Paško Anić-Antić, PhD, ZSEM, Croatia,
Ivan Čevizović, PhD, ZSEM, Croatia
*ZSEM reserves the right to change the courses and the faculty
FINANCIAL STATEMENTS ANALYSIS (5 ECTS)
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.
FINANCIAL REPORTING (6 ECTS)
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.
FINANCIAL STATEMENT AUDIT (6 ECTS)
The aim of the course is to introduce students to theoretical achievements and the role of all types of audit in ensuring better information to internal and external users. The attention will be drawn to the possibilities of the application of auditing standards for achieving ever-greater business efficiency and improving the quality of the internal and external accounting reports. Auditing standards, the code of professional ethics for auditors, audit planning, different types of audit, as well as the role of audit in particular activities will also be discussed.
FINANCIAL MARKETS AND INSTITUTIONS (5 ECTS)
This subject deals with financial markets, where participants are given asymmetrical information. The main intention is to cover basic concepts, as well as to review current issues within the area of financial markets and institutions. We’ll examine the role of financial intermediaries in the process of resolving information asymmetry on the loan market and in promoting economic growth.
CORPORATE FINANCE MANAGEMENT (5 ECTS)
The course is divided into several basic units of crucial importance to financial management such as: basic theoretical concepts of modern finance, valuation and return on investment in securities, portfolio risk securities, valuation of debt and equity options, the theory of capital structure, and analysis of value creation within the company. In modern financial theory this course is dealing with modern analysis of corporate securities in the primary and secondary capital markets and financial strategies. Special financial focus will be on investing in stocks, investing in bonds and real estate. Objective of this course is to show how the practice works in Croatia and in foreign capital markets to facilitate student understanding and successfully managing the modern corporate finance.
BUSINESS ETHICS, CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY (3 ECTS)
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.
INVESTMENT (6 ECTS)
The course consists of two parts: in the first part students will acquire basic knowledge of the principles of investing, they will analyze the types and characteristics of securities available for investment, and financial markets in which are they traded and investment environment. It will also be considered the valuation of financial instruments and their selection criteria for the investment portfolios of individuals and businesses. The course covers the modern theory of investment as well as traditional approaches to selecting and managing investments. Students will acquire the analytical skills needed to conduct evaluations of shares, debt securities and alternative investments. In the second part the focus is on major topics related to modern portfolio management, from asset allocation strategies to risk management. Their study, students will get the latest information on portfolio management in terms of globalized financial markets.
FINANCIAL DERIVATIVES (5 ECTS)
The course deals with market strategies based on financial derivatives, and different concepts of risk insurance (hedging). The theory that deals with the lectures extensively supported by practical examples from the world of finance, so that students get a detailed insight into the issues and challenges they face every day of the investment company, and meet customer requirements. The very principle of valuation of futures and options requires a mathematical approach, since the basic relations are based on the principle of ”the impossibility of the existence of arbitration” (concept of no arbitrage).
MANAGERIAL ACCOUNTING TECHNIQUES (4 ETCS)
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.
FINANCIAL INSTRUMENTS ACCOUNTING (4 ECTS)
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.
ACCOUNTING INFORMATION SYSTEMS (3 ECTS)
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.
MASTER THESIS (8 ECTS)
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.