• Course title: Accounting Theory
• Number of ECTS: 6
• Course code: MAACCAUD-45
• Module(s): AC1. Introduction to Accounting
• Language: EN
• Mandatory: Yes

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On completion of the course unit successful students will be able to:

 

  Explain the role of theory in the nature and development of accounting as a discipline;

  Describe and comprehend the tradeoff between relevance and reliability;

  Compare and contrast the diverse theories that explain the emergence of financial accounting;

  Deconstruct accounting issues that have been the subject of theoretical and empirical analysis;

  Engage in the accounting discourse including critical analysis of its reflexive role in society (including 

economy).

Accounting Theory represents the capstone of studies in financial accounting and exposes student to the underlying theories that have played an important role in shaping accounting practice. Further, the unit considers emerging issues addressed by researchers. In this way, the unit will give students an understanding of the historical and contemporary issues that have influenced or will influence the development of accounting practice, accounting regulation and accounting thought. Over time, accounting theory has focused on three main approaches or viewpoints. These are the descriptive (positive), normative and critical viewpoints. Using these theoretical points of view, this unit will help students examine current issues such as social and environmental accountability, the ethical and global dimensions of accounting, Conceptual Framework projects and the political context within which accounting policy decisions are made. The course will present a theoretical framework for examining accounting issues and practices and a chance for students to develop high-level critical and analytical skills. This will help the students to present arguments and opinions on a broad range of accounting issues, with some authority. 

The course will be assessed as follows: 100% final written examination.  

Indicative Reading :

 

Compulsory: Scott, W. R. (2015), Financial Accounting Theory, 7th Edition, Pearson.

Or if available: Scott, W. R., O’Brien, P. C. (2019), Financial Accounting Theory, 8th Edition, Pearson. (It is recommended to purchase the 7th Edition for a lower price)

• Course title: Introduction to Financial Accounting and Bookkeeping
• Number of ECTS: 2
• Course code: MAACCAUD-1
• Module(s): AC1. Introduction to Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

•Prepare and understand basic accounting entries; •Prepare and understand the content of the financial statements of a company; •Apply financial ratios to the financial statements of a company; •Perform a general analysis of the financial statements of a company.

The aim of the course is to provide students with an overall understanding of financial accounting starting with the basic mechanisms of a traditional financial reporting system. The structure of the balance sheet and the profit and loss account as well as the content of the notes to the accounts will be analysed on the basis of the Luxembourg Generally Accepted Accounting Principles (“Lux GAAP”). Together with a discussion about financial ratios, this will enable the students to get a full understanding of the financial statements of an enterprise. Emphasis is given to applications and practical exercises.

100% Written final examination

Indicative Reading : 

Wood/Robinson (2017, 9th edition): Book-Keeping and Accounts, Prentice Hall.

ICB Practical Bookkeeping (2008): Beginner/Intermediate, Kaplan Publishing.

Support will be made available at the beginning of the courses.

• Course title: Introduction to International Financial Reporting
• Number of ECTS: 3
• Course code: MAACCAUD-4
• Module(s): AC1. Introduction to Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

Understand the purpose of international financial accounting;

Become able to read financial statements and be prepared for financial statement analysis;

Get the knowledge and instruments to work with financial accounting statements.

With the completion of the stable platform of international accounting standards in 2004, the International Accounting Standards Board (IASB) established itself as a world leader in the preparation of accounting standards. The financial reporting standards issued by the IASB have now been adopted by an ever-increasing number of countries throughout the world. Further, in recent years, we have seen acceptance of these standards by the regulators in the United States. A global perspective in accounting is required and therefore this module provides an introduction to international accounting and emphasis on understanding accounting under IFRS. We will focus in detail on the following: Understand the purpose of a conceptual framework; Understand the structure and content of International Financial Reporting Standards (IFRS) (e.g. property plant and equipment, intangibles, provisions, statement of cash flow); Understanding the practical application of IFRS; Prepare and understand financial statements and disclosures.

Written final examination.

Indicative Reading :

 

Alfredson, Keith/Leo, Ken/Picker, Ruth/Loftus, Janice/Clark, Kerry/Wise, Victoria: Applying International Financial Reporting Standards (latest edition).

Donald E. Kieso/Jerry J. Weygandt/Terry D. Warfield: Intermediate Accounting: IFRS Edition (latest edition).

• Course title: Selected Topics in Accounting
• Number of ECTS: 3
• Course code: MAACCAUD-5
• Module(s): AC1. Introduction to Accounting
• Language: EN
• Mandatory: Yes

At the end of the course students will be able to:

Apply recognition, measurement and disclosure rules related to specific accounting issues;

Assess differences between accounting in accordance with IFRS and Lux GAAP.

 The course gives further and detailed insights to financial accounting in accordance with IFRS and Lux GAAP. Financial accounting topics will be discussed that are not part of the course Introduction to Financial Reporting. • IFRS 15 – Revenue from contracts with customers (Earnings management through revenue recognition)• IFRS 9 – Financial Instruments• IFRS 2 – Share-based payment• IAS 12 – Income taxes / Deferred taxes• IFRS 16 – Leases• IAS 19 – Employee benefits

Final written examination 100%

Indicative Readings :

•Picker, Ruth / Clark, Kerry / Dunn, John / Kolitz, David / Livne, Gilad / Loftus, Janice / van der Tas, Leo: Applying IFRS Standards (4th edition, Wiley).•Kieso, Donald E. / Weygandt, Jerry J. / Warfield, Terry D.: Intermediate Accounting: IFRS Edition (4th edition, Wiley).

• Course title: Risk Management
• Number of ECTS: 2
• Course code: MAACCAUD-6
• Module(s): AU1. Introduction to Audit
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Understand the concept of risk management, and to distinguish different types of financial risks;

Understand the mechanics of financial markets, in particular derivatives markets;

Understand the possibilities and limitations of financial derivatives in risk management;

Be able to determine the value of (basic) derivatives;

Evaluate complex risk management strategies based on derivatives;

Understand the principles guiding the accounting treatment of derivatives. 

The aim of the course is to provide students with a fundamental knowledge of how to identify, measure, and manage different types of financial risks. In particular, the course will display the relationship between risk and return, and discuss how (and which kinds of) firm risks can be managed using either risk decomposition, or risk aggregation techniques. Then, the remainder of the course will be devoted to discussing the properties, and potential applications of derivatives – like forwards, futures, options, and swaps – in financial risk management, including these instruments valuation, and their relevance from an accounting/auditing perspective.

Written final examination.

Indicative readings:

 

John C. Hull, Options, Futures, And Other Derivatives (10th edition, Pearson 2018)(The main textbook for the course. We will follow it pretty closely.)

John C. Hull, Fundamentals of Futures and Options Markets, (9th Pearson 2017)(A less comprehensive and mathematically less rigorous version of Hull’s main textbook. For this course, it can well be used instead of the latter.)

Aswath Damodaran, Strategic Risk Taking: A Framework For Risk Management, Wharton School Publishing 2008

IFRS 9

• Course title: Internal Control
• Number of ECTS: 4
• Course code: MAACCAUD-7
• Module(s): AU1. Introduction to Audit
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

•Understand the relationship between risk and control and how internal controls are being addressed in the context of an audit engagement; •Get a practical knowledge of risks, controls, their documentation and their testing at the level of transactions; •Practice writing and presentation skills through preparation of papers and oral presentation in front of the classroom ; emphasis will be placed on structuring papers and slidepacks in professional practice tone and set-up; •Derive financial statements risks from business risks; •Practice the performance and documentation of risk controls matrices, walkthroughs of significant classes of transactions and Testing of controls through use of typical forms and templates, similar to those used in audit firms the principles guiding the accounting treatment of derivatives.

