Optional in stage
First term
Second term
Both terms
Not organised
This year
Next year
Alternating years
External
Prerequisites
Taught by
Language of instruction
Duration
Identical coursesAims
This course evaluates the following learning outcomes:
The student
1.1 (AF) analyses operational accounting and taks-related problems, taking into account the particular organizational context.
1.2 (AF) formulates a well-motivated soluation for operational issues related to accounting or taxation based on scientific knowledge and insights into accounting and taxation, hereby taking into account the specific organizational context.
1.6 (AF) analyses and evaluates the financial reporting and integrates relevant issues of taxation into this analysis.
2.4 (AF) takes, based on scientific knowledge and insights into accounting and taxation, a well-motivated standpoint about actual societal problems and legislative initiatives related to the domain.
2.5 (AF) reflects critically about the external context of the organization and its interaction with the accounting and tax decisions the organization takes.
2.6 (AF) takes into account the international context of accounting and taxation.
3.1 (AF) plans, organizes and evaluates processes related to internal and external reporting in organizations, taking into account the specific organizational context, particularly the way in which tax regulation influences such processes.
4.1 (AF) reflects critically on the way societal, international and organizational trends influence accounting and tax requirements, thereby recognizing the impact on and consequences for the stakeholders.
4.2 (AF) follows actual developments related to accounting and taxation.
4.3 (AF) outlines and interprets current trends in (international) accounting and taxation, and can formulate a well-motivated standpoint on relevant societal themes, thereby taking into account the impact on and the consequences for the stakeholders.
7.2 discusses the social, ethic and sustainability aspects of management, analyses a policy on the basis of these aspects and formulates suggestions for improvement.
8.1 formulates, as a member of a team, the interdisciplinary problem that is at the basis of the project, analyses the content of the project, the circumstances surrounding the project and factors that will influence the course of the project, and uses this information to formulate the (general) goals of the project.
8.2 organises, as a member of a team, the project and sets up a detailed and realistic plan, taking into account the context of the question, the scope of the project, the conditions, the limitations, the expected quality and the means available.
8.3 follows, both individually and as a member of a team, the arranged plans and applies time management techniques.
8.4 takes responsibility for his/her role in the team and carries out his/her part of the project on time.
8.5 assesses, as a member of a team, the project, monitors the progress of the project, deals with uncertainty, gives feedback and formulates points of action and points of improvement throughout the project.
8.6 participates constructively in meetings with the team and with others who are involved in the project.
8.7 assesses his/her own input critically and evaluates, as a member of a team, the course and the result of the project.
10.1. (AF) keeps his/her knowledge about accountancy and taxation up to date, based on information from practice, policy and science.
10.2 (AF) integrates policy oriented, scientific and practice-oriented information about accounting and taxation, and is able to take a substanciated stand about the relevance of these themes for an organization.
10.3 (AF) reflects critically on the influence of recent evolutions and innovations on accounting and taxation on the policy in an organization, taking into account the particular corporate context.
11.1 is aware of the rapidly evolving knowledge society that he/she will enter and therefore understands the need for maintenance and improvement of acquired knowledge, skills and competences and acquisition of new knowledge, skills and competences.
11.2 is willing to improve his/her knowledge, skills and competences in order to shape his/her life professionally, personally, socially and civilly.
11.3 actively looks for opportunities to broaden and deepen his/her knowledge, skills and competences, in order to anticipate the (evolving) requirements of the work environment.
Previous knowledge
- Financial Reporting and Corporate Law (Y00930) and Introduction to Taxation and Social Law (Y00944).
- Internal and External Financial Reporting (S) (Y05069) and Introduction to Taxation (S) (Y05074)
Is included in these courses of study
- Master of Business Administration (Antwerp) (Specialisation: Accountancy and Taxation) 60 ects.
Activities
6 ects. Financial and Tax Accounting (B-KUL-Y50292)
Content
We learn how to prepare and interpret a consolidated financial statement prepared according to IFRS. We will start with the scope, meaning that we focus on which companies have to prepare a consolidated financial statement. We discuss the consolidation methods such as full consolidation, proportionate consolidation and equity method. By means of small cases, we will practice this subject matter. We attach importance to the elimination of intercompany transactions, deferred taxes, or the translation of financial statements denominated in foreign currencies. Differences and similarities between IFRS and Belgian GAAP with respect to the preparation of consolidated financial statements are also explained. We also discuss how consolidated financial statements could be analysed and interpreted.
Further we discuss relevant academic literature about the consequences of the transition from local accounting standards to IFRS on earnings management, cost of capital or the analysts' earnings forecast accuracy. We will also focus on the reasons why the quality of the financial statement information is different between various countries or regions. Apart from that we will become familiar with other disclosure frameworks such as integrated reporting, corporate social responsibility reporting or intellectual capital reporting.
In the part tax accounting we will cover the following topics:
1) Learning the objectives and develop an understanding on the relationship between accounting law and tax law;
2) Learning the general principles of accounting law and the primacy of the accounting law;
3) Analysis of the structure and operation of the accounting law;
4) Practical application cases of accounting law.
5) Practical application cases on the relationship between accounting law and tax law
- tax treatment of accounting registration of transactions
- reporting in corporate tax return
Course material
Compulsory Course Material
Toledo is being used for this learning activity including slides, exercises, articles,...
Recommended Course Material
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Evaluation
Evaluation: Financial and Tax Accounting (B-KUL-Y70655)
Explanation
Features of the evaluation
The course will be evaluated by means of a group assignment and a written exam. The practicalities of the group assignment will be communicated via Toledo. During the written exam, students are allowed to make use of a calculator and a code.
Determination of final grades
The result is calculated and expressed as an integer out of 20.
The final grade is a weighted score and consists of:
Group assignment : 1/6th and written exam: 5/6th of total score. A student should obtain a credit on the written exam (i.e a rounded score of 10 or more) in order to pass the course. If the student does not pass the exam, the score on the written exam is the final score for the course. For the written exam: 60% of the grade is attributed to the 'consolidation' part and 40% to the 'tax accounting' part.
If the student does not participate to one of the partial evaluations, the final grade of the course will be NA (not attended) for the whole course.
Second examination opportunity
The features of the evaluation and determination of grades are identical to those of the first examination opportunity, as described above. The score obtained on the assignment is tranferred to the second examination opportunity if a credit (a score of 10 or more) has been obtained. If the student does not obain a credit for the assignment the student has to rework the assignement (see Toledo for the practicalities)
Information about retaking exams
Please see 'Explanation' under 'Evaluation activities' for additional information with regard to the second examination opportunity.