Description du cours
Intitulé de l'Unité d'Enseignement
Advanced Finance
Code de l'Unité d'Enseignement
21GE050
Année académique
2023 - 2024
Cycle
MASTER
Nombre de crédits
5
Nombre heures
60
Quadrimestre
1
Pondération
Site
Anjou
Langue d'enseignement
Anglais
Enseignant responsable
KINON Valérie
Objectifs et contribution de l'Unité d'Enseignement au programme
Corporate Finance:
At the end of the course the student will have to be able to:
• Define, describe and differentiate the components of the cash flows from the operating
activities. More precisely, the students will have to be able to define, describe and
differentiate the 4 computation methods of the working capital need.
• Define, describe and differentiate the components of the cash flows from the investment
activities and more precisely the components of the investment in a new inventory and
the investment in the credit policy.
• Compute and interpret the notion of “return on investment” (ROI)
• Define, describe and differentiate the components of the cash flows from the financing
activities and more precisely, the return on equity, the cost of equity, the financial
leverage and the cost of debts.
• Analyse and interpret different financing alternatives (bank loans, IPO, private
placements, etc.)
IFRS:
The main objectives of the IFRS course are as follows:
• Make the students aware that:
- It is key to be able to read financial data provided by Companies in their annual report;
- IFRS is more and more becoming the worldwide standard accounting framework
• Provide the students with a basic knowledge of the main IFRS principles and the ability to
analyse IFRS accounting treatment of basic transactions;
• Make the link between content of the classes and day-to-day business world by
Illustrating these principles:
- by solving practical cases around each standard covered;
- by showing the information disclosed in annual reports in connection with each of the
standards covered
- by challenging the students critical sense while understanding how companies try to
present their figures at their best
At the end of the term students should be able to:
• Differentiate IFRS from other financial reporting standards;
• Understand which companies have to apply IFRS;
• Understand which statements are required to prepare IFRS compliant financial
statements and how they should be presented;
• Define how to account and measure main classes of assets and liabilities;
• Determine appropriate revenue recognition policy;
• Prepare a basic cash flow statement;
• Understand how to manage the evaluation process.
Competency Goals :
CG 1 Disciplinary Knowledge
CG2 Operational
CG5 Aware of complexity / Critical Mind
Prérequis et corequis
We assume that students are used with basic accounting standards. We also assume a
common knowledge of financial statement analysis.
• Financial Management (3rd year programme of the bachelor's degree in Business
Management)
• Accounting courses (1st, 2nd and 3rd years programme of the bachelor’s degree in
Business Management)
• Proficiency in accounting & financial English language
Description du contenu
Corporate Finance:
• Cash flows from the operating activities
• Cash flows from the investment activities
• Cash flows from the financing activities
• Cash flow statement
• Analysis and choice of the best financing alternative
• Case study on the financing alternatives
IFRS:
The course is organised around the IFRS standards grouped by major classes of assets and
liabilities.
• Introduction
- IFRS framework and application scope;
- IAS 1 - Presentation of Financial Statements.
• Non current assets:
- IAS 16 - Property, Plant and Equipment;
- IAS 38 - Intangible Assets;
- IFRS 16 - Leases;
- IAS 36 - Impairment of Assets;
- IAS 40 - Investment Property;
- IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations.
• Financial instruments
- IAS 32 - Financial Instruments: Presentation;
- IFRS 9 - Financial Instruments: Recognition and Measurement
• Liabilities:
- IAS 37 - Provisions, Contingent Liabilities and Contingent Assets;
- IAS 19 - Employee Benefits
• Revenue and inventory
- IFRS 15 – Revenue from contracts with customers;
- IAS 2 - Inventories.
• IAS - 12 Income Taxes
• Consolidation and business combinations:
- IFRS 10 - Consolidated Financial Statements;
- IFRS 11 - Joint Arrangements;
- IAS 28 - Investments in Associates;
- IFRS 3 - Business Combinations.
- IAS 7 - Statement of Cash Flows
Méthodes pédagogiques
Classical presential course
Mode d'évaluation
Corporate Finance:
Formative evaluation: case study + exercises during the course
Summative evaluation: written exam (2 hours). The exam comprises several questions, which
cover, as far as possible, the whole content of the course. These questions are mainly exercises
(level of difficulty comparable with the most elaborate exercises met during the course).
Please note that the August retake exam will take place on site (in Montgomery) and not online.
IFRS:
Formative evaluation:
• presentation of key concepts based on slide presentations;
• illustration of these concepts by collectively solving practical cases (solutions will be posted on
the www.icheccampus.ichec.be site after each session)
• review of the IFRS Financial Statements of public companies
Summative evaluation: written exam with multiple choice and open questions.
Méthode de calcul
Lorsqu'une unité d'enseignement (UE) comporte plusieurs activités d'apprentissage (AA), la note globale pour l'UE est calculée comme suit :
- Si toutes les notes obtenues pour les différentes activités d'apprentissage sont supérieures ou égales à 10/20, la note globale sera la moyenne arithmétique pondérée (en fonction de l'importance relative de chacune des AA dans l'UE) de ces notes.
- Si au moins une des notes obtenues pour une AA est inférieure à 10/20, la note globale sera alors la moyenne géométrique pondérée des notes des AA.
Références bibliographiques
Corporate Finance:
• Corporate Finance – theory and practice – Pierre Vernimmen and Pascal Quiry, October
2014
• Working capital Management – CFA Institute
• Belfius Banque (Roger Wuestenberghs) – Guide du crédit aux PME, Brussels, 2008
• euronext.com
IFRS:
• Slide presentations posted on www.icheccampus.ichec.be;
• “IFRS in your Pocket”, V. Poole, J. Osnoss, Deloitte, 2016;
• Endorsed standards and interpretations:
http://ec.europa.eu/internal_market/accounting/ias/index_en.htm;
• “IFRS: La Pratique”, Th. Carlier, F. Elouch, V. Weets, Editions Kluwer, Ed. 2015-2016.