 

The course objectives are:• Introduce Internal Control Principles including what internal control systems can and cannot do; • Define internal control in understandable terms based on the definitions provided by professional organizations; • Describe continuous improvement based on the PDCA Cycle; • Illustrate business processes including the various roles played by Policies, Standards, and Procedures; • Explain and identify how to understand and use an Internal Control Framework; • Analyze key components of the internal control process; • Build an Internal Control Hierarchy. This course is intended for students without a control background. It provides the vocabulary of control, the definitions of control, what control can and cannot do, what a system of internal controls includes, the concept of risk and its relationship with control, and how individuals build and assess the adequacy of controls. It also defines the responsibilities for building, monitoring, and assessing control. The Committee of Sponsoring Organizations “COSO” internal control framework will be introduced as the most widely accepted control model.

Oral exam (100%)

Indicative reading:

•Graham, Lynford: Internal controls – guidance for private, government, and nonprofit entities. Wiley, 2008.•Moeller, Robert: Sarbanes-Oxley – Internal controls. Wiley, 2012•Woods, Margaret; Linsley, Philipp; Kajuter, Peter: International risk Management – Systems, internal control and Corporate Governance. Elsevier, 2008•Leitch, Matthew: Intelligent internal control and risk management – designing high-performance risk control systems. Gower Publishing Company, 2008.

• Course title: Introduction to Luxembourg Company Law
• Number of ECTS: 2
• Course code: MAACCAUD-8
• Module(s): LA1. Introduction to Law
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

 

Understandthegeneralrulesapplicabletocompanies;

UnderstandtheinfluenceofEuropeanlegislationon nationalcompanylaw; and

Understandtheinteractionsbetweencompanylawontheonehandandaccountingandaudit ontheotherhand(e.g. theroleofanauditorinacompany).

 

The course will in particular focus on the following: The various company forms available; Theincorporation of acompany Thecompanyoveritslifetime;   Thedissolutionandliquidationofacompany; Legal personality and its attributes; and Corporate restructuring techniques (e.g. mergers, divisions, transfer of assets…)                                                                                                                                                                                      Litteratures: ·         R. BAHAR, P.-H. CONAC, I. CORBISIER, A. COURET, A. PRÜM, D. RUPPERT & J.-P. SPANG (sous la coordination d’André Prüm), Le nouveau droit luxembourgeois des sociétés, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2008. ·         Ch. BOYER, I. CORBISIER, G. DUSEMON, P. MISCHO, K. PANICHI, Th. PARTSCH, C. POGORZELSKI, P. SCHLEIMER, L. SCHUMMER, Al. STEICHEN, Les commandites en droit luxembourgeois, Bruxelles, Larcier, 2013. ·         P.-H. CONAC, I. CORBISIER, J.-A. DELCORDE, F. GUILLAUME, M. MENJUCQ, I. RIASSETTO, A. SEIFERT, J.-P. SPANG, Th. TILQUIN & J.-P. WINANDY, Fusions transfrontalières de sociétés, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2011. ·         I. CORBISIER & F. BERNARD, “Cross-border mobility within the EU and specifically in Belgium and Luxembourg: same destination, different roads”, European Company Law Journal, 16, n°1 (2019): pp. 18 – 30. ·         I. CORBISIER, Le droit des sociétés commerciales au Grand-Duché de Luxembourg, comparé aux droits belge et français, Bruxelles, Bruylant, 2000. ·         I. CORBISIER, La société : contrat ou institution ?, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2011. ·         R. KRAAKMAN, J. ARMOUR, P. DAVIES, L. ENRIQUES, H. HANSMANN, G. HERTIG, Kl. HOPT, H. KANDA, M. PARGENDLER, W.-G. RINGE & Ed. ROCK, The anatomy of corporate law – A comparative and functional approach, 3rd ed., OUP, 2017.

Written final examination.

Indicative reading:

CORBISIER, Le droit des sociétés commerciales au Grand-Duché de Luxembourg, comparé aux droits belge et français, Bruxelles, Bruylant, 2000

STEICHEN, Précis de droit des sociétés, Luxembourg, Saint Paul, 2006

J.-P. WINANDY, Manuel de droit des sociétés, Luxembourg, Legitech, éd. 2008 et éd. 2011

R. BAHAR, P.-H. CONAC, I. CORBISIER, A. COURET, A. PRÜM, D. RUPPERT & J.-P. SPANG (sous la coordination d’André Prüm), Le nouveau droit luxembourgeois des sociétés, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2008

P.-H. CONAC, I. CORBISIER, J.-A. DELCORDE, F. GUILLAUME, M. MENJUCQ, I. RIASSETTO, A. SEIFERT, J.-P. SPANG, Th. TILQUIN & J.-P. WINANDY, Fusions transfrontalières de sociétés, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2011

CORBISIER, La société : contrat ou institution ?, Collection de la FDEF de l’Université du Luxembourg, Bruxelles, Larcier, 2011

CH. BOYER, I. CORBISIER, G. DUSEMON, P.  MISCHO, K. PANICHI, TH.

PARTSCH, C. POGORZELSKI, P. SCHLEIMER, L. SCHUMMER, A. STEICHEN, Les commandites en droit luxembourgeois, Bruxelles, Larcier, 2013

• Course title: Corporate Governance
• Number of ECTS: 2
• Course code: MAACCAUD-9
• Module(s): LA1. Introduction to Law
• Language: EN
• Mandatory: Yes

 

On completion of the course unit successful students will be able to

Understand the role boards and board members play in corporate governance and the lives of businesses large and small;

Assess the quality of the corporate governance of different corporations;

Value the crucial role of the accounting and auditing profession.

 

 In this course students will learn how corporations are governed. For small companies the owners are the same people as the managers. As companies grow, the owners (shareholders) become higher in number and more dispersed. For companies listed on the stock market this separation of ownership and control is most pronounced. In this course the different mechanisms that assure that managers act in the interest of shareholders will ba analyzed. The key mechanisms are: i) the Board of Directors, ii) incentive schemes, iii) the market for corporate control, iv) laws, codes and regulations, among others. The advantages and disadvantages of these mechanisms will be analyzed and particular attention will be given to the crucial role of the accounting and auditing tasks .  

Half of the mark will be based on class participation and team and/or individual assignments (TBA). (50%)

Half the mark is based on a final written examination (50%)

Indicative Reading:

Monks and Minow, “Corporate Governance”, 5

th

or more recent edition. 

Wall Street Journal, Financial Times, any topics on Corporate Governance.

Website European Corporate Governance Institute,

www.ecgi.org

.

• Course title: Civil Law and Commercial Law
• Number of ECTS: 3
• Course code: MAACCAUD-11
• Module(s): LA1. Introduction to Law
• Language: EN
• Mandatory: Yes

 

On completion of the course unit, successful students will be able to:

Explain the key characteristics of civil law systems and the central elements of Luxembourg contract law;

Analyse the fundamentals of civil liability and its application to governmental agencies and specific professions;

Have some basic knowledge in respect of the main rules applicable to certain agreements that are widely used in business-to-consumer and business-to-business transactions;

Have some basic knowledge in respect of the most important regulatory requirements applicable to commercial activities (in particular in respect of the business licence).

  This course consists of three parts. The first part covers fundamental theories of civil law, focusing mainly on the basic principles of civil law and contracts law (including the formation of contracts; the validity of contracts; the performance of contracts, breaches and remedies). The second part covers civil liability. This part presents after a short introduction comparing civil liability to criminal law the principals of (a) liability in tort and (b) contractual liability to conclude with applications of civil liability to governmental agencies, company directors, portfolio managers, depositaries, accountants (incl. fund administrators) and auditors. The third part of the course provides a general overview of certain areas of commercial law. That part of the course will in particular address (i) the regulatory requirements applicable to commercial activities, including in particular the rules regarding the grant of a business licence and a licence to professional of the financial sector,(ii) contractual aspects of commercial law, which include the study of (a) the distinction between civil agreements and commercial agreements and (b) protections granted to consumers under the Consumer Code, and (iii) the law relating to unfair commercial practices.  

