Accounting Courses

AFN 111 Financial Accounting I (7 ECTS)
The main purpose of this course is to give students basic accounting knowledge in the framework of the business environment. The course examines issues related to the preparation, presentation and analysis of financial statements, in order to take the appropriate investment, credit and management decisions. Specifically, the course covers the accounting cycle, the double entry system, the basic accounting equation, the accruals concept and adjustment entries, and the preparation of financial statements based on the adjusted trial balance. Topics also include accounting methods for inventories, debtors, cash, tangible and intangible assets, short and long-term liabilities and capital. Finally, the course covers the preparation of cash flow statements and key financial ratios. The course relies heavily on Accounting Theory and Accounting Principles.

AFN 113 Summer Industry Placement Ι (3 ECTS)

Prerequisite: AFN 111
The summer placement in an organization is designed to combine academic knowledge with practical application through experience in the professional environment. During the placement, which takes place between 3-8 weeks during the summer season, the students are fully employed in approved companies. Students have the opportunity to apply their knowledge and gain valuable experience on issues directly related to their field of study, which enhances their academic experience and broadens their professional prospects. Students also have the opportunity to develop their professional skills, improve time management techniques, and broaden their network of business contacts. At the end of the internship, the employer prepares an assessment report. Based on employer and student reports, the responsible academic submits a Pass-Fail rating.

AFN 211 Managerial Accounting and Costing Ι (7 ECTS)

Prerequisite: AFN 111
This course, Management Accounting, will teach students to plan, control and evaluate business activities, as well as take the appropriate decisions. Topics addressed include basic cost classification and cost behavior concepts, new manufacturing environment and activity-based costing (ABC), use of cost data in cost-volume-profit analysis, budgets, standard costs and variance analysis, accounting responsibly and using management accounting in decision making.

AFN 213 Summer Industry Placement IΙ (3 ECTS)

Prerequisite: AFN 113
The summer industry placement II is offered to students who have already enrolled in AFN 113 by already participating in one Summer Internship. Students are fully employed in approved companies. At the end of the internship, the employer prepares an assessment report. Based on employer and student reports, the responsible academic submits a Pass-Fail rating.

AFN 311 Financial Accounting II (6 ECTS)

Prerequisite: AFN 111
The course examines the International Financial Reporting Standards (IFRS) adopted by all groups listed on stock exchanges in the European Union. The course focuses on the context in which the standards are developed, their application and analysis for decision-making purposes. Specific topics discussed include: the conceptual framework, accounting treatment of intangible and tangible assets, impairments and revaluations of assets, assets held for sale and discontinued operations, leases, revenue recognition, inventories, construction contracts, cash flow preparation, basic earnings per share, and accounting treatment of current taxation. Students will also learn about the latest developments in the area of Financial Accounting and implement the Standards through case studies.

AFN 312 Managerial Accounting and Costing II (6 ECTS)

Prerequisite: AFN 211
The course provides a general overview of the strategic planning process and the need for a management planning and control system to be tailored to the individual organization. Emphasis is placed on changes in the managerial field that influence decision making. Topics include: cost allocation procedures and their usefulness in decision making, measuring performance, analysis of information for short-and long-term decision making, activity-based costing, just-in-time.

AFN 313 Industry Placement I (6 ECTS)

Prerequisite: AFN 111
The student internship is designed to combine classroom theory with practical application through job-related experience. The internship covers one full semester during which students work full-time at an approved accounting firm or other firms in the financial industry. Students are able to apply their knowledge and gain valuable accounting, finance, audit or tax experience that enhances both their academic experience but also their future employability. During the internship students are able to develop their team working abilities, professional and time management skills and grow their network of professional contacts. Interns are assigned a mentor at work who continuously monitors their progress, providing feedback and suggestions for improvement. Students prepare a final report which describes in detail their duties and the knowledge acquired. At the end of the internship the employer prepares an evaluation report. Based on the employer’s and student’s reports the supervising faculty member assigns a grade of Pass or Fail.

