The programme is designed to provide students with a specialist education in areas concerning taxation and accounting. The contemporary business and legal environment means that tax law and account are increasingly linked and there is a demand for professionals with expertise in both areas.
The programme is 120 ECTS and is organised as two years of full-time study.
The programme is made up of:
Students graduate with a Master's degree from the Faculty of Law or the Faculty of Business Administration, depending on where they complete their thesis.
The programme is designed to prepare students for demanding and complex careers in accounting and tax law.
Courses are taught in Icelandic or English. Most textbooks are in English.
Upon completing the programme, the student should be able to demonstrate knowledge in the field of accounting, auditing and tax law. The student should have the skills to apply theoretical methods and the ability to draw conclusions from their results.
Completing the programme allows you to apply for doctoral studies.
In order to enroll in the Master's programme in Taxation and Accounting, applicants must have completed a BA-degree from the University of Iceland Faculty of Law or a BS or BA-degree from the University of Iceland School of Business or the Faculty of Economics, or an equivalent degree in a comparable field. As a general rule, applicants shall have completed their undergraduate studies with a first-class GPA (7.25 or above).
A total of 120 ECTS credits must be completed.
The structure of the programme is such that students take 90 ECTS credits in courses. Of these, 30 ECTS are mandatory courses offered by the Faculty of Law and 30 ECTS are mandatory courses offered by the School of Business. In addition, students take 30 ECTS in elective courses from either faculty.
The master’s thesis is 30 ECTS credits.
Further information on supporting documents can be found here
Interdisciplinary studies jointly organized by:
Check below to see how the programme is structured.
This programme does not offer specialisations.
The course addresses ethical challenges in business operations and how they manifest within companies and in their interactions with stakeholders, public authorities, and society at large. Emphasis is placed on students analysing, applying, evaluating, arguing for, and developing ethical solutions to real business issues based on theories in business ethics.
Teaching materials and assignments are based on realistic case studies, academic texts, and collaboration with industry partners. Students work systematically on identifying ethical dilemmas, applying theoretical approaches, evaluating different corporate responses, justifying their own ethical positions, and formulating practical proposals for processes and/or policies within complex societal contexts.
The course also emphasises that students develop a conscious and responsible attitude toward their own role as professionals and managers, in line with the University of Iceland’s values of social responsibility, equality, sustainability, and innovation, guided by sound ethical principles.
Students choose the course scope based on ECTS credits. The course may be taken as 7.5 ECTS, 6 ECTS (students from Philosophy), 3 ECTS, or 1.5 ECTS.
Please note that the course is taught in the first teaching block of the autumn semester, according to the block structure of the Master’s programme at the School of Business.
The main objective of the course is to give a profound understanding of Icelandic Tax Law. The course Tax Law I deals with Icelandic tax law but the course Tax Law II deals with international tax law.
The course deals with tax law and its workings in the Icelandic legal system. The main concepts of tax law and tax law from a constitutional perspective are discussed. The concepts of tax, tax liability and exemptions are discussed and the course provides for an in debth analysis of the concept of income for defining tax bases including a thorough analysis of allowable deductions. Various doctrines of tax law are discussed. The course covers the law of procedure for disputes concerning taxation, both within the tax administration and before courts. The course deals mainly with income tax for both legal and natural persons, capital income tax and value added tax.
The course description is not available in English
This course is designed for students on the F- and R-line (finance and accounting). The purpose with the course is that the students obtains knowledge and understanding on matters that management of companies needs to have to prepare financial statements in accordance with generally accepted accounting principles. In the course students, will learn about generally accepted accounting principles according to international accountings standards (IFRS) and icelandic GAAP. Among topics: Financial accounting and accounting standards, income statement, balance sheet and cash flow. Revenue recognition and cost accounting, inventories, accounts receivables, PPE, intangible assets, income tax, impairment test, accounting for financial instruments, liabilities and equity. Students will need to solve assignments during the course.
A course description in English is not available.
The main objective of the course is to give students a good understanding of international tax law. In the course Tax Law II the concepts of limited and unlimited tax liability are discussed and analyzed. Double taxation treaties are studied and the interpretation of such treaties and the methods provided to avoid double taxaton and what implication taxes have on income generated in different tax jurisdictions. Tax competition and the battle against international tax avoidance is disscussed.