Written essay

Indicative readings:

Webpage of the website

www.guichet.public.lu

“Business permit reform” regarding the law of 2 September 2011 governing the access to the professions of skilled craftsman, trader, manufacturer, as well as to certain liberal professions : http://www.guichet.public.lu/entreprises/en/actualites/2011/10/03-etablissement/index.html

DG Justice guidance document concerning Directive 2011/83/EU of the European Parliament and of the Council of 25 October 2011 on consumer rights made on June 2014 :

http://ec.europa.eu/justice/consumer-marketing/files/crd_guidance_en.pdf

Guidance on the implementation/application of Directive 2005/29/EC on unfair commercial practices dated 3 December 2009: http://ec.europa.eu/justice/consumer-marketing/files/ucp_guidance_en.pdf

• Course title: Statistics
• Number of ECTS: 3
• Course code: MAACCAUD-12
• Module(s): STA. Statistics
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:•distinguish between categorical and quantitative data;•construct and interpret appropriate graphical and numeric summaries of data;•construct and interpret coverage and confidence intervals;•construct and interpret hypothesis tests;•construct and interpret simple linear statistical models;•carry out, document, and explain a randomization for a survey or an experiment.

This introductory course to statistics covers the following elements:• Introduction to data.• Probability.• Distributions of random variables.• Foundations for inference.• Inference for numerical data.• Inference for categorical data.• Introduction to linear regression.

Written exam

Indicative Reading:

 

David Diez, Christopher Barr e Mine Çetinkaya-Rundel: Openintro Statistics: Fourth Edition.

• Course title: Contemporary issues in Financial Reporting and Audit Research
• Number of ECTS: 1
• Course code: MAACCAUD-15
• Module(s): AC2-Intermediate Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

 

–  Read and understand current articles about contemporary issues in financial reporting and audit in academic journals

–  Evaluate research articles

 The course explores contemporary issues in financial reporting and audit research. Students will read and discuss seminal research papers as well as recently published research papers from leading accounting and auditing journals (e.g. The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, etc.). In addition, the course content will cover research in early phases, i.e. working papers or research ideas of the instructor that are not yet published. Thus, the aim of the course is to provide insights into state-of-the-art of academic research in selected areas of accounting and auditing. Upon completion of the module, students will be able to place research questions and designs within a broader context of academic research, and to assess selected contributions’ significance.

The course will be assessed as follows:Seminar paper: 80%Presentation: 20%

Indicative readings:

Abraham, S. and Shrives, P.  (2014) Improving the relevance of risk factor disclosure in corporate annual reports: The British Accounting Review. 46, pp:96-107;

Dobler, M., Lajili, K., Zeghal, D. (2011).

Attributes of corporate risk disclosure. An international investigation in the manufacturing sector. Journal of International Accounting Research. Vol. 10, No.2, pp.1-22;

Abraham, S., Marston, C. L. & Darby, P. 2012.

Risk reporting: Clarity, relevance and location.  The Institute of Chartered Accountants of Scotland (ICAS), Edinburgh;

Abraham, S., Cox., P., 2007. Analysing the determinants of narrative risk information in UK FTSE 100 Annual Reports. The British Accounting Review 39, 227-248;

Marshall, A.P., Weetman, P., (2007), Modelling transparency in disclosure: The case of foreign exchange risk management, Journal of Business Finance and Accounting, Vol. 34, Nos. 5 and 6, pp. 705-739;

Fraser, I.A.M., Pierpoint, J.P, Collins, W and Henry, W.M. (2010), Meeting the needs?: User views on external assurance and management commentary, The Institute of Chartered Accountants of Scotland, Edinburgh;

Fraser, I.A.M. and Pierpoint, J.P. (2011), Can we meet the needs? Auditor views on external assurance and management commentary, The Institute of Chartered Accountants of Scotland, Edinburgh

• Course title: Group Accounting
• Number of ECTS: 2
• Course code: MAACCAUD-16
• Module(s): AC2-Intermediate Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Assess the group structure of an entity and will be able to prepare the consolidated financial statements and analyse them.

The course is designed to give students insight to group accounting under IFRS. The group will explain what is meant by reporting entity how can it be defined and what are the theoretical and practical problems when groups are established. The course will also explain differences between business combinations and other types of uniting business interests. Furthermore students will presented with the consolidation procedures mainly focusing the statement of financial position and comprehensive statement of incomes. The course will also present the problems of associates and joint arrangements in detail.

Written final examination.

Indicative readings:

Course notes and course slides posted on Moodle or provided by the lecturer at the beginning of the semester.

Mackenzie – Coetsee – Njikizana – Chamboko – Colyvas: Interpretation and application of IFRS (chapters on group accounting)

Kaplan ACCA Paper F7 and P2 – group accounting chapters

• Course title: Financial Reporting: National rules and regulations
• Number of ECTS: 4
• Course code: MAACCAUD-17
• Module(s): AC2-Intermediate Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

analyse LUX GAAP financial statements critically;

understand the key assumptions and related options exercised by management;

conclude on the compliance of financial statements with the current rules and regulations in Luxembourg.

Beside the promotion of technical competency, this course seeks to:

develop judgement;

encourage critical thinking;

promote common sense;

help develop research skills.

T he course is a comprehensive study of financial reporting applicable in Luxembourg (LUX GAAP) with a focus on corporate entities excluding the banking and insurance sectors covered in other classes (“réviseur” path). The students should acquire a thorough understanding of the legal framework governing the preparation of general-purpose financial statements as well as of the prevailing accounting practices. The course will cover all significant areas and issues relating to a framework for the preparation of financial statements i.e.: Scope Key concepts and general principles Measurement bases Consolidated accounts vs. individual accounts Presentation of financial statements Balance sheet Profit and loss account Notes to the accounts Accounting policies Tangible assets Intangible assets Government grants Financial assets Stocks / inventories Impairment of assets Liabilities and equity Basic financial instruments Provisions and contingencies Accounting for leases Revenue recognition Employee benefits Accounting for income tax Foreign currency translation Related party disclosures Subsequent events Other selected financial reporting topics and issues The course will mainly focus on individual / separate financial statements as opposed to consolidated financial statements covered in the “group accounting” class.

This course will be assessed as follows:Final written examination: 50%Individual presentation in class: 20%Group projects, in-class quizes and exercises: 30%

Students will be required to read all legislation pertaining to LUX GAAP, e.g.:

Directive 2013/34/EU on annual financial statements, consolidated financial statements and related reports;

Code of commerce, legal provisions on bookkeeping;

Law of 19 December 2002, legal provisions on individual annual accounts;

Grand-Ducal Regulation of 10 June 2009 on the standard chart of accounts;

Law of 10 August 1915, section XVI on consolidated accounts, section XI on criminal sanctions as well as other selected provisions relating to accounting.

In addition, students will be encouraged to consult and read European and international materials relevant to their knowledge of LUX GAAP.

• Course title: Managerial Accounting
• Number of ECTS: 3
• Course code: MAACCAUD-18
• Module(s): AC2-Intermediate Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

Acquire an overview of the use of accounting data by managers for financial and operational planning and control;

Evaluate the organizational role of management accountants and describe accounting systems used by manufacturing businesses;

Acquire a basic knowledge in the techniques and procedures of costing systems, profit planning, and the collection and use of cost data in decision making;

Develop a basic foundation in the concepts of cost behavior and cost systems design;

Understand basic managerial and cost accounting concepts such as cost-volume-profit, budgeting, product costing and cost behaviors;

Prepare, use and evaluate budgetary data;

Evaluate capital expenditure decisions using discounted cash flow;

Analyze Capital Investment Alternatives;

Apply and interpret basic financial statement analysis.

