Welcome

at Maastricht University

Faculty of Economics and Business Administration

MSc International Business
-Accounting

Dr. Erik Peek (e.peek@aim.unimaas.nl)

21 May, 2008

Faculty of Economics and Business Administration

About the Department of AIM...
• Professors with international teaching and research
experience (e.g., Wharton, MSU, U of Auckland)
• Authors of established international textbooks (e.g.,
AIS, financial statement analysis)
• Leading in accounting research on the European
continent
• Strong ties with the profession
• Leading among European peers in commissioned
research for e.g. the European Commission
• Partner in the world’s primary audit research network

… leading in international accounting research and

education.

Faculty of Economics and Business Administration

What our program offers…
• Developing general skills:
– Solving practical problems (PBL, real-life cases)
– Being an active participant in high-level debates
on contemporary accounting issues
– Understanding the findings and practical
implications of the latest academic research in
accounting

• Developing specific skills:

– Measurement and disclosure of
– Provision of assurance about
– Interpretation of … financial information

Faculty of Economics and Business Administration

Specific skills

Assuring the • Understanding the importance and

accuracy of knowing the essential elements of
financial a well-functioning internal control
system
information
- Assurance Services
- Internal Control • Understanding the essential stages
and procedures of financial
statement audits

• Being able to effectively perform

entry-level assurance work in
professional accounting firms

Faculty of Economics and Business Administration

Specific skills
Preparing and • Having a thorough understanding
disclosing of IFRS reporting standards and
financial the institutions that guide the
statements preparation and publication of
- Financial Accounting European financial statements
- Fin. Statement Analysis

Interpreting • Being able to interpret, and use

and using financial information for making
financial various resource allocation
information decisions (e.g., budgeting and
- Fin. Statement Analysis control; investment decisions; loan
- Management Control granting decisions)
- Strategic Performance
Analysis

Faculty of Economics and Business Administration

These skills help you to
become…
• (External) Auditor • Controller/Manager
• Manager Internal Planning and Control
Audit ... • Financial/Business
Analyst …

• Reporting Analyst/
Manager Reporting
and Consolidation
• IFRS Consultant
• Transaction Services
Consultant … … and more…

Accountancy focus Controlling focus

Faculty of Economics and Business Administration

 40 % of CFOs of
Hong-Kong-listed
firms has an
accounting
background

Accountancy (UK):
“Dutch” CFOs with
“20 % of CEOs of
accounting background:
FTSE100 has an
KPN, Heineken, Vedior,
accounting background”
Randstad, Essent, Nielsen,
LogicaCMG, Getronics…
(Source: Dutch NIVRA)
CFO magazine (US):
“…We’re seeing a real
shift to CFOs with a
technical accounting
background…”
Faculty of Economics and Business Administration
Outline of the MSc IB Accounting
Program (Accountancy focus)
Balanced mix of research-, problem-, and case-based
learning:

T1, B1 Assurance Services Financial Statement Analysis

T1, B2 Internal Control Elective: Corporate / Tax Law

T1, S2A Skills related to the Master’s Thesis

T2, B3 Financial Accounting Master’s Thesis Project 1

T2, B4 Management Control Master’s Thesis Project 2

T2, S4a Finalizing the Master’s Thesis

Faculty of Economics and Business Administration

Outline of the MSc IB Accounting
Program (Controlling focus)
Balanced mix of research-, problem-, and case-based
learning:

T1, B1 Strategic Performance Analysis Finance/Accounting elective: e.g.,

FSA

T1, B2 Internal Control Elective (Law)

T1, S2A Skills related to the Master’s Thesis

T2, B3 Financial Accounting Master’s Thesis Project 1

T2, B4 Management Control Master’s Thesis Project 2

T2, S4a Finalizing the Master’s Thesis

Faculty of Economics and Business Administration

Post-graduate programs
• The MSc IB Accounting program is an excellent
preparation for A&IM’s post-graduate programs in
auditing (RA) or control (RC) (in Dutch)
• Other prerequisite: BSc Accounting major +
Finance or IM minor
• Remaining deficiencies for p-grad RA (if
applicable):
– Consolidation and fiscal accounts (summer course)
– Tax + Corporate Law (can be done after entering
the program)
• For further info: Leon Timmermans

Faculty of Economics and Business Administration

In short …

• Strong department; first class teachers; small-

scale approach
• Practical training; development of directly
applicable skills
• Getting a good understanding of why and how
businesses operate
• Excellent job perspectives
• Excellent preparation for postgraduate programs
in auditing and control

Faculty of Economics and Business Administration

Questions

• Questions about the accounting track:

E.Peek@aim.unimaas.nl

• For specific questions regarding the postgraduate

programs:
Le.Timmermans@aim.unimaas.nl

Faculty of Economics and Business Administration

Assurance Services

• Become familiar with the stages, procedures and

environment of an audit; prepare for entry-level
assurance work in professional accounting firms

• Assignments; discussion of academic research;

two real-life cases aimed at training practical
skills

• Example case:
– Based on company description and financials,
conduct business risk analysis, identify risks for the
inventory account, and outline the audit steps that
you need to take to obtain assurance with respect to
the inventory

Faculty of Economics and Business Administration

Financial Statement Analysis

• Business analysis and valuation using financial

statements

• Assignments; discussion of real-life cases;

discussion of academic research

• Example case:
– Between 2000 and 2005, Carrefour’s share price
decreased by 50 percent, despite the company’s
ROE of close to 18 percent. Rumors are that
Carrefour is a takeover candidate.
– Task: analyze Carrefour’s financial statements to
identify the causes of the company’s poor market
performance. Is Carrefour a good takeover
candidate?

Faculty of Economics and Business Administration

Internal Control

• Design of an effective internal control system to

assure the quality of information

• Problem-based learning; discussion of internal

control cases; discussion of academic research

• Example case:
– A typology approach, e.g.: description of a
manufacturing company
– Task: Identify the risks and describe a set of
internal and IT controls that can effectively assure
the quality of information

Faculty of Economics and Business Administration

Financial Accounting

• Preparation of multinational companies’ financial

statements in accordance with IFRS

• Focus on application and rationale of accounting

methods

• Assignments, with focus on:

– Business combinations and consolidation
– Foreign subsidiaries
– Segment reporting
– Financial instruments

Faculty of Economics and Business Administration

Management Accounting &
Control
• Become familiar with contemporary management
accounting & control topics:
– financial and non-financial performance
measurement and management;
– performance based rewards;
– human behavior in response to economic incentives

• Real-life cases

• Strong focus on recent academic research and its

implications for practice

Faculty of Economics and Business Administration

Strategic Performance Analysis

• Using management accounting to analyze

complex business situations for strategic decision
making

• Value chain analysis, internal capital markets,

turnaround management, and analysis of
strategic changes

• Academic research and real-life cases

• Company workshop and SAP training

Faculty of Economics and Business Administration