Financial and Managerial Accounting

The course approaches financial and managerial accounting as an integrated tool for managerial decision-making. It focuses on the principles of financial reporting and the main financial statements – the Statement of Financial Position, the Statement of Profit or Loss, and the Statement of Cash Flows – including their preparation, reading, and interpretation.

The managerial accounting component concentrates on cost concepts and cost classification, decision-making through incremental analysis, cost-volume-profit analysis, pricing decisions, and capital investment planning.

In addition, the course covers financial statement analysis and the use of financial data to support short- and long-term management, planning, and control decisions. The learning process is strongly practice-oriented, linking theoretical foundations with practical business decisions and real-life cases.

• Statement of Financial Position and Statement of Profit or Loss
• Statement of Cash Flows
• Incremental Analysis
• Cost-Volume-Profit Analysis
• Pricing
• Planning for Capital Investments
• Financial statements analysis

Aet Toots, MBA with the major in accounting and finance.

Lecturer at the Department of Finance and Economics with over 25 years of teaching experience at bachelor’s and master’s level. Has taught courses of Financial and Managerial Accounting, Intermediate Financial Accounting, Financial Reporting, Financial Statement Analysis, Accounting and Finance Communication. She has gained international experience by teaching at EBS Helsinki in Finland, at Aix-Marseille Graduate School of Management in France, and on Erasmus exchange at Oxford Brookes University in the UK. She has been involved in academic programme development both as the head and a member of different degree programme committees and has worked in a middle-level managerial position as the Head of the Language Centre at EBS.

Urmas Kaarlep

Urmas Kaarlep has been a lecturer in the Economics Theory and Finance Chair since 2016. His main research and competency areas are taxation, managing family assets across generations, management accounting, management economics, value assessment and coaching. EBS awarded Kaarlep a Master’s degree in business management in 1992 and he also graduated from an economics engineering major at Tallinn University of Technology in 1968. Kaarlep is a licenced Executive Coach, a member of ICF and a founding member and board member of ICF Estonia. He has completed the AoEC’s Practitioner Diploma in Executive Coaching programme. Kaarlep has been active as the head of the audit committee and Council member at AS Tallinna Sadam; a member of the Council and audit committee at Nasdaq CSD SE in Latvia, a Council member of AS Prike AS, a Council and audit committee member of AS Versobank and the head of the audit unit of PwC Ukraine and managing partner of PwC Estonia.

• Bachelor’s degree or equivalent qualification.
• At least 3 years of work experience in business or entrepreneurship
• Valid temporary residence permit or EU citizenship.

After completing the course, the students will:

• read, analyse, and interpret accounting data to make informed business decisions;
• evaluate financial data utilising various financial statement analysis techniques;
• apply accounting knowledge in managerial decision making.

To successfully complete the course and receive a certificate, participants must actively participate in sessions, complete independent assignments, and submit a final project.

Throughout the course, students are assessed using a variety of learning and assessment methods. Assessment is based on the completion of preparatory assignments and home quizzes, active participation in classroom activities, and the submission of reflections. A significant part of the final grade consists of practical projects, a written report, and a presentation. 

The course takes place at EBS’s modern campus in Tallinn, Lauteri 3. Students have access to ergonomic classrooms, the EBS library, and the cloud-based Canvas learning platform. The study process is supported by online tools such as Zoom, MS Teams, or Canvas Conference. Free Wi-Fi is available throughout the building. On-site attendance is required.