 This course is an intensive introduction to the preparation and interpretation of financial information for investors (external users) and managers (internal users) and to the use of financial instruments to support system and project creation. The course adopts a decision-maker perspective on accounting and finance with the goal of helping students develop a framework for understanding financial, managerial, and tax reports.  The course cost-volume-profit relationships and incremental analysis provide managers the information to support their decision-making. Related issues such as responsibility centres and transfer pricing will also be reviewed.  

This course will be assessed as follows:Written final examination: 50%Written mid-term examination: 20%Presentation: 10%Assessments based on weekly Connect/Submission Assignments: 20%

Indicative readings:Garrison, R., E. Noreen, and P. Brewer. Managerial Accounting, 2nd Edition New York: McGraw-Hill/Irwin     with Connect Plus Accounting ISBN-13 9780077403485;Case Study: Midwest Office Products – Harvard Business Review. Reserve section libraryCase Study: Software Associates – Harvard Business Review. Reserve section libraryCase Study: Kaufman Manufacturing – Harvard Business Review. Reserve section libraryCase Study; Precision Worldwide, Inc. – Harvard Business Review. Reserve section libraryIllustrative texts and articles include: ·      A Bhimani, Strategic Finance, Strategy Press, (2008)·      C Horngren, A Bhimani, S Datar & G Foster, Management and Cost Accounting, FT/Prentice Hall (2008)·      A. Bhimani, Contemporary Issues in Management Accounting, Oxford University Press (2006)·     Emsley, Redesigning variance analysis for problem solving, Management Accounting Research (2001) pp.21-40·      Davila, T. and Wouters, M. (2005) “Managing budget emphasis through the explicit design of conditional budgetary slack”, Accounting, Organizations and Society: 30, 587-608·      Miller & O’Leary, Managing operational flexibility in investment decisions: the case of Intel, Journal of Applied Corporate Finance (2005), pp. 87-93.Hall, M. (2008). The effect of comprehensive performance measurement systems on role clarity, psychological empowerment and managerial performance. Accounting, Organizations and Society, 33(2-3), 141-163. 

• Course title: Auditing and Professional Skills
• Number of ECTS: 6
• Course code: MAACCAUD-19
• Module(s): AU2-Intermediate Audit
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Explain and apply the basic concepts underlying an audit of financial statements;

Explain and apply the basic concepts underlying assurance services other than the audit of statutory accounts (review engagements, related services including agreed-upon procedures, and assurance engagements).

 Lecture sessions The first part of the course will focus on the demand and supply of such services. The second part of the course focuses on understanding the key concepts that underlie the audit process: materiality, audit risk, evidence, planning, internal control, types of tests, sampling. The last part of the course covers audit reporting.  A systematic approach will be taken with the primary emphasis on understanding why and how audits and assurance services are performed. The course content will be based on the required textbook. Each chapter in the textbook contains detailed learning objectives for the relevant material. EMGP Chapter 1 – An Introduction to Assurance and Financial Statement Auditing EMGP Chapter 2 – The Financial Statement Auditing EnvironmentEMGP Chapter 3 – Audit Planning, Types of Audit Tests, and MaterialityEMGP Chapter 4 – Risk AssessmentEMGP Chapter 5 – Evidence and DocumentationEMGP Chapter 6 – Internal Control in a Financial Statement Audit EMGP Chapter 8 – Audit Sampling:  An Overview and Application to Tests of ControlsEMGP Chapter 17 – Completing the Audit EngagementEMGP Chapter 18 – Reports on Audited Financial Statements Workshop sessions Workshop sessions will consist of case-studies, exercises and group discussions on key concepts presented during the lecture sessions. ISA’s and standards relevant for other assurance services (ISRE’s, ISAE’s and ISRS’s) will be covered in a systematic and interactive way during the workshops. 

Written exam

Indicative readings:

Auditing and Assurance Services – 3rd International Edition; Eilifsen Aasmund, Messier William F., Glover Steven M., Prawitt Douglas F; Publisher: McGraw Hill Higher Education; ISBN: 978-0077143015

• Course title: Advanced Company Law
• Number of ECTS: 2
• Course code: MAACCAUD-21
• Module(s): LA2-Advanced Company Law
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Understand the specific features of each type of company in order to be able to make a meaningful choice between the forms available;

Understand the influence of European legislation on national company law;

Understand the importance and differences between the companies’ operation rules.

After the first part of this course that generally introduced to company law, from a European and national perspective and that examined the rules applicable to all companies, this second part of the course examines the special rules applicable to the main types of companies in use in Luxembourg, namely the public and private limited liability companies and the cooperative society.  The course will in particular focus on the following : The constitution of the companies, including their financing structure; The operation of the companies, with a particular focus on the functioning of their specific “organs”, namely the general meeting of shareholders, board of directors or managers ·   

Written final examination

Indicative readings:

This is provided with the table of contents posted on Moodle for the students after the start of the classes

• Course title: Corporate Finance
• Number of ECTS: 6
• Course code: MAACCAUD-22
• Module(s): FIN-Corporate Finance
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Explain how capital markets determine financial prices;

Use the time value of money in valuation;

Compare the benefits and costs of an investment project;

Value stocks and bonds;

Capital markets determine the price of risk;

Evaluate how firms estimate their cost of capital and choose their capital structure;

Estimate project and firm valuation.

This Finance course explores several issues related to companies, investors, and the interaction between them in capital markets.  It focuses, in particular on where, how, why and under what conditions finance impacts the economic system.Corporations obtain resources from capital markets in order to finance investments in productive assets that yield uncertain benefits over several years. The objective of the course is to provide an introduction to the analysis of corporate decisions from a financial point of view, and to help students develop an understanding of basic economic issues and of the main tools required for any type of financial analysis.  Students following this course will be able to evaluate notably how: capital markets determine financial prices and the price of riskto use the time value of money in valuation to compare the benefits and costs of an investment project to value stocks and bondsfirms estimate their cost of capital and choose their capital structureto estimate project and firm value

This course will be assessed as follows:Written final examination: 40%Mid-term examination: 40%Homework assignments: 20%

Indicative readings:

Fundamendals of Corporate Finance, by Berk, DeMarzo, and Harford (BDH) (3rd edition, Pearson, 2015)

Corporate Finance: Core Principles and Applications, by Ross, Westerfield, Jaffe and Jordan (RWJJ), (5th edition, McGraw-Hill, 2018)

• Course title: Applied Econometrics
• Number of ECTS: 3
• Course code: MAACCAUD-23
• Module(s): AEC-Applied Econometrics
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

•Discriminate between models describing common features between observable phenomena and models aiming at uncovering causal relationships;•Interpret the coefficients of a multivariate linear regression;•In nonlinear regression models, relate the estimated parameters to the marginal impact of the independent variables on the dependent variable;•Use statistical software (STATA, R) to gather, organize and process data, and produce graphs and tables to be used in scientific reporting.

The aim of this course is to equip the students with the skills necessary to carry out Master level econometrics research in Accounting and Audit. Students will complement their knowledge of basic statistical methods with new and specific tools, and develop an integrated approach to the use of statistical tools in accounting and audit research. Upon completion of the course a student should be able to critically read and understand reports and journal articles that make use of the methods explained in class. Students acquire the techniques needed to represent the results of a project in the form commonly used in scientific communication.

Oral Exam:       50%Oral exam (during in class presentations)Presentation :   50%In class group presentation of the assignment

Litterature :

Jeffrey M. Wooldridge, “Introductory Econometrics”, South-Western College Publishing; International ed. of 6th revised edition, 2015

• Course title: UV10 – Droit fiscal
• Number of ECTS: 3
• Course code: CCRE-26
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

Les étudiants ayant suivi le cours et réussi les examens seront capables de :° Objectif : au-delà des connaissances théoriques de base, arriver au calcul des provisions fiscales dans des  cas d’une certaine complexité. Etablir des déclarations fiscales de collectivités (au titre de l’impôt sur le  revenu, de l’impôt commercial communal, de l’impôt sur la fortune, de la TVA) d’un degré de complexité audessus  de la moyenne sans être exceptionnel. Conseiller en matière de fiscalité internationale sur le jeu des  conventions contre la double imposition et le crédit d’impôt disponible aux contribuables résidents.

