ACC 510: Financial Accounting

Contents
The lecture introduces the system of German GAAP, which is principally relevant for all domestic companies with the legal obligation to keep records. The lecture further provides an overview of the main accounting concepts within the system of German GAAP.
Hereafter, the course first describes asset and liability recognition criteria, such as the definition of (immaterial) assets, liabilities and onerous contracts. Second, the course introduces revenue recognition principles. Third, the lecture discusses measurement principles, such as acquisition and construction costs, valuation of liabilities and depreciation.

Learning outcomes
Students obtain detailed knowledge of the general accounting principles, asset and liability recognition, revenue recognition as well as measurement principles under German GAAP. They are able to describe the norms, analyze them from an accounting theoretical perspective and critically assess them. Moreover, participants are enabled to summarize and solve complex accounting issues with reference to codified norms from court rulings of the Federal Fiscal Court as well as accounting literature. The interdisciplinary orientation of the course offers students deeper insights into the linkage between business administration and law. The knowledge is deepened by means of case studies (in collaboration with KPMG). Students learn to prepare and present solutions as part of a team. They are able to identify problems, analyze and present them in a structured, comprehensible manner. The group work fosters teamwork and leadership skills.

Necessary prerequisites
Not taken ACC 512

Recommended prerequisites
Bachelor-level knowledge of financial accounting

Examiner Performing lecturer

Prof. Dr. Jens Wüstemann Prof. Dr. Jens Wüstemann