
Curriculum: HELI16
Level: Specialization studies (Raha ja talous)
Type: Optional

Module description 

In this module, student will learn the basics of IFRS (International Financial Reporting Standards), knowledge of interpreting IFRS complied financial statements and skills to prepare consolidated financial statements prepared by international businesses.

The IFRS standards part of the course will introduce student to the content of international financial statements and give skills to interpret the information on those reports. During the course, the student becomes familiar with the most common standards and learns how to interpret and apply a standard with related business transaction.

Student will learn basic concepts and principles relating to consolidation of group companies. Student learns how to prepare consolidated financial statements according to IFRS standards for a small group.

The module is given in English, you will learn the needed basic accounting terminology used in international accounting and IFRS during the course.


Starting level and linkage with other courses

Prerequisites: Tuloksen tekijä, Yrityksen talouden hallinta ja Tilinpäätös ja yritystoiminnan verotus, or has acquired similar competence of accounting and financial statements for example from previous work tasks.


Learning outcomes and assessment

Assessment 1-2: Student

  • knows what is meant by consolidated financial statements and IFRS financial statements
  • is capable to prepare basic eliminations in consolidated accounts
  • is familiar with some IFRS standards and their contents

Assessment 3-4: Student

  • is capable to prepare consolidated financial statements of a small group
  • is familiar with transfer pricing and what it means from group accounting and consolidated financial statements perspective
  • is capable of finding a business transaction related IRFS standard and is capable to interpret it ensuring accounting complience

Assessment 5: Student

  • is capable to prepare consolidated financial statements of a small group including some associated and not fully owned subsidiaries.
  • is familiar with most common IFRS standards and by using interpretations is capable to conclude correct accounting treatment for business transactions ensuring the accounting complies with IFRS.


Recognising and validating prior learning (RPL)

Competence acquired previously, for example from previous work, can be shown with a demonstration.  More information AHOT/RPL- procedure from MyNet.


Cooperation with the business community

Business connections, examples from business and cases.  May include quest lecturers and company visits.



Consolidated financial statement prepared in international businesses.



Detailed module schedule and implementation plan is found in Moodle.



Day implementation, intensive evening implementation, virtual or educationalisation



Exercises and other assignments 100 %


Course teacher (s)

Susanna Honka

Heli Kortesalmi



Financial accounting and reporting (Elliot B, Elliot J.) 8th edition, Pearson

Honkamäki, Reponen, Mäkelä & Pohjonen (2016). Konsernitilinpäätöksen laadinta. e-kirja

Troberg, Pontus (2013). IFRS Now – In the light of US GAAP and Finnish practices.
Van Greuning, Hennie (2009). International Financial Reporting Standards : A Practical Guide (5th edition). eBook access via ebrary.

Haaramo, Virkkunen, Räty, Peill, Palmuaro (2015, jatkuva päivitys): IFRS Raportointi, e-kirja.

Other material presented by the teachers.