° Les bases de la fiscalité luxembourgeoise, y compris d’un point de vue historique (dans la mesure où celui-ci   est pertinent pour la compréhension du présent) ; le droit fiscal général (l’agencement juridique général : par   rapport au droit privé, au droit constitutionnel, au droit international, au droit européen), y compris le   contentieux fiscal. Enseignement des dispositions de droit matériel des principaux impôts luxembourgeois,   directs et indirects : Impôt sur le revenu, Impôt sur la fortune, Impôt commercial communal, TVA, droits   d’enregistrement (notamment taxe d’abonnement).° Les conventions contre la double imposition internationale, le droit européen et son impact sur le droit   luxembourgeois, (libertés fondamentales du traité, dispositions sur les aides étatiques et le code de conduite   en matière de fiscalité).

Un examen écrit de deux heures maximum. Une session de rattrapage consistant également en un examen écrit de deux heures maximum.

LITTERATURE : Slides PPT

• Course title: Audit Simulation
• Number of ECTS: 3
• Course code: MAACCAUD-32
• Module(s): AU3-Audit Simulation
• Language: EN
• Mandatory: Yes

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.1px Arial; color: #000000} On completion of the course unit, successful students will be able to:•understand the audit profession•perform audit procedures•act with professional skepticism•describe the special considerations with respect to audits of group financial statements

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.1px Arial; color: #000000} p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.1px Arial; color: #000000} This course is an audit simulation starting from planning the audit and understanding the client, until concluding on the audit with final reporting and opinion.The last part of the course covers professional skepticism and the impact on the audit.The course comprises a special digression on the audit of group financial statements (including the work of component auditors). 

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– Written exam : 50%

– Participation : 50%

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Literature : The course mainly represents a practical application of prior acquired theoretical knowledge. Practically oriented course materials will be provided during the sessions.

• Course title: Empirical Research in Accounting and Audit
• Number of ECTS: 3
• Course code: MAACCAUD-29
• Module(s): AC3-Advanced Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:•replicate a research paper (= write a replication study), thereby•identify and a formulating a researchable topic and research question•assess the literature and identifying relevant resources for the research•synthesize prior work from different sources•consult and critically evaluate literature•construct an appropriate research design to answer a relevant research question 

The aim of this course is to provide students with an understanding of the empirical research in accounting and audit and to prepare students to write their Master Thesis. Although empirical research in accounting and audit uses various methods, e.g. empirical archival, surveys, interviews, questionnaires, this course focuses on capital market based accounting and audit research (today’s “mainstream accounting research” [Merchant, Management Accounting Research, 21 (2), 116-120]). By learning the empirical setup of such a study, students will be enabled to understand the nexus between accounting information, its reliability and relevance (decision usefulness), financial statement audits, and capital markets. Students will be enabled to conduct state-of-the-art capital market based empirical accounting and audit research and reflect upon the practical implications of this research. Consequently the course covers the entire research process.

This course will be assessed as follows:

Seminar Paper : 100%

Indicative readings:

•Current literature in pdf format is distributed by the course leader via Moodle several weeks before the course begins.•MacKinlay (1997): Event studies in economics and finance, Journal of Economic Literature 37(1), 13-39.

• Course title: Financial Analysis
• Number of ECTS: 6
• Course code: MAACCAUD-30
• Module(s): AC3-Advanced Accounting
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:By the end of the course students should have answers to the following questions: •How are fundamental values (or “intrinsic values”) estimated? •How are business strategies analyzed in order to understand the value they create?•What business activities determine value? •How is “value created for shareholders” identified?•How does one pull apart the financial statements to get at the relevant information for valuing equities?•What is the relevance of cash-flows? Of dividends? Of earnings? Of book values? •How does ratio analysis help in valuation?•How does profitability tie into valuation?•What is growth? How does one analyze growth? How does one value a growth firm? •How does one analyze the quality of financial reports? •How does one deal with the accounting methods used in financial statements? •How is financial analysis developed for strategy and planning? •What determines a firm’s P/E ratio? How does one calculate what the P/E should be?•What determines a firm’s market-to-book (P/B) ratio? How does one calculate what the P/B should be?

This is a course on fundamental analysis. The primary emphasis is on equity (share) valuation, with a focus on developing and applying methods for valuing firms using financial statement analysis. The course has a very practical focus. The methods of fundamental analysis will be examined in detail and applied in cases and projects involving listed companies. Topics include models of shareholder value, a comparison of accrual accounting and discounted cash flow approaches to valuation, the analysis of profitability, growth and valuation generation in a firm, diagnosing accounting quality, forecasting earnings and cash flows, pro-forma analysis for strategy and planning, and the determination of price/earnings (P/E) and market-to-book (P/B) ratios. We learn how to handle accounting and financial reports in valuation. We see that valuation is really a matter of appropriate accounting for value. The course combines accounting principles and investment principles to answer the question: How do I account for value so that I can challenge stock prices with some confidence?The course will focus on the following topics:• Financial Reporting Standards• How financial statement are used in valuations• Cash accounting, accrual accounting and discounted cash flow valuation• Accrual accounting and valuation: Price book values and pricing earnings• Viewing the Business through the financial statements• Analysis of Financial Statements: Analysis of Profitability• Analysis of growth and sustainable earnings• Value of operations• Simple forecasting and simple valuation• Full information forecasting and valuation

The final grade for this course will be based on:

Written exam: 40%

Weekly Quizzes: 30%

Seminar Paper: 30%

Indicative readings:

•Davidson, Wallace, and Safari, an O’Reilly Media Company. Financial Statement Analysis. 1st ed. 2020. Web•Penman, Stephen H. Financial Statement Analysis and Security Valuation.5th Ed., International ed. New York: McGraw-Hill Higher Education, 2013. Print.

• Course title: IFRS Based Managerial Accounting
• Number of ECTS: 3
• Course code: MAACCAUD-31
• Module(s): AC3-Advanced Accounting
• Language: EN
• Mandatory: Yes

 

On completion of the course unit, successful students will be able to:

Develop an understanding of the degree to which financial accounting information can be used for managerial accounting purposes;

Identify, measure, and assess the reasons for the divergence of managerial and financial accounting;

Detecting earnings management and consequences;

Evaluate the role of the IFRS in the increasing convergence of managerial and financial accounting outcomes;

Understand the advantages and disadvantages of converging accounting practices.

 

  The course “IFRS Based Managerial Accounting” establishes the link between the courses  “Managerial Accounting” and “Introduction to International Financial Reporting” as well as 32 “Selected Topics in Accounting” the students take in the previous semesters. It establishes a sound understanding of the differences and similarities of financial and managerial accounting. The degree to which financial accounting information can be used for managerial accounting purposes depends a lot on the legal setting and the specific statutory accounting standards that have to be applied for financial reporting. The reason for the divergence of managerial and financial accounting is primarily the lack of applicability of statutory external financial reports for internal controlling purposes. For example, financial reporting can focus heavily on the prudence principle (as was the case for several years under Lux GAAP). Also, financial reporting is often influenced by earnings management considerations. The resulting biased outcomes are inapplicable for internal controlling purposes. Lastly, managerial reporting often detaches itself from the accrual basis of accounting. Especially the application of the International Financial Reporting Standards (IFRS) in financial reporting makes sustaining a divergence of managerial and financial accounting less obvious. The IFRS are not particularly prudent. Earnings management is still present and will be discussed with various methods. Also the misuse of financial reporting practices and the consequences will be discussed. Furthermore, an aggregation of managerial and financial accounting would bring along a significant simplification of accounting, the creation of a common basis of communication (externally and internally), and the immediate responsibility of the management for the performance reported in its financial reports. These and several other reasons militate in favour of a convergence of managerial and financial accounting in the face of the on-going spreading of IFRS. Therefore, the emphasis of the course “IFRS Based Managerial Accounting” is on teaching students when financial reports in accordance with IFRS are applicable for use in managerial accounting. Upon completion of the course, the students will have a sound understanding of the basic similarities and differences between IFRS based financial reports and managerial reports, the reasons behind these differences and the underlying theory.