This course is a continuation of Financial Statements A, which is taught in the fall semester. It is expected that students of this course are fully familiar with the content of the course Financial Statements A.
The course will cover the principles in accounting under both IFRS and Icelandic law. Topics: cash flow, income tax, earnings per share, financial instruments, finance leases, assets held for sale and discontinued operations, investment properties, provision, information in the financial statements and related parties.
Assignments are part of the course, and students will need submit them.
Reserved the righttochangethecoursedescription.
The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts.
Special emphasis on following accounting standards,
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures
IFRS 13: Fair value measurement
IFRS 16: Leases
IFRS 2: Share-based Payment
IAS 32: Financial Instruments: Presentation
IAS 40: Investment Property
A course description in English is not available.
This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The course addresses ethical challenges in business operations and how they manifest within companies and in their interactions with stakeholders, public authorities, and society at large. Emphasis is placed on students analysing, applying, evaluating, arguing for, and developing ethical solutions to real business issues based on theories in business ethics.
Teaching materials and assignments are based on realistic case studies, academic texts, and collaboration with industry partners. Students work systematically on identifying ethical dilemmas, applying theoretical approaches, evaluating different corporate responses, justifying their own ethical positions, and formulating practical proposals for processes and/or policies within complex societal contexts.
The course also emphasises that students develop a conscious and responsible attitude toward their own role as professionals and managers, in line with the University of Iceland’s values of social responsibility, equality, sustainability, and innovation, guided by sound ethical principles.
Students choose the course scope based on ECTS credits. The course may be taken as 7.5 ECTS, 6 ECTS (students from Philosophy), 3 ECTS, or 1.5 ECTS.
Please note that the course is taught in the first teaching block of the autumn semester, according to the block structure of the Master’s programme at the School of Business.
The main objective of the course is to give a profound understanding of Icelandic Tax Law. The course Tax Law I deals with Icelandic tax law but the course Tax Law II deals with international tax law.
The course deals with tax law and its workings in the Icelandic legal system. The main concepts of tax law and tax law from a constitutional perspective are discussed. The concepts of tax, tax liability and exemptions are discussed and the course provides for an in debth analysis of the concept of income for defining tax bases including a thorough analysis of allowable deductions. Various doctrines of tax law are discussed. The course covers the law of procedure for disputes concerning taxation, both within the tax administration and before courts. The course deals mainly with income tax for both legal and natural persons, capital income tax and value added tax.
The course description is not available in English
This course is designed for students on the F- and R-line (finance and accounting). The purpose with the course is that the students obtains knowledge and understanding on matters that management of companies needs to have to prepare financial statements in accordance with generally accepted accounting principles. In the course students, will learn about generally accepted accounting principles according to international accountings standards (IFRS) and icelandic GAAP. Among topics: Financial accounting and accounting standards, income statement, balance sheet and cash flow. Revenue recognition and cost accounting, inventories, accounts receivables, PPE, intangible assets, income tax, impairment test, accounting for financial instruments, liabilities and equity. Students will need to solve assignments during the course.
A course description in English is not available.
The main objective of the course is to give students a good understanding of international tax law. In the course Tax Law II the concepts of limited and unlimited tax liability are discussed and analyzed. Double taxation treaties are studied and the interpretation of such treaties and the methods provided to avoid double taxaton and what implication taxes have on income generated in different tax jurisdictions. Tax competition and the battle against international tax avoidance is disscussed.
This course is a continuation of Financial Statements A, which is taught in the fall semester. It is expected that students of this course are fully familiar with the content of the course Financial Statements A.
The course will cover the principles in accounting under both IFRS and Icelandic law. Topics: cash flow, income tax, earnings per share, financial instruments, finance leases, assets held for sale and discontinued operations, investment properties, provision, information in the financial statements and related parties.
Assignments are part of the course, and students will need submit them.
Reserved the righttochangethecoursedescription.
The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts.
Special emphasis on following accounting standards,
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures
IFRS 13: Fair value measurement
IFRS 16: Leases
IFRS 2: Share-based Payment
IAS 32: Financial Instruments: Presentation
IAS 40: Investment Property
A course description in English is not available.