AFN 314 Commercial Law (6 ECTS)

The course examines the Cyprus legal system, as this has developed in the framework of European legislation, and look at how it affects the modern business environment. It analyzes legal issues commonly encountered while running a business. Topics covered include contracts, offenses (torts), property law, labour law and corporate law (commercial law documents, company incorporation, bankruptcy, limited companies, corporate governance and legislation against money laundering).

AFN 318 Auditing I (6 ECTS)

Prerequisite: AFN 111
This introductory course examines the International Standards on Auditing (ISAs). The adoption of ISAs is required for all Cyprus companies and all groups listed on stock exchanges in the European Union. The main purpose of this course is to teach students about the nature of audit work, through reference to the detailed rules governing the profession such as: assessment of audit risk and planning the audit, collection of audit evidence with substantive and analytical procedures, auditor reports, internal control system (evaluation and review). The course emphasizes ethical issues related to the auditing profession.

AFN 319 Taxation I (6 ECTS)

Prerequisite: AFN 111
This course introduces students to basic tax concepts, using the UK tax system as the main example. The course examines the key differences between financial reporting and taxation, international transactions, value added tax, corporate and personal taxation.

AFN 410 Financial Reporting in the Banking Sector (6 ECTS)

Prerequisite: AFN 111, AFN 318
The course examines the function and the role of banks, the financial instruments and markets (securities and other investments) such as derivatives. Also the course studies the hedge accounting and analyses the fair value of financial instruments. The course examines the financial statements of banks, the risk management, the prudential regulation and reporting requirements for banks, the audit and assurance of banks as well as the ethical considerations.

AFN 411 Financial Statement Analysis (6 ECTS)

Prerequisite: AFN 111
The recent international financial crisis and the Eurozone crisis (e.g., Cyprus, Greece, Ireland, Spain, Portugal, Italy) have led many organizations to financial distress. Within this rapidly changing economic environment, there is a greater need for executives, analysts, bankers, portfolio managers and investors, who are properly prepared and able to make the right decisions for value creation. The main objective of this course is to assist the above stakeholders in achieving their strategic goals. Specifically, emphasis is placed on: (i) basic financial analysis, including ratios, trend and common size analysis; (ii) forecasts and firm valuation; (iii) the quality of financial information and analysis of business strategy (PESTEL and SWOT); (iv) practical applications of risk management, credit analysis, bankruptcy forecasts (Logistic regression models, Altman Z-score), the role of credit rating agencies and derivatives, such as CDOs, CDS; (v) practical applications in banking, such as capital adequacy and BASEL II, III; (vi) practical applications for analysis of capital markets, corporate governance, mergers & acquisitions and; (vii) international financial analysis and other current capital market issues.

AFN 413 Industry Placement II (6 ECTS)

Prerequisite: AFN 313
The industry placement is designed to further enhance students’ learning, by building on the previous work experience and the additional coursework required. As a result, students will be able to refine their understanding of the business environment, more effectively apply and integrate their academic knowledge in the work setting, and further improve their critical thinking, problem solving, communication and leadership abilities. Students prepare a final report which describes in detail their duties and the knowledge acquired. At the end of the internship the employer prepares an evaluation report. Based on the employer’s and student’s reports the supervising faculty member assigns a grade of Pass or Fail.

AFN 414 Energy Sector Accounting and Finance (6 ECTS)

Prerequisite: AFN 111, AFN 222
This course is an introduction to oil and gas accounting, with emphasis on accounting for costs incurred in the acquisition, exploration, development and production of oil and natural gas. It is designed to give students an understanding of the accounting standards and practice, that exist in the energy sector, and the skill to evaluate financial performance in this industry. The students will familiarize themselves with measurement of liquidity, capital structure, operating performance and asset utilization. Topics will also cover valuation issues, computation of appropriate returns benchmarks, required disclosures for oil and gas activities, and analysis of relevant companies’ financial statements. At the conclusion of the course, students should be familiar with the basic characteristics and differences between the downstream and the upstream sectors and their activities.

