Course content

1. IT systems / accounting systems

• Structure of the accounting system
• Qualitative requirements and documentation requirements for the accounts
• Practical accounting work with the use of electronic software
• Useful registers (fixed asset, customers, supplier

2. Bookkeeping

• Account system
• Double Entry Bookkeeping Principle and IT-based systems
• Bookkeeping law / Bookkeeping Regulations and documentation requirements
• Preparation of term-bound compulsory public reports such as VAT, employer’s contribution/tax and tax deductions (control statements and statutory specifications)

3. Year-end closing and external reporting

The course focuses on measurement problems, presentation requirements and documentation requirements. Both in terms of GRS and IFRS. The most important tax rules for companies are reviewed. The following items / transactions are reviewed:

• Sales and accounts receivable
• Purchases, accounts payable and inventories
• Manufacturing costs and self-manufactured inventory,
• Salary, owed holiday pay, employer's national insurance contributions and tax deducted
• Contracts and contract manufacturing
• Fixed assets and depreciation / write-downs
• Shares, dividends and changes in value
• Loans, interest and instalments
• Tax expense, tax payable and deferred tax
• Allocation of profit and equity transactions

4. Introduction to acquisition transactions

• Consolidated financial statements, mergers and purchase of assets and liabilities

Learning outcome

Knowledge

• Know the main features of IT-based accounting systems and the requirements for security, documentation and control
• Knowledge of practical accounting work and routines
• Knowledge of the bookkeeping law, regulations and recommendations in good accounting practice Knowledge of the accounting rules, including IFRS
• Knowledge of the tax rules, especially for private limited companies
• Knowledge of acquisition transactions

Skills

• Be able to perform ongoing bookkeeping of key transactions in an ICT-based accounting system
• Be able to complete the year-end closing with the preparation of completed annual accounts
• Be able to make necessary calculations for filling in tax assessments and tax returns
• Be able to prepare term-mandatory tasks / statutory specifications

General competence

• Be able to acquire new knowledge in the field
• Be able to reflect on ethical issues in financial management

Learning methods and activities

Teaching methods:

Lectures, exercise sessions and self-study. Practical, case-oriented approach when using accounting systems. Lectures and exercise sessions are adapted to the expected learning outcome. Lectures and exercise sessions will help students for independent work. Blackboard will be used to, among other things, 1) facilitate access to the subject, 2) exchange information and 3) design interactive tasks to further develop understanding of the subject.

Compulsory assignments

• Obligatorisk forkrav

Further on evaluation

Four mandatory assignments are designed. All four assignments must be approved before the exam. ICT tools must be used when working with the assignments. Previously approved mandatory assignments are valid until there are significant changes in the subject.

Minimum attendance of 80 % at exercise sessions is required. Specification of mandatory assignments to be announced at the course start.

Specific conditions

Recommended previous knowledge

Completed the course Financial Accounting with financial statement analysis.

Course materials

Mandatory literature

Oddbjørn Sættem: Videregående bokføring og årsavslutning. 4th edition.

Oddbjørn Sættem: Bedriftens finansregnskap: Det Analytiske brukerperspektivet, 3rd edition. Chapters 1, 3 and 4.

Relevant accounting software for small companies.