International Finance and Accounting Eng+Rus

This is an introduction to the subject of finance and of accounting. The module provides an introduction to international financial markets, to the source of funds for companies, and to the investment opportunities for those with money.

Taxation is briefly covered.

The numerous methods of valuing an equity share are introduced.

The efficiency of the stock markets is examined, and the opportunities to make money on the markets considered.

The present module is created in full accordance with national educational standards in the field of the higher and postgraduate education, requirements of QAA UK (Quality Assurance Agency). Professors, famous in the academic world of Great Britain, the USA and Europe, took part in development of the program. The original version of the module is developed in English.

Developers of the module assume that the student already has the basic higher finished or incomplete education, is able to work independently with printing and online materials, has access to libraries, including online libraries, and also has the high level of self-discipline and motivation. Experience on the chosen subject matter is not obligatory. Knowledge of English at the level of ability to read literature is not obligatory, but it is desirable.

Module is developed for completely independent studying.

It is supposed that for successful assimilation of a training material of the module the student has to spend about 30 hours.

For a successful completion of the module the student has to execute and protect ONE written work or ONE task (usually it is work of 1,500-2,000 words +/-10%. Work shall be performed in English or in Russian.

Upon successful completion of this modules the student will receive the following type of certificate:

- Certificate on Completion of the Module.

Topics you are going to learn

1. Introduction

In this first session, we explore the current business context as it relates to accounting. In particular we discuss the changing role of accounting especially as it importantly connects to Strategy. We also introduce the main stakeholders and the issue of performance required by those stakeholders and assess how the firm attempts to meet its obligations to this wide and increasingly powerful range of stakeholders including the shareholders of the firm.

2. Cost Volume Profit (CVP) Relationships and Interpreting Financial Statements

Cost volume profit (CVP) is concerned with understanding the relationship between sales revenue, cost and sales volume; and with what happens when there are changes in activity, changes in selling prices and changes in costs. It is about the interaction of these elements and what happens to them individually and, especially, their effect on total firm profitability. CVP is based on quite simple notions of cost relationships and it is usually concerned with the short term. The assumption is that these relationships are linear in that variable costs are directly proportional to activity and that fixed costs, in the short term, remain fixed.

3. Cost Relationships and Decision-making

In this session, we will explore the nature of CVP relationships in order to make decisions on maximizing our resources, especially in the short term. There are many examples in the use of this variable/marginal cost type approach. In the current dynamic business environment, one that is characterized by lower profit levels, the maximization of resource use is very important. Firms use the technique of contribution and CVP in many ways, from assessing the effect of a one-off order, to major decisions as to whether to make an item in-house or to buy it in.

4. Relevant Cost, Full Costing and Activity-Based Costing

In this session, we discuss the nature of costs, including a number of important concepts such as relevant cost, opportunity cost, full cost, and activity-based costing. These are set in a changing context where the boundaries of financial and management accounting are increasingly blurred in terms of where the cross-over is and where an integration of the two approaches is becoming increasingly relevant. 

5. Budgets and Budgeting

In this session we will look at the changing world of budgets and budgeting. In doing so, we are recognising that budgets have moved from the static process of the past to a more fluid and flexible total firm process where it is used more as an integrative communication and control mechanism. This means that the budget is now both an internal control device as well as being a communication tool that acts as a connection between the firm and its major stakeholders, including the important world of the investment community. 

6. Performance Management

In this session we will look at the evolution of management control as well as discuss a number of recent developments such as a more integrative approach to the budget and budgetary control. In doing so, we will see that the newer connectedness between the organisation and its strategic approach is a more integrative one. We will also see that the role of accounting is changing to include this more strategic expectation and an emphasis on performance management.

7. Capital Investment Appraisal

In this session we will explore the nature of capital investment decisions and why they are so important from many different perspectives. Normally, we think about investment decisions as being primarily quantitatively based. However, as with strategic accounting developments such as the Balanced Scorecard, much of the operational context is characterised by what we would class as qualitative issues.

8. A Value Added Approach (VAT)

This section is about VAT. Pigou (1920) declares that the pig farmer should not consider the income to his business as being that which arises from selling his pigs but the income left after he has paid for food and supplies and equipment used to farm the pigs. Likewise we know that you must first start by deducting the cost of all purchased inputs suppliers and services in order to derive the income and wealth that is available for running your own business. 

9. An Integrated Approach

In this session, we will revise the main themes of the course. 

10. Revision

This revision session is meant to remind you of the main topics of the course in a summary type form. 

Learning outcomes

By the end of the course students should be able to: 

• - Describe the differences between financial and management accounting
• - Examine the use of the profit and loss and balance sheets along with understanding their relationship to one another
• - Outline the nature and importance of cash as the important resource of the firm
• - Identify the differing needs within various operational contexts for ratio analysis
• - Describe the wider purpose and operational context of budgets in the current business environment, including the Capital markets
• - Use the various financial techniques involved in investment appraisal
• - Identify appropriate methods to adopt for overhead cost recovery including activity-based costing
• - Explain the wider purpose and operational context of management control, including the importance of the outside operational environment and its evolution to a focus on performance.

Progression

Upon completion or in the first instance you can take more MBA level modules. Check courses in "other products in the same category" block just below this article. 

If within the year you will complete 1-2, 3 or 5 or 8 of them you can be awarded by UK Online Academy:

- 1-2 modules - Certificate on Completion of the Module.

- 3 modules - Advanced Certificate in Business Studies.

- 5 modules - Diploma in Mini MBA programme.

- 8 modules - Advanced Diploma in Executive MBA programme.

Read more about our Mini MBA and Executive MBA programme.

Additional Services

Please check our Addons area for what else we can do for you.

Whats next

Before proceeding further please read our Admission Policy and Terms of Use. 

ADMISSION POLICY                                             TERMS OF USE

You also may wish to check other documents and information available for Public.

CHECK OTHER DOCUMENTS

If you are not registered at our Academy please do this and add to your account courses or services you need.

When you will check out and successfully pay, you will be contacted by UK Online Academy's academic coordinator within 48 working hours.

After your application form will be completed you will get a letter about your Unconditional Acceptance.

At this stage you will be given link, login and password to access UK Online Academy's LMS.  

Should you have any questions please feel free to contact our team any time. Please use our contact form via button below.

CONTACT UK ONLINE ACADEMY

We wish you good luck with your study with UK Online Academy and career progression!