Accounting

Finance

ACCOUNTING

AFN 111: Financial Accounting I (7 ECTS)

The main purpose of this course is to assist in understanding the use of accounting in the business environment. The course examines issues concerning the preparation, presentation and analysis of the financial statements to make 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 the financial statements. The course covers topics relating to the accounting treatment of inventories, debtors, cash, tangible and intangible assets, short and long-term liabilities and capital. Finally, the course covers the preparation of cash flow statement, and key financial ratios. The course relies heavily on Accounting Theory and Accounting Principles.

Instructor: Associate Professor Irene Karamanou 


AFN 211: Managerial Accounting and Costing I (7 ECTS)

The main purpose of Management Accounting is to assist managers in planning, controlling and evaluating the business activities, as well as in their decision making. Topics addressed in the course are 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 of management accounting in decision making.

Instructor: Professor Nicos Vafeas, Teaching Staff  Evita Livera

AFN 311: Financial Accounting II (6 ECTS)

The course examines the International Financial Reporting Standards (IFRS) adopted by all groups, which are listed on stock exchanges in the European Union. The main objective of the course is to understand the context under which the standards are developed, their application and analysis for decision making purposes. Specific topics discussed include: 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 also have the opportunity to get informed about the latest developments in the area of Financial Accounting and implement the Standards in case studies.
Prerequisite: AFN 111

Instructor: Teaching Staff Apostolena Theodosiou

AFN 312: Managerial Accounting and Costing II (6 ECTS)

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.
Prerequisite: AFN 211

Instructor: Teaching Staff  Evita Livera

AFN 313- Industry Placement (6 ECTS)

The student industry placement is designed to combine classroom theory with practical application through job-related experience.  The placement covers one full semester during which students work full-time at an approved accounting or auditing firm. Students will be able to apply their knowledge and gain valuable accounting, audit, consulting or tax experience that will enhance both their academic experience but also their future employability. During the placement students will be able to develop their team working abilities, professional and time management skills and grow their network of professional contacts. Students will be assigned a mentor at work who will continuously monitor their progress, providing feedback and suggestions for improvement. At the end of the placement period the employer will prepare an evaluation report.  During the placement students will prepare monthly reports detailing their duties and learning experiences and communicate these to the supervising faculty member. Based on the employer’s and students’ reports the supervising faculty member will assign a grade of Pass or Fail. 

Prerequisite: AFN 111

 Instructor: Associate Professor Irene Karamanou


AFN 314: Commercial Law (6 ECTS)

The course examines the Cyprus legal system, as this has developed within the framework of European legislation, and 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, labor law and corporate law (commercial law documents, company incorporation, bankruptcy, limited companies, corporate governance and legislation against money laundering)

Instructor: Special Scientist Chrysthia Papacleovoulou

AFN 318: Auditing I (6 ECTS)

This introductory course examines the International Standards on Auditing (ISAs). The adoption of ISAs is required for all Cyprus companies, and groups which are listed on stock exchanges in the European Union. The main purpose of this course is to understand 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 on ethical issues relating to the auditing profession.
Prerequisite: AFN 111

Instructor: Teaching Staff Apostolena Theodosiou

AFN 319: Taxation I (6 ECTS)

This introductory course is mainly based mainly on the UK tax system to introduce basic tax concepts. The course examines the key differences between financial reporting and taxation, international transactions, value added tax, corporate and personal taxation.
Prerequisite: AFN 111

Instructor: Teaching Staff  Evita Livera

AFN 411: Financial Statement Analysis (6 ECTS)

The recent international financial crisis and the Eurozone crisis (e.g., Cyprus , Greece, Ireland, Spain, Portugal, Italy) have brought many organizations in financial distress. Within this rapidly changing economic environment, there is a greater need for executives, analysts, bankers, portfolio managers, investors, to be properly prepared and 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 in the analysis of capital markets, corporate governance, mergers & acquisitions and (vii) international financial analysis and other current capital market issues.
Prerequisites: AFN 111

Instructor: Professor Andreas Charitou

AFN 413: - Industry Placement II (6 ECTS)

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. During the placement students will prepare monthly reports detailing their duties and learning experiences and communicate these to the supervising faculty member while at the end of the placement the employer will prepare an evaluation report. Based on the employer’s and students’ reports the supervising faculty member will assign a grade of Pass or Fail. 

