Curriculum - Zagreb School of Economics and Management


First semester (September – February)

Financial Statement Audit6Dubravka Kopun, MSc, ZSEM, Croatia
Financial Statement Analysis5Hrvoje Volarević, PhD, ZSEM, Croatia
Mario Varović, MSc, ZSEM, Croatia
Financial reporting 6Branka Remenarić, PhD, ZSEM, Croatia
Ivan Čevizović, PhD, ZSEM, Croatia
Paško Anić-Antić, PhD, ZSEM, Croatia
Direct Taxes in Croatia5Paško Anić-Antić, PhD, ZSEM, Croatia
Ivan Čevizović, PhD, ZSEM, Croatia
International and EU Tax Law5Marjeta Tomulić Vehovec, PhD, ZSEM, Croatia

Second semester (March – July)

Financial Fraud Detection6Dubravka Kopun, MSc, ZSEM, Croatia
Accounting Information Systems3Branka Remenarić, PhD, ZSEM, Croatia
Business Ethics, CSR and Sustainability3Kristijan Krkač, PhD, ZSEM, Croatia
Borna Jalšenjak, PhD, ZSEM, Croatia
Igor Matutinović, PhD, ZSEM, Croatia
Indirect Taxes in Croatia5Branka Remenarić, PhD, ZSEM, Croatia
Ivan Čevizović, PhD, ZSEM, Croatia

*ZSEM reserves the right to change the courses and the faculty

*Elective course 1 and 2 are selected only from the elective courses list below

Course description


The aim of the course is to analyze the application of the International Financial Reporting Standards (IFRSs) and Croatian Financial Reporting Standards (CFRS) through selected case studies. Students will be presented the regulatory framework for financial reporting in the EU and Croatia based on regulations and international standards. The content and structure of the IFRS will be historically reviewed. Special attention will be given to the formulation of the accounting policy in the areas of recognition and measurement of accounting categories as well as of publishing in the accounting reports pursuant to the IFRS/CFRS.


The course is primarily focused on acquiring basic concepts for interpretation of financial reports as a ground for business decision-making process at management level. The course is especially concerned with the static analysis of financial statements (balance sheet, income statement and cash flow statement), and dynamic analysis of the future cash flows of the investment projects. It emphasizes the valuation of debtor’s instruments and capital, based on internationally adopted standards.


Auditing course is designed to provide the student with all aspects of auditing profession and modern trends in auditing in the world, in the European Union and in the Republic of Croatia. This course will provide students with knowledge in the field of internal and external auditing, and the application of International Standards on Auditing and the code of professional ethics for auditors. The students will learn about the audit process, including the final completion of audit and the formulation of audit report. This course provides the student with the knowledge on the role of auditors, the importance of audit committees and internal control. The students will learn about the current challenges in auditing profession (in the world and in the Republic of Croatia), and about the future trends in the world that are affecting financial reporting and auditing.


The aim of this course is to familiarize students with the tax system in Croatia, based on direct taxes. For these purposes, students will be thoroughly familiar with the operation of the system of taxation through income tax and corporate income tax. When it comes to income taxes students will be familiar with all features of the income tax. For this purpose, it will be discussed about the type and manner of their income tax, about wages that are considered as income, tax base, taxing residents and nonresidents in Croatia, and more. When it comes to corporate income taxes, students will be familiar with the principles of taxation based upon different business events.


The main objective of the course is to raise students’ awareness of the impact of legal rules and their relevance for everyday life and business. We especially emphasize that legal framework is a part of a common macroeconomic environment and therefore influences directly business processes and achieved results. Therefore it is necessary to introduce students to rules and legal requirements with which they will meet in their future work and business and possible issues that can occur, as well as offer them a perspective on how to fix them. Next goal is closely connected to the previously mentioned one. This course will constantly encourage students to consider the global environment in which they live, work and do business. Special emphasis will be put on international tax elements of everyday life and business, and will pay specific attention to the tax rules governing the activities and operations within the EU.


Conceived, as a continuation of the undergraduate course, in this course student will gain an ability to identify moral dilemmas in doing business and to formulate and solve these processes in a quicker and transparent way. Certain case studies will be critically evaluated and ethical decisions will be made in a transparent way. The course includes the following topics: ethical systems, ethical decision making in doing business- all in relation to customers, market, environment, procurement and international business. Furthermore, the place and role of a corporation will be analyzed in terms of its position towards culture, religion, tradition, government policy and legislation etc.


