2023-2024 / FINA0030-1

Consolidation and IFRS


30h Th

Number of credits

 Master in management (120 ECTS)5 crédits 
 Master in business engineering (120 ECTS)5 crédits 
 Extra courses intended for exchange students (Erasmus, ...)5 crédits 


Patrice Schumesch

Language(s) of instruction

English language

Organisation and examination

Teaching in the second semester


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

1. Introduction

a. History, standards setting process, IASB bodies

b. Why IFRS?

i. Legal and statutory context at world, European and Belgian level

ii.External prospects for the company

iii. Internal prospects for the company

2. Start-up costs

3. Intangible assets

4. Tangible fixed assets (including the loan issue costs and investment properties)

5. Leasing, renting

6. Impairment of assets

7. Inventories and contracts in progress

8. Revenue recognition

9. Provision and events after the balance sheet date

10. Employee benefits

11. Stock options

12. Grants

13. Deferred taxes

14. Transactions in foreign currencies

15. Financial instruments

16. Consolidation

17. Business combinations

18. Presentation of financial statements

19. Cash flow statement

20. Segment reporting

21. Earnings per share

22. Discontinued operations

23. Relations with related parties

24. Climate-related disclosures

25. Interim reporting 

26. Change in accounting policies

27. IFRS first-time application rules

Learning outcomes of the learning unit

This course will be organised in different sections. All the IFRS norms as well as the most important SIC/IFRIC nterpretations will be covered. The basic principles of consolidation will be explained when the IFRS norms related to this subject will be introduced.
Apart from the explanation of the necessary theoretical basic principles, the course will broach illustrative examples inspired of real situations and problems encountered by companies.
An external speaker (consolidation or IFRS responsible) will be invited during a class session to share with the students his practical professional experience.
This course contributes to the following Intended Learning Outcomes :
ILO-1 : To strengthen knowledge and understanding of management disciplines and its legal, policy and social context
ILO-2 : Gaining the knowledge and understanding of one of the proposed fields of concentration or to gain deep knowledge in the field of the management being already specialized thru a first University Master Degree . 
ILO-4 : To acquire the capacity to research autonomously and methodically the information needed to solve a complex, transversal management problem, 
ILO-5 : Integrate autonomously researched information, tools, knowledge and context to build and propose, either individually or as part of a team, original, creative and viable solutions to concrete complex management problems, whether real or simulated, taking into account, when necessary, the human, social and legal context.
ILO-6 : Ability to speak 2 foreign languages: C1 in English and B2 in one other language.
ILO-7 : Being capable of professional team work 
ILO-8 : Developing leadership 
ILO-9 : Developing a critical sense (arguing)
ILO-10 : Developing a transversal, global vision 
ILO-11 : Creative conception of solutions 
ILO-12 : Professional capacity for oralcommunication
ILO-13 : Professional capacity for written communication  

Prerequisite knowledge and skills

Good knowledge of general accounting.

Planned learning activities and teaching methods

None. Practical examples and concrete application cases will be analysed during the course.

Mode of delivery (face to face, distance learning, hybrid learning)

Face-to-face course
Blended learning

Additional information:

The course will be introduced following the order of the tabel of contents (see above general introduction). As and when we will broach the different themes, I will explain the divergence zones in relation to the Belgian accounting law. I will give you as well practical examples and concrete application cases, for most of them coming from the practical experience I have gained during several IFRS conversion assistance missions within important Belgian and worldwide companies. This course will be interactive, students will regularly be asked to raise questions and to share their opinions on the different subjects. Attendance during the lessons is therefore highly recommended.

Recommended or required readings

An English version of an exhaustive syllabus as well as an illustrative example of consolidated IFRS financial statements will be at the disposal of the students from the first lesson. A glossary of ISO key accounting words (translation English-French) is also provided to the students. Moreover, further analysis and notes will be distributed during the course.

Exam(s) in session

Any session

- In-person

written exam ( multiple-choice questionnaire )

- Remote

written exam ( multiple-choice questionnaire )

Additional information:

The evaluation will be done under the form of a written exam (95% of the final mark) (MCQ and small exercices/ case studies) either remotely or in-person. Students will be informed of the form of the exam during one of the last sessions of the course.

Participation : 5%.

Relative weighting of individual assessment : 100%

Work placement(s)

Organisational remarks and main changes to the course



Patrice Schumesch



Culliganlaan 5

B-1831 Diegem


E-Mail: patrice.schumesch@pwc.com

Association of one or more MOOCs