Prerequisite: AFN 111, AFN 313

Instructor: Associate Professor Irene Karamanou 

AFN 414: Energy sector Accounting and Finance (6 ECTS)

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, accounting under joint arrangements, 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, and the main ethical issues in oil and gas accounting practices.
Prerequisite: AFN 111

Instructor: Teaching Staff  Evita Livera

AFN 415: Contemporary Issues in Accounting (6 ECTS)

The course analyzes in depth contemporary research topics in relation to financial reporting. Emphasis is given on related literature from international academic journals.
Prerequisite: AFN 346

Instructor: Professor Nicos Vafeas

AFN 416: Business Ethics and Corporate Governance (6 ECTS)

The course provides an overview of ethical conduct within the business with particular emphasis in the areas of 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 were taken that violated corporate values. Particular emphasis is placed on the moral aspect of various decisions and corporate governance of all stakeholders.
Prerequisites: AFN 111, AFN 222

Instructor: Teaching Staff  Evita Livera

AFN 417: Auditing II (6 ECTS)

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 , "expectation gap". The course relies extensively on literature from international journals, problem solving and analysis of relevant international corporate case studies.
Prerequisites: AFN 318

Instructor: Teaching Staff Apostolena Theodosiou

AFN 418: Financial Accounting III (6 ECTS)

The main objective of this course is to supplement the knowledge of 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 to 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). Moreover, the course also covers the accounting treatment of financial instruments, deferred taxation and earnings per share (diluted earnings per share).
Prerequisite: AFN 311

Instructor: Teaching Staff  Evita Livera

AFN 419: Taxation II

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.
Prerequisite: AFN 319

Instructor: Teaching Staff Apostolena Theodosiou

PBA 492: Senior Thesis in Accounting I (6 ECTS)

Research in theoretical issues or practical problems emerging in the accounting field.

PBA 493: Senior Thesis in Accounting II (6 ECTS)

Research in theoretical issues or practical problems emerging in the accounting field.

FINANCE

AFN 222: Corporate Financial Management (7 ECTS)

To 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.

Instructor: Associate Professor George P. Nishiotis, Lecturer Yiannis Dendramis

AFN 321: Corporate Finance II (6 ECTS)

The course provides a deeper insight in 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.
Prerequisite: AFN 222

Instructor: Associate Professor Spyros H. Matzoukos

AFN 322: Investment and Portfolio Management (6 ECTS)

This course examines the mechanics of the securities markets and provides a sound understanding of the principles of investment analysis and valuation. It explains how to value financial securities (e.g. bonds, stocks, options, futures), how to determine whether they are appropriate for inclusion in one's portfolio, and how to best trade. Emphasis is given to security analysis (i.e., determining whether an individual security is correctly valued in the market) and portfolio management (i.e., combining securities into a portfolio, monitoring that portfolio, and evaluating its performance).
Prerequisite: AFN 222

Instructor: Lecturer Yiannis Dendramis

AFN 323: Modern Capital Budgeting (6 ECTS)

The course combines valuation theory with uncertainty and methods for capital investment decisions. The traditional capital budgeting does not address adequately 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. Extensive use of analytical methods is being offered through the use of computers and software (spreadsheet work) for practical applications.
Prerequisite: AFN 222

Instructor: Professor Lenos Trigeorgis


AFN 324: Bank Financial Management (6 ECTS)

Bank financial management forms 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 to be successful 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 risks. 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.
Prerequisite: AFN 222

Instructor: Professor Stavros Zenios

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

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

Instructor: Associate Professor Andreas Milidonis

AFN 421: Financial Policy (6 ECTS)

The course analyzes the financial considerations relating to the setting and implementation of financial or corporate policy (e.g., examines inter-relationships between profitability and growth, dividend policy, debt levels, competitive/strategic positioning etc.). Utilizes the case study method 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.
Prerequisites: AFN 321, AFN 322

Instructor: Special Scientist Alkis Loizides

AFN or ECO 422: Public Finance (6 ECTS)

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).
Prerequisite: AFN 222.

AFN 423: International Financial Management (6 ECTS)

This course studies financial operations in the context of the international environment, with particular attention to the unique opportunities, constraints and risks involved in world-wide 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.
Prerequisites: AFN 222, AFN 322

AFN 425: Contemporary Topics in Finance (6 ECTS)

This seminar introduces advanced timely topics in finance. It enables small groups of advanced students to work on selected finance topics of interest and develop their ability to follow the relevant literature and do independent work. The contents may change from year to year depending on faculty and student interests.
Prerequisites: AFN 222
 
Instructor: Associate ProfessorGeorge P. Nishiotis
 
AFN 426: Insurance and Risk Management

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

Instructor: Special Scientist Christos Patsalides

AFN 495: Thesis in Finance (6 ECTS)

Research in theoretical issues or practical problems emerging in the field of finance.

AFN 496: Thesis in Finance (6 ECTS)

Research in theoretical issues or practical problems emerging in the field of finance.