AFN 416 Business Ethics and Corporate Governance (6 ECTS)

Prerequisites: AFN 111 and AFN 222
The course provides an overview of ethical conduct within a business, with particular emphasis on information dissemination and finance. The first part focuses on the scope, importance and need for ethical behavior in decision making. The second part focuses on corporate governance, the importance of ensuring basic ethical corporate values, the various types and benefits of good corporate governance. The course examines case studies, where ethical dilemmas exist or decisions taken violate corporate values. Particular emphasis is placed on the moral aspect of various decisions and corporate governance of all stakeholders.

AFN 417 Auditing II (6 ECTS)

Prerequisite: AFN 318
The main objective of this course is to continue the in-depth study of the nature and objectives of auditing, with particular emphasis on their practical implications, through case studies and articles. Specifically, the issues addressed include: developments in auditing at a European level, professional ethical issues, external audit and completion stage, auditors’ and other reports, money laundering, internal control system, and the "expectation gap." The course relies extensively on literature from international journals, problem solving and analysis of relevant international corporate case studies.

AFN 418 Financial Reporting III (6 ECTS)

Prerequisite: AFN 311
The main objective of this course is to supplement the material learned in AFN 311 and to provide students with an in-depth, comprehensive understanding of financial reporting issues, as they apply to financial statements prepared in accordance with International Financial Reporting Standards (IFRS). Emphasis is placed on preparing consolidated financial statements (whether arising from acquisition / disposal of subsidiaries and associates, or joint arrangements). The course also covers the accounting treatment of financial instruments, deferred taxation and earnings per share (diluted earnings per share).

AFN 419 Taxation II ( 6 ECTS)

Prerequisite: AFN 111
The aim of this course is to examine the most important aspects of the Cyprus tax system (which is mainly based on the UK tax system). Specifically, the course focuses on an analysis of income sources, taxable income and the various exemptions available, with the purpose of calculating taxation for individuals and legal entities (companies, partnerships). The course also examines defense contribution, capital gains tax and assessment and collection of taxes.

AFN 492 Thesis in Accounting I (6 ECTS)

Research in theoretical issues or practical problems related to accounting.

AFN 493 Thesis in Accounting II (6 ECTS)

Research in theoretical issues or practical problems related to accounting.

Courses in Finance

AFN 221 Personal Finance (6 ECTS)
The course provides students with the knowledge and decision-making skills to manage their money and personal finances. Specifically students will become familiar with the time value of money, compound interest, inflation, risk, diversification, understand the multiple-facets of personal financing such as education, career planning, money management, credit, taxes, insurance, retirement, learn how to manage personal finances such as savings plans and payment accounts, consumer credit, loans and scholarships, learn how to make major purchasing decisions such as buying a car or a house based on purchasing strategies, consumer protection, cost of credits, learn about health and disability and life insurance, learn how to insure resources such as automobiles and houses, understand the fundamentals of investing in stocks, bonds, mutual funds, real estate, other alternatives, manage their financial future as it relates to retirement, personal estate and learn about the operations and functions of financial institutions such as Banks, insurance companies, pension firms, investment advisors, and the institution of the Financial Ombudsman.

ΑFN 222 Corporate Financial Management (7 ECTS)

The course covers: application of the net present value (NPV) to capital budgeting investments, the risk-return trade off, portfolio management, market efficiency, cost of capital, financial leverage, optimal capital structure, dividend policy, and basic valuation methods of securities.

AFN 321 Corporate Finance II (6 ECTS)

Prerequisite: AFN 222
The course provides a deeper insight into financial theory, with particular emphasis on investment valuation, capital budgeting and valuation of various financial securities (e.g., ordinary shares, different types of debt, options and rights).The course also provides a more advanced study of dividend and debt policy, and covers more advanced topics, such as interactions between investment and financing decisions, hedging of financial risk, leasing, mergers and acquisitions, and international finance.

AFN 322 Investment and Portfolio Management (6 ECTS)

Prerequisite: AFN 222
The course examines the mechanics of the securities markets and provides a sound understanding of the principles of analysis and investment valuation. Subjects covered include: securities valuation methods (e.g., bonds, stocks, options, futures), determination of suitability of securities for their inclusion in investment portfolios, effective ways to best trade. Emphasis is placed on analyzing securities (i.e., determining whether an individual security is correctly valued in the market), and portfolio management (i.e., combining securities into a portfolio, portfolio monitoring, and evaluation of its performance).

