SGH and Ernst & Young

Program in Management and Finance

List of subjects:
COMPULSORY SUBJECTS
Number
of hours
(45 min)
Semester 1
1. Accounting and Financial Reporting under International
Financial Reporting Standards I
60
2. Cost and Management Accounting I 30
3. Accountant in Business 15
4. Polish Business Law 30
5. Polish Business Tax 30
Semester 2
6. Accounting and Financial Reporting under International
Financial Reporting Standards II
60
7. Cost and Management Accounting II 60
8. External and Internal Audit 45
9. Financial Management 45
Semester 3
10. Advanced Financial Reporting under IFRS 60
11. Strategic Business Planning and Analysis 30
12. Corporate Governance 30
Semester 4
13. Advanced Financial Strategies 60
14. Advanced Audit and Assurance 30
Total 585
1. Accounting and Financial Reporting under International
Financial Reporting Standards I
Preparation of fnancial statements for companies under
International Financial Reporting Standards. Through case
studies the various concepts and techniques will be introduced
and gradually take students to an advanced level of accounting
treatment of transactions.
Accounting conventions, accounting concepts and double
entry will be introduced, as well as skills required to develop
the ability to evaluate and use accounting data.
Syllabus
of the
program
2. Cost and Management Accounting I
The course emphasises the system of internal reporting
through the application of costing and managerial information
systems. The course introduces cost and management
accounting techniques in a variety of situations and for a
variety of reasons to solving business problems. It includes
planning, control and decision-making situations frst at
a basic and then at an advanced level. Topics include cost
accumulation, cost allocation, budgeting, standard costing
with basic variance analysis, activity-based costing, various
pricing techniques and performance measurement.
3. Accountant in Business
The course introduces students to the nature of organisations,
their methods of working, the roles within them and
the business environment within which they operate.
Organisational structure, the role of the accountant and of
other key business functions are explored, as well as, their
contribution to the effcient and effective management of an
organisation and its systems. Through case studies the various
concepts and techniques will be introduced and will gradually
take students to an advanced knowledge level.
4. Polish Business Law
The legal requirements for setting up a company will be
examined. General principles and institutions of the law
of obligations, with particular attention to contracts, will
be covered in some detail. Consumer contracts will be
specifcally highlighted. The limited liability company (spka
z ograniczon odpowiedzialnoci sp. z o.o.), the joint-stock
company (spka akcyjna S.A.) and the meaning of separate
legal personality and the lack of separate legal personality will
be looked at in detail.
The course will discuss capital and the fnancing of companies,
the running of a company and company representation. The
student will study the specifc rules related to structural
changes in a company, e.g. after a merger, or in cases of
liquidation. Finally, this course outlines the principles which
govern employment relationships, e.g. contract of employment
versus contract to perform a specifed task or customer order;
types of employment contract; termination of employment
contract; group redundancy.
SGH and Ernst & Young
Program in Management and Finance
5. Polish Business Tax
This course focuses on the operation of the Polish tax system
and on the computation of the tax liability of companies and
individuals. The principles of VAT and the impact of social
security contributions (ZUS) on employees and employers are
also reviewed.
Corporations: scope of corporate income tax, taxable income,
calculation of the corporate income tax liability collection of
the corporate income tax liability, Value Added Tax.
Unincorporated entities: taxable income, calculation of the
personal income tax liability, value added tax, social security
contribution (ZUS).
Employees: basic personal income tax computation, income
from employment, collection of the personal income tax
liability, social security contribution (ZUS).
Tax planning: choice of business medium, commencement of
a business, cessation of a business, acquisition of assets.
6. Accounting and Financial Reporting under International
Financial Reporting Standards II
Preparation of more complex fnancial statements for companies
and groups under International Financial Reporting Standards.
Through case studies students will be taken to an advanced level
of accounting treatment of complex transactions.
Accounting conventions, accounting concepts and double
entry will be revisited, as well as skills required to develop the
ability to evaluate and use accounting data. During the course,
advanced techniques such as statements of cash fows, deferred
tax, group accounts, leasing, fnancial instruments and related
party transactions will be covered. With this course students
should be able to account for such complex transactions and to
read and to understand a set of fnancial statements. Preparing
fnancial statements for group companies; the treatment of
non current assets and their depreciation; intangible assets
goodwill and negative goodwill; non-current assets held for sale
and discontinued operations; liabilities provisions, contingent
liabilities and contingent assets; analysis and interpretation
of fnancial statements (ratio analysis); revenue recognition;
impairment of assets; fnancial instruments; earnings per share,
taxation in fnancial statements; accounting for the substance
of transactions; business combinations associates and joint
ventures; leases; related party disclosures; segment reporting.
7. Cost and Management Accounting II
The course revisits cost and management accounting
techniques in a variety of situations and for a variety of
reasons in order to solve more complex business problems. It
includes planning, control and decision-making situations at
advanced and strategic level. Topics include cost accumulation,
cost allocation, budgeting, standard costing with basic and
advanced variance analysis, activity-based costing and
activity based management, various pricing techniques
including transfer pricing, just-in-time procedures, TQM, and
performance measurement. Risk and uncertainty in decision-
making is also discussed. The structural evolution of costing
systems for management planning and control in business is
also emphasised in this course.
8. External and Internal Audit
This course examines the design, installation and maintenance
of appropriate processes. The aim is to develop knowledge and
understanding of the audit process and its application in the
context of the external regulatory framework and for business
control and development. It focuses on the review and control
of operations in an organisation. Professional ethics as
they apply to accountants working in public practice and in
business; the risk assessment and the response to assessed
risks for external auditors; the role of internal audit in risk
management and corporate governance; internal controls and
substantive audit evidence are topics which are examined in
detail.