The final grade for this course will be based on:

Seminar paper: 50%

Presentation: 50%

Indicative readings:

Krishna G. Palepu/Paul M. Healy/Erik Peek: Business Analysis and Valuation IFRS Edition (latest edition);

Bartov, Eli (1993): The Timing of Asset Sales and Earnings Manipulation. In: The Accounting Review 

68 (4), S. 840-855;

Bartov, Eli; Gul, Ferdinand A.;Tsui, Judy S. L. (2000): Discretionary accruals models and audit 

qualifications. In: Journal of Accounting and Economics 30 (3), S. 421-452;

Dechow, Patricia M.; Hutton, Amy. P.; Kim, Jung Hoon; Sloan, Richard G. (2012): Detecting Earnings 

Management: A New Approach. In: Journal of Accounting Research 50 (2), S. 275 – 334;

Jones, Keith L.; Krishnan, Gopal V.;Melendrez, Kevin D. (2008): Do Models of Discretionary Accruals 

Detect Actual Cases of Fraudulent and Restated Earnings? An Empirical Analysis. In: Contemporary 

Accounting Research 25 (2), S. 499–531;

Roychowdhury, Sugata (2006): Earnings management through real activities manipulation. In: Journal 

of Accounting and Economics 42 (3), S. 335–370;

Yermack, David (1997): Good Timing: CEO Stock Option Awards and Company News Announcements. 

In: The Journal of Finance 52 (2), S. 449.

• Course title: Conversion and Insolvency Law
• Number of ECTS: 3
• Course code: MAACCAUD-33
• Module(s): LA3-Conversion and Insolvency Law
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:•gain a solid background on a firm’s insolvency and reorganization possibilities and the issues arising there from; •recognize reorganization processes according to conversion law and to evaluate them; •resolve individual issues; •assess which procedure is more appropriate in case of a company’s insolvency, as well as the steps to be followed both at national (Luxembourg) and EU level; •consider, in case the company is considered ‘viable’, all possible ways of reconstruction, restructuring and conversion, their advantages and disadvantages as well as their legal requirements and procedures. 

The course begins by setting out the general principles and terminology of insolvency law as those are found in various jurisdictions (the debtor, the creditors and the composition of creditors, the insolvency practitioner (IP) and the administrator, the estate and its distribution), as well as the purpose of insolvency. It proceeds to distinguish between liquidation and re-organization and the cases under which each procedure is to be found more suitable. Furthermore, the course examines the requirements for the opening proceedings, as well as the ‘future’ of the involved contractual relationships. It continues by examining the different types of conversion in general, their purpose, their requirements, the transfers and transactions involved and their repercussions to the legal form of the company as well as the rights of the participating parties. Upon providing this general background, the course offers an examination of EU law with regard to conversions, i.e. cross-border mergers, mergers of public limited liability companies, take overs, change of legal forms and divisions; as well as insolvency, i.e. the EU Insolvency Regulation. It also very briefly discusses issues arising at international level, in particular with regard to insolvency and the UNCITRAL Model Convention. It then focuses on issues arising from Luxembourgish insolvency and conversion law, in order to allow the students to realise the reorganisation possibilities according to conversion law as well as from insolvency cases. With regard to the latter (insolvency) the course presents in detail the following procedures and the issues arising therefrom (ex. Directors’ liability), by discussing the law in itself as well as the relevant Luxembourgish case law (where applicable): • The ‘bankruptcy procedure’ / Faillite • Banqueroute (simple and fraudulent) • The rehabilitation procedure • The Suspension of payments (sursis de paiement) • The procedure of controlled management (Gestion contrôlée) • The Composition to avoid bankruptcy (Concordat préventif de la faillite) • The compulsory winding-up (Liquidation judiciaire) With regard to conversion procedures, the course provides a detailed account of the following procedures in the context of Luxembourgish law, with extensive references to case law (where applicable): • Mergers; • Divisions and partial divisions; • Transfers of line of business; • Transfers of (part or the entire) assets and liabilities of a company; • Transfers of business assets; • Transformation of one type of a company into another (for instance from a public limited liability into a private limited liability or a partnership); • Disinvestments; • Migration from/to Luxembourg while maintaining the company’s legal personality; • Conversion to a Societas Europae (European Company).

Two oral exams

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Indicative readings:

•K. Zwieten: Goode on Principles of Corporate Insolvency Law’, Sweet & Maxwell (2018).•Ph. R. Wood, ‘Principles of International Insolvency’, Thomson Sweet & Maxwell (2019).•By reference to EU Law, the course is premised on the relevant Treaty provisions, Directives and Regulation as well as, to a larger extent, the Court of Justice of the EU case law.•With regard to the biggest part of the course (Luxembourg law), we rely to a big extent on national legislation and national case law, as well as studies on Luxembourgish law•M. Winandy, Manuel de droit des sociétés, 2019, Legitech•M. Menjucq, Droit international et européen des sociétés, Précis Domat, LGDJ, 6ème éd., 2021.

• Course title: Research Computing
• Number of ECTS: 2
• Course code: MAACCAUD-34
• Module(s): RCO-Research Computing
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:•Record, write, edit, test and run VBA macros with confidence. •Automate repetitive Excel business tasks and streamline workflow. •Write and apply User Defined Functions (UDFs) •Implement event procedures.

 1. Macros / VBA2. VBA Editor3. Creating / Editing Code4. Invoking Macros5. Compiling Code6. Variables7. Working with The Object Model8. Creating & Naming Objects9. Navigation / Selection Techniques10. Logic Statements11. Looping Statements12. Interactive Code13. Error Handlers

Written take home examination

• Course title: General Business Studies and Business Ethics
• Number of ECTS: 4
• Course code: MAACCAUD-35
• Module(s): GBS-General Business Studies and Business Ethics
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:•understand both organizational behavior and intra-organizational processes; in particular a model is taught which compares 1.) leadership, 2.) rules, 3.) competition, 4.) chaos on the effectiveness of an organization, and how to use these effects in a deliberate organizational design effort;•function more effectively in their present or future roles as managers of human resources; in particular various strategy paradoxes by authors Ron Meyer/Bob de Wit are being investigated to guide strategic decision making of the potential leaders;•organize issues in decision making including human resources; in particular with reference to the human capital theory of Ederer and regarding the relationship between investments in human capital in general and complex problem solving in particular and resulting innovativeness for individuals, enterprises or regions;•analyze current issues of corporate and government responsibility by understanding a concept on interpreting values in terms of various utilities catering to fundamental human needs.•perform and apply peer-learning that happens from and among the students; a particular emphasis of this course lies in learning how to gather, develop and transmit knowledge and competences within learning groups

The orientation of this course focuses on current issues of the business environment. Considering the dynamic, fast-paced business contexts, future managers are sensitized to reach decisions under uncertainty. Thus, the course enables students to deepen their general understanding of business organizations and their key elements, and how do businesses develop strategies, handle risk and take decisions. In particular, attention will be paid to ethical issues in today’s business environment. Tools for identifying ethical issues will be introduced and evaluated and applied to the context of accounting and audit, e.g. Enron and other balance sheet scandals in the past. While some material is theoretical and conceptual, the focus is on applying ideas to “real world” challenges and issues. Thus, case studies, short readings, questionnaires, video clips, and other tools to explore issues faced by managers will be used.