The course is designed to introduce students with a field of fraud prevention and detection within the company. Students will be introduced to the types of fraud, causes of fraud, profile of the fraudster, and red flags of fraud. Student will be able to understand the role of external auditor in fraud detection, and also the roles of management, internal audit and audit committee in fraud detection and prevention. Student will understand the importance of forensic auditing in fraud detection, and they will learn about the forensic audit process and techniques. Throughout this course they will be introduced to the phases of fraud investigation, and particularly the interview phase, gathering of evidence, reporting and court witnessing. Furthermore, students be introduced with case studies of large corporate frauds such as Enron, WorldCom, Parmalat, Royal Ahold, Kanebo, and the bankrupt of the largest audit firms in the world, Arthur Andersen.


The purpose of this course is to familiarize students with the tax system in Croatia, based on indirect taxes. For these purposes, students will be thoroughly familiar with the functioning of the taxation on value added tax. When it comes to value added tax, students will be familiar with all the characteristics of value added tax. Tax base and pre-tax deduction of incoming invoices will be discussed under this course. In particular they will discuss the specifics of tax services. In addition, students will be familiar with the specifics of real estate tax, excise and all other forms of indirect taxes in the Republic of Croatia.


The goal of this course is to present the role of the modern information technology in the improvement of the accounting discipline. Theoretical propositions and optimal practical solutions for shaping the accounting information system (AIS) will be presented. Also, during the course, students will be discuss about modular and integrated accounting information systems, financial reporting, protection, control and security of the accounting information systems and other issues.


The main objective of this course is to train students and future managers for critical and analytical thinking in the process of business decision-making based on available information from different types of financial statements. With obtained knowledge, students should be able to solve real examples from the daily operations of companies in which they work. The course covers a wide aspect of accounting issues that are based on a practical use of operational and strategic tools, techniques and methods of management accounting. Classes are designed in a way that allows students a concrete application of acquired theoretical knowledge using various software solutions in the computer room.


The aim of this course is to familiarize students with the process of conducting internal audits in the company. Within this course, students will become familiar with the concept of internal audit, role of internal audit in the corporate governance system, and stages of the implementation of the internal audit. Furthermore, similarities and differences in the implementation of internal and external audit will be presented. In doing so, students will be introduced with the professional framework of the internal auditing profession, including internal audit standards and code of professional ethics for internal auditors. On practical examples it will be analyzed the role of internal audit in fraud detection, and auditing information systems.


The aim of this course is for students to grow a closer view to the accounting side of financial instruments, that is, how certain financial instruments are recorded in the accounts of enterprises. Students will gain knowledge about what are the financial instruments, financial assets and financial liabilities, and will learn how to express recognition and initial measurement of those assets and liabilities. Other issues with which students will be introduced are: accounting and tax aspects of the subsequent measurement of financial assets and financial liabilities, unrealized gains / losses on value adjustments, impairment of financial assets; reclassification of financial assets, equity instruments, accounting and tax aspects of derivative financial instruments.


The course Capstone-accounting in practice allows students to apply the whole spectrum of business knowledge and skills gained during his MBA studies. In the process of corporate governance, along with other, students will apply concepts of financial accounting, cost accounting, corporate finance, controlling, measuring business performance (trend analysis, balanced scorecard) and treasury management in the way that will satisfy and balance the needs of all stakeholders. The success of the company’s leadership and guidance of students in order to better maximize the value of the company, it will be used Balanced Scorecard model and similar models that will evaluate company through analysis of detailed financial statements, qualitative and quantitative indicators, the share price and credit rating companies. Given that the main objective of the course is to raise skill levels of integrated business management, the course requires a high degree of ability to apply knowledge from the field of accounting and finance.


The aim of this course is to familiarize students with basic marketing principles in terms of market analysis, marketing planning and control processes. The course is conducted in a simulation Markstat within which students performs analysis of markets, competitions and environments, selects the segments and target market, and in the end creates products for selected markets. Since there is a competition on market, students are taught how to adapt to the changes that occurred and how to predict them in the future.


Upon the completion of the graduate program, students are expected to write a thesis. It is recommended to focus the research on examining the accounting problematic in the Croatian economy, i.e. on a critical presentation of the establishment of the accounting concepts in a concrete company and the suggestion of new, improved models.

What students say about ZSEM?

Vitor Duarte

Professors at ZSEM are great since they resort to several innovative teaching methods, and most of the times I was able to learn from their personal experiences on the market. All of these made me feel very interested in the courses I was taking at the time and made me want to go for further knowledge.

Sid Eshuis

I like best that it's a small school and also the teaching style - during lectures and seminars we work on real case studies. There's not too much theory and everything is very practice oriented, which is very different from my university back home.

Matea Sokolar

From the beginning I had very high expectations about the MBA program at ZSEM, including both the subject courses and the professors. The thing that I liked the most was the way of teaching, especially from the international professors who encourage each lecture to have discussions and where students are encouraged to give their opinions. I also liked that the professors gave real life examples in class. Another thing that I liked about the program is that in both semesters, there were many international students so I had the opportunity to make friends from all over the world.

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