9. Financial Management
Working Capital Management, Money Markets and Security
Analysis: This course examines the various working capital
techniques which could be used to improve the management
of receivables, payables, cash and inventories. This course
also provides an overview of the major institutions and
instruments of the money market. It covers in detail a variety
of theories and techniques that are useful in the money
market and, more generally, in the fxed income securities
market. These include: pricing money market securities;
analysing various investment and borrowing strategies;
modelling interest rates and spreads; pricing repurchase
agreements and futures contracts. Additionally, this topic
SGH and Ernst & Young
Program in Management and Finance
looks at those fnancial factors determining the value of
securities. The course analyses fnancial statements for
appraising prospective earnings and dividends and the risks
surrounding their achievement. Techniques for estimating
the risk structure of companies are analysed and compared.
Investment Decisions:
A comprehensive study of investment theory:
appraisal of domestic capital investment opportunities
for proft and non-proft making organisations; use of
appropriate investment appraisal methods and techniques
(NPV, IRR, Payback, ARR) including the effects of taxation,
infation, risk and uncertainty.
Foreign Exchange and Interest Rate Risk Management:
Brief overview of the international fnancial markets,
institutions, and instruments. Topics include the nature of
foreign exchange risk and against interest foreign exchange
risk hedging methods.
10. Advanced Financial Reporting under IFRS
Preparation of fnancial statements for companies and
groups in accordance with International Financial Reporting
Standards. Discuss, appraise, advise and report on the
fnancial position of groups and other entities. Evaluate the
fnancial reporting framework and discuss the implications
of changes in accounting regulation of fnancial reporting.
Preparing fnancial statements for group companies; including
group statements of cash fows; fnancial instruments;
acquisition and disposal of subsidiaries, transactions between
entities under common control; fair value adjustments; joint
ventures; accounting for retirement beneft costs; share
based payment; foreign currency and current developments in
fnancial reporting.
11. Strategic Business Planning and Analysis
In this course students exercise judgment and learn
techniques in strategic business management to enable them
to contribute to the formulation of business strategy, the
development of products and services and the maintenance of
quality throughout the organisation. In this advanced strategic
planning we emphasise the importance of accountants in
strategy formulation, choice and implementation. The course
examines the stakeholders conficts of interests, ethical issues
in strategic decisions and the importance of corporate social
responsibility and corporate governance.
Topics to be examined include the identifcation of corporate
objectives, strategic analysis, including internal and
external reviews, strategy development, evaluation and
implementation. Students will be able to identify and apply
the principal concepts and ideas in the theory and practice
of strategic management, to assess the strategic position, to
determine strategic choice, and implement strategic action.
The course will also look into the business processes and
structural changes needed, into the coordination of knowledge
systems and information technology and to the effective
management of quality processes, projects, and people within
fnancial and other resource constraints.
12. Corporate Governance
The whole area of governance within organisations in the
broad context of the agency relationship is examined frst.
Then we explore the areas in internal review, control, and
feedback to implement and support effective governance,
including compliance issues related to decision-making and
decision-support functions. The whole area of identifying,
assessing, and controlling risk as a key aspect of responsible
management is also examined. Finally, we discuss both
personal and professional ethics, ethical frameworks
and professional values as applied in the context of the
accountants duties and as a guide to appropriate professional
behaviour and conduct in a variety of situations.
The candidates will be able to apply relevant knowledge,
skills and exercise professional judgment in carrying out
the role of the accountant relating to governance, internal
control, compliance and the management of risk within an
organisation, in the context of a overall ethical framework.
SGH and Ernst & Young
Program in Management and Finance
13. Advanced Financial Strategies
Investment Decisions: Emphasis is placed on optimal portfolio
selection; the determinants of expected rates of return in
fnancial markets; and the evaluation of relevant empirical
research. Much attention is devoted to the capital asset pricing
model and the arbitrage pricing theory. Special topics such as
performance evaluation and trading costs will also be covered.
Foreign Exchange and Interest Rate Risk Management: This
course examines international fnancial markets, institutions,
and instruments undertaking simple arbitrage, speculation
and risk management strategies. Topics include the nature
of foreign exchange risk; the determination of spot and
forward exchange rates and interest rates; the returns to
foreign investments in external currency and in bond and
stock markets; the management of foreign exchange risk
with forward markets and foreign currency option markets;
the dynamics of balance of payments with a focus on
understanding international capital fows, country debt
and exchange rate fuctuations. This course will emphasise
fnancial risk management using external methods of hedging.
Financial Planning for Mergers and Acquisitions This course
discusses motivations and strategies; valuation; friendly and
hostile purchases of business; sales of businesses; takeover
defence; leveraged re-capitalisations and buyouts; legal,
accounting and tax considerations from both a domestic and
international perspective. The focus will be on identifying
schemes for restructuring and the issues involved in the
decision process.
International Financial Decisions: This course primarily uses
a case-approach to analyse a variety of decisions in the
international fnancial environment.
14. Advanced Audit and Assurance
During the course the participants apply relevant knowledge,
skills, and exercise professional judgment in analysing,
evaluating, concluding and reporting on the assurance
engagement and other audit and assurance issues in the
context of best practice and current developments. They
learn to assess risk and decide whether or not to accept
potential clients, as well as, the issues involved in other
assurance engagements, such as due diligence and the audit
of prospective fnancial information.
SGH and Ernst & Young
Program in Management and Finance
www.ey.com.pl/ACCA
SGH and Ernst & Young
Program in Management and Finance