AFN 323 Modern Capital Budgeting (6 ECTS)
Prerequisite: AFN 222
The course combines valuation theory with uncertainty and methods for capital investment decisions. Traditional capital budgeting does not adequately address risk and uncertainty issues (pricing of capital goods, exchange rates, etc.). Modern valuation theories provide the tools for developing methods and models to assess mutually exclusive investment funds, evaluation of investment and research projects. Students will make extensive use of computers and software (spreadsheet work) for practical applications of analytical methods.

AFN 324 Bank Financial Management (6 ECTS)

Prerequisite: AFN 222
Bank financial management represents the central activity of commercial banks, while the continually changing environment - intensified competition, deregulation, globalization of markets, new financial instruments - requires banks to revise the focus of their financial management. The course presents the financial concepts, strategies and techniques, that help banks achieve success in this financial environment. After reviewing today's banking environment - banking structure, problems and conditions - the course concentrates on measuring and managing various types of risk faced by financial institutions, such as interest rate, credit, foreign exchange, and liquidity. The course also discusses measures and evaluation of bank performance, basic financial instruments and techniques, bank asset/liability management, new financial strategies, and integrative bank management decisions.

AFN 325 Options, Futures and Risk Management (6 ECTS)

Prerequisite: AFN 222
The course examines the nature, characteristics, and markets for options and futures. It analyzes the factors that determine their value and studies basic valuation techniques and their application to the financial activities of the business and investment decisions. It also studies their specific role in hedging or reducing financial risk (security portfolio).

AFN 421 Financial Policy (6 ECTS)

Prerequisites: AFN 321 and AFN 322
The course analyzes the financial aspects related to the definition and implementation of a company’s financial policy (e.g., examines inter-relationship between profitability and growth, dividend policy, debt policy, competitive/strategic positioning, etc.). It uses case studies to apply concepts and techniques learned in previous business courses to the analysis of real life situations and practical problems. It is intended as a capstone course to be taken after all other concentration courses, providing the opportunity for reviewing, integrating, and operationalizing acquired skills in an applied context.

AFN 422 Public Finance (6 ECTS)

Prerequisite: AFN 222
The course examines the financial policies and problems facing government institutions and public agencies, such as resource allocation, transfer pricing, and public debt policy (with reference to education, social services, natural resources and the environment).

AFN 423 International Financial Management (6 ECTS)

Prerequisite: AFN 322
This course studies financial operations in the context of the international environment, with particular attention to the unique opportunities, constraints and risks involved in global operations. These include fluctuating exchange rates, imperfect or distinctive international money, capital and exchange markets, differing accounting, tax and subsidy regimes, political or country risk, and the evaluation and financing of international investment opportunities. This course is useful for managers in organizations active in international trade (exports or imports), subject to foreign competition, having or contemplating direct investment in sales, service or production affiliates overseas.

AFN 425 Contemporary Issues in Finance (6 ECTS)

Prerequisite: AFN 222
The course introduces advanced, current issues in finance. It offers small groups of students the chance to work on selected finance topics of their interest and to develop their ability to follow relavent literature and to carry out independent work. The contents may change from year to year, depending on the faculty and students’ interests.

AFN 426 Insurance and Risk Management (6 ECTS)

Prerequisite: AFN 222
The course covers the identification, assessment and management of financial and other insurance risks. The economics of insurance demand and supply provide the rationale for insurance and risk management products. The course concentrates on the assessment of credit risk, default risk, and liquidity risk. There is also a qualitative overview of insurance company activities, as well as the general regulatory framework of the insurance industry in both Europe and the U.S.A.

AFN 495 Thesis in Finance I (6 ECTS)

Research in theoretical issues or practical problems related to finance.

AFN 496 Thesis in Finance II (6 ECTS)

Research in theoretical issues or practical problems related to finance.