The course will be assessed as follows:Presentation: 30%Seminar paper: 30%Group presentations/contribution to course discussions: 40%

Indicative readings:

•Robbins, Stephen; Judge, Timothy (2015): Organizational Behavior, Prentice Hall.•Boatright, John (2014): Ethics in Finance, Wiley.•Casey, John (1997): Values Added, Lanham: United Press of America.•Bob de Wit/Ron Meyer: Strategy, (2015) Thomson Learning

• Course title: UV6-Droit du travail et de la sécurité sociale
• Number of ECTS: 1
• Course code: MAACCAUD-36
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

Compétences acquises en droit de la sécurité sociale:

·   

D’acquérir les bases du cadre légal et réglementaire ;

De savoir appréhender les enjeux financiers liés à une situation donnée ;

De savoir effectuer une recherche d’informations et utiliser les sources adéquates (code de la sécurité sociale) ;

D’analyser l’incidence de l’actualité  sur le droit de la sécurité sociale ;

De connaître le modèle social luxembourgeois.

Compétences acquises en droit du travail:

De connaitre le cadre légal réglementaire ;

De reconnaitre / identifier les situations critiques en terme de droit du travail ;

De savoir évaluer / calculer les risques financiers liés à une situation donnée.

En droit de la sécurité sociale, le cours couvre notamment les thèmes suivants:

·    

Les définitions

Les sources et avenir du droit de la sécurité sociale

L’organisation de la sécurité sociale luxembourgeoise

Les risques sociaux (chômage, invalidité, pension, pension complémentaire, préretraite, etc.)

En droit du travail, le cours couvre notamment les thèmes suivants:

Notion de contrat de travail

Modalités de fin de contrat de travail, (démission, licenciement, forme, délais, motivation du licenciement, protection contre le licenciement…)

Enjeux financiers inhérents à un licenciement abusif (notamment liés aux procédures judiciaires, au licenciement d’un salarié).

Examen final écrit.

• Course title: UV7-Droit des assurances
• Number of ECTS: 1
• Course code: MAACCAUD-37
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

Les étudiants ayant suivi le cours et réussi les examens seront capables:

De maîtriser le vocabulaire spécifique (Provisions techniques, primes émises, acquises, …);

De comprendre les mécanismes financiers et contractuels;

D’identifier les risques potentiels en tant que réviseur d’entreprises.

La description des marchés de l’assurance / réassurance au Luxembourg : particularités

La description des branches d’assurance (Vie et Non Vie)

La décomposition de la rentabilité d’une entreprise d’assurance vie et non-vie

Cadre réglementaire et légale de l’assurance / réassurance / intermédiation :

– Les modalités d’intermédiation en assurance et les impacts comptables

– Les parties prenantes au contrat d’assurance (Assureur, co-assureur, preneur, régulateur,…)

– Les produits d’assurance en vue du traitement comptable de ces derniers

– La note technique et l’évaluation des provisions techniques en assurance vie

– Les traités de réassurance type (Stop-loss, excédent de sinistre, …) et les impacts comptables

– Les conditions d’agrément et d’exercice des entreprises d’assurance et de réassurance

– Le plan comptable des entreprises d’assurance et de réassurance

– Les règles comptables applicables en assurance vie et non vie-

 

Les règles comptables applicables en réassurance

–  

Le reporting prudentiel (format et contenu)

– Les rôles du régulateur et les interactions avec le réviseur d’entreprise

– Les rôles du réviseur d’entreprise (responsabilité, rapport distinct, …)

Examen final écrit

Littérature:La circulaire qui décrit le contenu et le format du rapport distinct en assurance vieLa circulaire qui décrit le contenu et le format du rapport distinct en assurance non vieLa circulaire qui décrit le contenu et le format du rapport distinct en réassuranceLa loi sur les comptes annuels des entreprises d’assurance et de réassurance

• Course title: UV8-Comptabilité bancaire
• Number of ECTS: 2
• Course code: MAACCAUD-38
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

Les étudiants ayant suivi le cours et réussi les examens seront capables de:

Connaître les sources du droit comptable bancaire et comprendre l’interaction entre le droit comptable luxembourgeois (“Lux GAAP”) et les normes IAS/IFRS;

Connaître les présentations (“disclosures”) spécifiques aux banques, leur portée et leur(s) limitation(s);

Comprendre les schémas comptables relatifs aux principales opérations/principaux produits bancaires et, en conséquence, être capable de suivre des discussions comptables techniques lors de l’audit d’une banque;

Comprendre les spécificités du reporting prudentiel FinRep, dans le contexte des diligences à effectuer par le réviseur d’entreprises agréé lors de l’élaboration du “long form report” à l’attention de la CSSF;

Comprendre les principaux risques d’audit liés à la comptabilité bancaire et les propositions de procédures d’audit afin d’y répondre.

Cadre législatif et réglementaire relatif à la comptabilité bancaire (comptes annuels et reporting FinRep à l’attention de la CSSF), y inclus les “définitions et commentaires préliminaires” de la CSSF;

Présentations (“disclosures”) spécifiques aux établissements de crédit;

Traitement comptable détaillé de certaines opérations bancaires/produits bancaires spécifiques et pertinents pour le secteur bancaire, dont notamment:

1.  

la comptabilisation des instruments financiers (au sens large, y inclus les prêts/créances et les dépôts)

2. la comptabilisation des produits dérivés

3. les opérations de mise en pension et de prêt de titres

Présentation du reporting prudentiel FinRep et de ses spécificités par rapport aux normes IAS/IFRS telles qu’adoptées par l’Union européenne;

Présentation des risques d’audit spécifiques liés à la comptabilité bancaire ainsi que des procédures d’audit principales pour y répondre.

Examen final écrit

• Course title: UV9-Législation bancaire et des autres professsionnels du secteur financier
• Number of ECTS: 2
• Course code: MAACCAUD-39
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

Les étudiants ayant suivi le cours et réussi les examens seront capables :

De connaître le

cadre législatif et réglementaire (lois, règlements, circulaires) dans lequel s’exerce l’activité des établissements de crédit  et des autres professionnels du secteur financier au Luxembourg;

De savoir repérer et identifier les situations à risque;

D’utiliser cette information pour mener à bien la mission de révision d’une banque ou d’un PSF;

De savoir détecter et signaler des problèmes (situations non conformes) dans le cadre de la réglementation existante.

Législation bancaire et des autres professionnels du secteur financier (PSF) :

Cadre législatif et réglementaire;

Les types d’acteurs régis par la loi du 5 avril 1993 relative au secteur financier:

– 

établissements de crédit

– 

entreprises d’investissement

– 

PSF spécialisés

– 

PSF de support

La surveillance des acteurs : rôle et responsabilités de la CSSF, mission des réviseurs d’entreprises;

Les conditions d’accès au secteur financier;

Les obligations professionnelles : dispositions sur la lutte contre le blanchiment et le financement du terrorisme, règles prudentielles et de conduite, MIFID, abus de marchés, secret professionnel;

L’exercice des activités : concepts de gouvernance,  administration centrale, contrôle  interne, rémunérations ;  aspects informatiques et comptables ; activités de marché;

Protection des consommateurs financiers et AGDL;

Les exigences du comité de Bâle et de la CRD IV, capital requirement directive.

Examen final écrit.

• Course title: Financial Application Software
• Number of ECTS: 2
• Course code: MAACCAUD-41
• Module(s): ITC-It and Computer Systems
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Learn and apply the principles of Information Systems as applied to audit documentation in IT environment;

Audit documentation theory and application;

Work with audit application software.

The course introduces to audit documentation, and shows in practice how the documentation of audit can be done in an IT environment by using internationally known and used audit software (Caseware).

Written final examination: 50%Seminar paper: 50%

Indicative Readings:

International Standards on Auditing 230 Audit documentation

• Course title: Accounting Information Systems
• Number of ECTS: 4
• Course code: MAACCAUD-42
• Module(s): ITC-It and Computer Systems
• Language: EN
• Mandatory: Yes

On completion of the course unit successful students will be able to:

Integrate accounting theory with computing skills;

Analyse typical business and financial problems and find appropriate solutions using standard financial software applications;

Examine a range of financial software packages and develops skills in their use;

Set up a configure examples of typical financial software packages;

Analyse a business problem and specify the requirements to be implements by a computer software package;

Implement a solution to a business problem using appropriate software from a range provided;

Document their solution so that others can use it effectively;

Apply their understanding of issues of quality and control, testing, security and audibility;

Devise up suitable contingency plans, and set up robust fall-back procedures.