This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The course addresses ethical challenges in business operations and how they manifest within companies and in their interactions with stakeholders, public authorities, and society at large. Emphasis is placed on students analysing, applying, evaluating, arguing for, and developing ethical solutions to real business issues based on theories in business ethics.
Teaching materials and assignments are based on realistic case studies, academic texts, and collaboration with industry partners. Students work systematically on identifying ethical dilemmas, applying theoretical approaches, evaluating different corporate responses, justifying their own ethical positions, and formulating practical proposals for processes and/or policies within complex societal contexts.
The course also emphasises that students develop a conscious and responsible attitude toward their own role as professionals and managers, in line with the University of Iceland’s values of social responsibility, equality, sustainability, and innovation, guided by sound ethical principles.
Students choose the course scope based on ECTS credits. The course may be taken as 7.5 ECTS, 6 ECTS (students from Philosophy), 3 ECTS, or 1.5 ECTS.
Please note that the course is taught in the first teaching block of the autumn semester, according to the block structure of the Master’s programme at the School of Business.
The main objective of the course is to give a profound understanding of Icelandic Tax Law. The course Tax Law I deals with Icelandic tax law but the course Tax Law II deals with international tax law.
The course deals with tax law and its workings in the Icelandic legal system. The main concepts of tax law and tax law from a constitutional perspective are discussed. The concepts of tax, tax liability and exemptions are discussed and the course provides for an in debth analysis of the concept of income for defining tax bases including a thorough analysis of allowable deductions. Various doctrines of tax law are discussed. The course covers the law of procedure for disputes concerning taxation, both within the tax administration and before courts. The course deals mainly with income tax for both legal and natural persons, capital income tax and value added tax.
The course description is not available in English
This course is designed for students on the F- and R-line (finance and accounting). The purpose with the course is that the students obtains knowledge and understanding on matters that management of companies needs to have to prepare financial statements in accordance with generally accepted accounting principles. In the course students, will learn about generally accepted accounting principles according to international accountings standards (IFRS) and icelandic GAAP. Among topics: Financial accounting and accounting standards, income statement, balance sheet and cash flow. Revenue recognition and cost accounting, inventories, accounts receivables, PPE, intangible assets, income tax, impairment test, accounting for financial instruments, liabilities and equity. Students will need to solve assignments during the course.
A course description in English is not available.
The main objective of the course is to give students a good understanding of international tax law. In the course Tax Law II the concepts of limited and unlimited tax liability are discussed and analyzed. Double taxation treaties are studied and the interpretation of such treaties and the methods provided to avoid double taxaton and what implication taxes have on income generated in different tax jurisdictions. Tax competition and the battle against international tax avoidance is disscussed.
This course is a continuation of Financial Statements A, which is taught in the fall semester. It is expected that students of this course are fully familiar with the content of the course Financial Statements A.
The course will cover the principles in accounting under both IFRS and Icelandic law. Topics: cash flow, income tax, earnings per share, financial instruments, finance leases, assets held for sale and discontinued operations, investment properties, provision, information in the financial statements and related parties.
Assignments are part of the course, and students will need submit them.
Reserved the righttochangethecoursedescription.
The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts.
Special emphasis on following accounting standards,
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures
IFRS 13: Fair value measurement
IFRS 16: Leases
IFRS 2: Share-based Payment
IAS 32: Financial Instruments: Presentation
IAS 40: Investment Property
A course description in English is not available.
This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The course addresses ethical challenges in business operations and how they manifest within companies and in their interactions with stakeholders, public authorities, and society at large. Emphasis is placed on students analysing, applying, evaluating, arguing for, and developing ethical solutions to real business issues based on theories in business ethics.
Teaching materials and assignments are based on realistic case studies, academic texts, and collaboration with industry partners. Students work systematically on identifying ethical dilemmas, applying theoretical approaches, evaluating different corporate responses, justifying their own ethical positions, and formulating practical proposals for processes and/or policies within complex societal contexts.
