Curricular Unit:			Code:
Financial Report and Accountability			1175RFPC
Year:	Level:	Course:	Credits:
3	Undergraduate	Business Sciences	3 ects
Learning Period:		Language of Instruction:	Total Hours:
Spring Semester		Portuguese/English	39
Learning Outcomes of the Curricular Unit:
The fundamental objective of the course is to gain knowledge related to the elements that comprise financial reporting and the rendering of accounts of a company, as well as its importance in the decision-making process by the recipients. In this context, it is expected that the student will be able to prepare the Annual Report of a company as well as prepare all the information required by the Tax and Customs Authority.
Syllabus:
Definition and importance of financial reporting and rendering of accounts. Financial information. Rendering of accounts documents: financial statements, management report, opinion of the supervisory board, legal certification of accounts and minutes of the general meeting to approve the accounts. Fiscal liabilities: Form 22 of the Tax on Corporate Income (IRC), Simplified Business Information (IES) and fiscal dossier.
Demonstration of the Syllabus Coherence with the Curricular Unit's Objectives:
Recognize rendering of accounts as the main source of financial information of a company and identify the different recipients. Prepare the main financial statements prescribed in the SNC, raise awareness on the importance of the Management Report in the rendering of accounts and the financial reporting process, raise awareness on the relevance of the opinion of the sole auditor and the legal certification of accounts for the credibility of the financial reporting of a company and produce the minutes of approval of accounts. Exemplify how to fill in, its purposes and the recipient of Model 22 of the IRC and of the IES and, given its content, raise awareness to the importance of the fiscal dossier.
Teaching Methodologies (Including Evaluation):
The teaching methodology is explanatory and participatory in nature and includes the presentation of concepts, accompanied by practical examples, and the resolution and analysis of case studies. The evaluation of skills will be measured based on the realization of 2 intermediate assessment tests (with a weight of 50% each in the final grade). The minimum marks in each test is 8 (eight) marks and the final marks to approve in the subject is 10 (ten) marks.
Demonstration of the Coherence between the Teaching Methodologies and the Learning Outcomes:
After presenting the concepts and general rules of rendering of accounts and financial reporting, the importance of these processes in decision-making on the part of recipients is emphasized. Preparation of the financial statements required by the Accountancy Standardization System (SNC) taking into account its conceptual framework, bases for the submission of the financial statements, models, code of accounts and NCRF. The importance of the Annex is emphasized, where quantitative and qualitative data that supports the contents is disclosed, as well as the accounting policies and other relevant information used in the preparation of all the accounting documentation. Next, the importance of the Management Report in financial reporting is stressed, whose preparation is the responsibility of the Management Board of the company and mandatory under Article 66 of the Commercial Societies Code. The above mentioned financial statements and the Management Report are then subject to examination by an external auditor who issues an opinion on whether those present a true and fair view of the company's situation (Opinion of the Surveillance and Legal Certification of Accounts Board). These documents are fundamental to the credibility of financial reporting. Given that the annual accounts must be approved by the General Assembly under Article 65 of the Commercial Societies Code, following this a Minutes is dressed which sets forth, in addition to assessing the Annual Report, the approval, or not, of the proposal for the allocation of the results highlighted in the Management Report. After having covered the whole process of approval of the accounts, it is exemplified how to complete and submit Form 22 of the IRC in which, starting with the Income before Taxes, the respective tax corrections are made in order to ascertain the tax base and figure out the tax. Another fiscal obligation that is explained relates to the IES, a comprehensive document of financial and tax reporting, whose contents are intended not only to the Tax and Customs Authority, but also for statistical purposes of the Bank of Portugal and the National Institute of Statistics. The IES is delivered online in the Portal das Finanças being resent to the Commercial Register Office, after which the accounts are deemed published. Finally, awareness to the importance of Fiscal dossier that brings together all documents used to support the process of preparing accounting, extra-accounting and tax information is raised. This methodology allows the achievement of the specific objectives set in each point and that the students gain as general competences: (i) the capacity and autonomy to solve problems; (ii) the ability to apply knowledge and (iii) the capacity to work independently and in groups.
Reading:
Araújo, D. N., Cardoso, P. e Novais, J. (2013). Manual de Prestação de Contas nas Sociedades Comerciais – O processo de relato financeiro em SNC. 3ª Edição, Vida Económica, Porto. Código do Imposto sobre o Rendimento de Pessoas Colectivas. Aprovado pelo Decreto-lei 442-B/88. [Em linha]. Disponível em http://info.portaldasfinancas.gov.pt/pt/informacao_fiscal/codigos_tributarios/CIRC_2R/Pages/circ-codigo-do-irc-indice.aspx Costa, C. B. e Alves, G. C. (2014). Contabilidade Financeira. 9ª Edição, Lisboa, Rei dos Livros. Dossier Fiscal. Aprovado pela Portaria nº 51/2018. Diário da República nº 34/2018, Série I de 2018-02-16. Informação Simplificada Empresarial. Aprovada pelo pelo Decreto-Lei nº 8/2007. Diário da República nº 12/2007, Série I de 2007-01-17 Neves, J. C. (2012). Análise e Relato Financeiro – Uma visão Integrada de Gestão. Lisboa, Texto Editora. Rodrigues, J. (2019). Sistema de Normalização Contabilística – SNC Explicado. 6ª Edição, Porto, Porto Editora.