This course will provide students with a thorough understanding of the design of information systems that support the accounting function of a firm. Topics to be covered will include business transaction cycles and processes, technology used for AIS, management of the system development life cycle, computer control and audit, IT governance, Sarbanes-Oxley and AIS, and COBIT. The course will be taught using lecture/discussion, cases, and hands-on exercises. 

This course will be assessed as follows:Mid-term exam: 20%Presentation: 30%In class computer based test: 50%

Indicative readings:Romney, M. B., & Steinbart, P. J.2012Accounting Information Systems (12th ed.). Pearson EducationGeorge H. Bodnar, William S. Hopwood2013Accounting Information Systems 11th EditionPearson EducationNancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman2010Core Concepts of Accounting Information Systems 11th EditionJohn Wiley & Sons Ltd.Eddy Vaassen, Roger Meuwissen, Caren Schelleman2009Accounting Information Systems and Internal Control 2nd EditionJohn Wiley & Sons Ltd.Leslie Turner, Andrea Weickgenannt2013Accounting Information Systems- Controls and Systems, 2ed.John Wiley & Sons Ltd.G. Gilert2004Sage Line 50 V11 in Easy StepsComputer Step

• Course title: General Economics
• Number of ECTS: 4
• Course code: MAACCAUD-43
• Module(s): ECO-General Economics
• Language: EN
• Mandatory: Yes

On completion of the course unit, successful students will be able to:

Understand basic economic concepts;

Identify the intuition and the trade-offs behind individual economic decisions;

Understand the intuition behind governmental policies;

Follow the news related to the economy and its evolution and to acknowledge the economic terms;

Retrieve many different types of economic data and illustrate them;

Have a deep understanding and knowledge of the recent economic crisis and its repercussions;

Handle basic economic tools such as diagrams and figures.

The aim of the course is to study fundamental principles of economics and economic ways of thinking. A wide range of topics are included such as the fundamental economic principle, costs, demand, pricing, market structure, market equilibrium, monetary policy, tax system and taxation, inflation and unemployment.  The course focuses on:  (i) Introduction—10 principles of economics; (ii) Supply and demand — how market works, and market and welfare; (iii) Public sector. (iv) Firm behaviour and the organization of industry: Perfect competition, Monopoly competition and Oligopoly, pricing setting, Game theory and so on;  (v) Labor market; (vi) Real economy in the long run- financial system and unemployment; and (vii) financial crisis with some debates. This course should serve as a foundation and better understanding the studies in management, accounting, finance, and marketing. Economists are model builders, and it is important to develop facility in working in this context. This capability comes through practice. You should regularly review what we have studied in class and make sure you can explain it yourself. And doing exercise and practice are very essential.   

This course will be assessed as follows:Oral examination: 50%Seminar paper: 25%Presentation: 25%

Indicative readings:Principles ofEconomics by Gregory Mankiw and Mark Taylor, 2010, South-Western General Learning;Samuelson and Nordhaus, Economics, Different versions and editions;Ivan Png and Dale Lehman.  Management Economics,  3rd edition, Blackwell Publishing. 2007;Paul Keat and Philip Young. Manangement Economics: Economic tools for today’s decision makers, 6th edition, Prentice Hall, New Jersey. 2009;David Anderson. Economics by example. Worth Publishers. 2007;Articles from magazines and newspapers

• Course title: Master Thesis
• Number of ECTS: 18
• Course code: MAACCAUD-44
• Module(s): MTH-Master Thesis
• Language: EN
• Mandatory: Yes

Learning outcomes for a Master thesis are for the student to demonstrate:

 

Considerably more in-depth knowledge of the major subject/field of study (accounting/audit), including deeper insight into current research and development work.

Deeper knowledge of methods in the major subject/field of study (accounting/audit).

A capability to contribute to research and development work.

The capability to use a holistic view to critically, independently and creatively identify, formulate and deal with complex issues.

The capability to plan and use adequate methods to conduct qualified tasks in given frameworks and to evaluate this work.

The capability to create, analyze and critically evaluate different technical/practical/scientific solutions.

The capability to critically and systematically integrate knowledge.

The capability to clearly present and discuss the conclusions as well as the knowledge and arguments that form the basis for these findings in written and spoken English.

The capability to identify the issues that must be addressed within the framework of the specific thesis in order to take into consideration all relevant dimensions of the problem.

A consciousness of the ethical aspects of research work.

The purpose of the master thesis is to enable the student to develop deeper knowledge, understanding, capabilities and attitudes in the context of the Master programme. The thesis will be written at the end of the programme and offers the opportunity to delve more deeply into and synthesize knowledge acquired in previous studies. A thesis for a Master in Accounting and Audit should place emphasis on the technical/scientific aspects of the subject matter. The overall goal of the thesis is for the student to display the knowledge and capability required for independent work as a Master in Accounting and Audit. The master thesis brings students the opportunity to investigate a topic of their choice in more detail, and forms an invaluable part of their educational experience. The topic of the master thesis is related to an accounting and/or audit topic. Two approaches are offered in regards to formulating the research question: The research question is purely derived from academic literature. The student will gather data from available databases, investigate the data using statistical techniques, and conclude with mainly theoretical recommendations. The research question is inspired by a managerial problem encountered in a company. The student will gather data during an internship, investigate the data using case study methods and/or statistical techniques, and conclude not only with theoretical findings but also with recommendations to the management of the company where the study is conducted. No matter what the focus of the thesis (a managerial or theoretical problem), the student should meet the academic standards. Staff and researchers will provide assistance by coaching the student through the entire master thesis.

Master Thesis 100%

Indicative reading(s):

Guidelines for writing a Master thesis in the Master degree course in Accounting and Audit (see Students Handbook).

• Course title: UV3 – Organismes de placement collectif
• Number of ECTS: 2
• Course code: CCRE-24
• Module(s): ASS-Additional Specialist Subject of Luxembourg Legislation
• Language: FR
• Mandatory: No

 A l’issue de la formation, les étudiants seront capables de :° Différencier et reconnaître les différents types de fonds d’investissement composant le paysage luxembourgeois,° Rechercher et trouver l’information adéquate dans le cadre législatif et règlementaire en vigueur à Luxembourg,° Appliquer la comptabilité des OPC et déterminer une valeur nette d’inventaire. 

 ° Les caractéristiques d’un OPC,° L’industrie des OPC au Luxembourg : tendances, typologies, spécificités,° Les intermédiaires et les prestataires de services,° Le cycle de vie d’un OPC : les différentes transactions, les écritures comptables de base et leurs impacts sur la valeur nette d’inventaire,° Le cadre législatif et réglementaire en vigueur à Luxembourg,° Les caractéristiques propres à chaque type de fonds d’investissement luxembourgeois,° Les différents types de rapports émis par un réviseur d’entreprises agréé dans le cadre de l’audit des fonds d’investissement luxembourgeois.

Examen écrit final

• Course title: Internship
• Number of ECTS: 11
• Course code: MAACCAUD-47
• Module(s): Internship
• Language: EN
• Mandatory: No

On completion of the course unit successful students will be able to:

Apply the theoretical knowledge in audit or accounting in practice

Gain practical experience

Students can opt for an internship as part of their options programme (elective option 2). Towards the end of the third semester/beginning of the third semester (i.e. during the “busy season” for audit firms), students complete an internship lasting a minimum of eight weeks with a company of their choice.

The internship will be assessed as follows:

Internship performance: 50%

Internship report: 30%

Internship presentation: 20%