The course also emphasises that students develop a conscious and responsible attitude toward their own role as professionals and managers, in line with the University of Iceland’s values of social responsibility, equality, sustainability, and innovation, guided by sound ethical principles.
Students choose the course scope based on ECTS credits. The course may be taken as 7.5 ECTS, 6 ECTS (students from Philosophy), 3 ECTS, or 1.5 ECTS.
Please note that the course is taught in the first teaching block of the autumn semester, according to the block structure of the Master’s programme at the School of Business.
The main objective of the course is to give a profound understanding of Icelandic Tax Law. The course Tax Law I deals with Icelandic tax law but the course Tax Law II deals with international tax law.
The course deals with tax law and its workings in the Icelandic legal system. The main concepts of tax law and tax law from a constitutional perspective are discussed. The concepts of tax, tax liability and exemptions are discussed and the course provides for an in debth analysis of the concept of income for defining tax bases including a thorough analysis of allowable deductions. Various doctrines of tax law are discussed. The course covers the law of procedure for disputes concerning taxation, both within the tax administration and before courts. The course deals mainly with income tax for both legal and natural persons, capital income tax and value added tax.
The course description is not available in English
This course is designed for students on the F- and R-line (finance and accounting). The purpose with the course is that the students obtains knowledge and understanding on matters that management of companies needs to have to prepare financial statements in accordance with generally accepted accounting principles. In the course students, will learn about generally accepted accounting principles according to international accountings standards (IFRS) and icelandic GAAP. Among topics: Financial accounting and accounting standards, income statement, balance sheet and cash flow. Revenue recognition and cost accounting, inventories, accounts receivables, PPE, intangible assets, income tax, impairment test, accounting for financial instruments, liabilities and equity. Students will need to solve assignments during the course.
A course description in English is not available.
The main objective of the course is to give students a good understanding of international tax law. In the course Tax Law II the concepts of limited and unlimited tax liability are discussed and analyzed. Double taxation treaties are studied and the interpretation of such treaties and the methods provided to avoid double taxaton and what implication taxes have on income generated in different tax jurisdictions. Tax competition and the battle against international tax avoidance is disscussed.
This course is a continuation of Financial Statements A, which is taught in the fall semester. It is expected that students of this course are fully familiar with the content of the course Financial Statements A.
The course will cover the principles in accounting under both IFRS and Icelandic law. Topics: cash flow, income tax, earnings per share, financial instruments, finance leases, assets held for sale and discontinued operations, investment properties, provision, information in the financial statements and related parties.
Assignments are part of the course, and students will need submit them.
Reserved the righttochangethecoursedescription.
The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts.
Special emphasis on following accounting standards,
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures
IFRS 13: Fair value measurement
IFRS 16: Leases
IFRS 2: Share-based Payment
IAS 32: Financial Instruments: Presentation
IAS 40: Investment Property
A course description in English is not available.
This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The topic of the Master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business or the Faculty of Law. The thesis must equal 30 ECTS credits. The thesis must be presented at a departmental seminar. The thesis must be handed in to the faculty office no later than at the specific dates that are announced before each graduation. Grades for a master's thesis are given by the thesis advisor(s) and an outside reader.
The timetable shown below is for the current academic year and is FOR REFERENCE ONLY.
Changes may occur for the autumn semester in August and September and for the spring semester in December and January. You will find your final timetable in Ugla when the studies start.
Note! This timetable is not suitable for planning your work schedule if you are a part-time employee.
The University of Iceland collaborates with over 400 universities worldwide. This provides a unique opportunity to pursue part of your studies at an international university thus gaining added experience and fresh insight into your field of study.
Students generally have the opportunity to join an exchange programme, internship, or summer courses. However, exchanges are always subject to faculty approval.
Students have the opportunity to have courses evaluated as part of their studies at the University of Iceland, so their stay does not have to affect the duration of their studies.
After graduation, students may work in corporate law, accounting and auditing for:
This list is not exhaustive.
There is no specific student organisation for this programme, but students meet frequently in the Student Cellar.
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If you still have questions, feel free to contact us.
The School office offers support to students and lecturers, providing guidance, counselling, and assistance with various matters.
You are welcome to drop by at the office in Gimli or you can book an online meeting in Teams with the staff.
