280.00 EUR


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Ilze PalmbahaIlze Palmbaha

RISEBA, Professional Master’s degree in Business Management
University of Latvia, Bachelor’s degree of Social Sciences in Management
University of Latvia, Faculty of Economics and Management, Specialist in accounting control

Professional experience:
Ilze Palmbaha has been working in the accounting sector since 1996. Since 2004 Ilze Palmbaha is a board member and the partner of “LF Eksperts” (accounting and tax advisory services). She has gained experience as a senior expert of Methodology and Accounting Policy Unit, Ministry of Finance of the Republic of Latvia. 

She has served as a chairwoman of the board, Latvian Accounting Outsourcing Association from 2012 - 2014.

Membership of professional organization(s):
Member of the Accountants Club (United Kingdom), Latvian Accounting Outsourcing Association, , Latvian Tax Consultant Association, British Chamber of Commerce in Latvia, Latvian Tax Payers’ Rights Association, , Latvian Chamber of Commerce and Industry and Accountants' Association of the Republic of Latvia, Association of Accountants of the Republic of Latvia (Associate of IFAC, FEE).

She has published articles in Latvian media: ”Dienas bizness”, ”Diena”, ”Delovije vesti”,, ”Kapitāls”, “Bilance”, in regional newspapers providing insights in matters related to accounting.


Aim of the course - to obtain methods of financial information analysis for decision making process.


Syllabus outline (themes, teaching and learning methods: seminars, practical assignments and other):

1.    Evaluation of Managerial Accounting. The role of information of managerial accounting for decision making process on finance. 
2.    Managerial conception of costs and profitability. The system of cost accounting and analysis, the objectives of its application. Calculation of profit on the base of variable costs approach and total production costs approach.
Practical activity: profit/losses calculations.
3.    Price determination on the base of costs. Cost-price calculation. Costs estimation on the base of distribution, redistribution and additions rates.
Practical activity: cost-price calculations for small and large firms. 
4.    Budgeting, budgeting stages and limiting factors
Practical activity:  calculation of functional and general budget (cash flow, income statement, balance sheet)
5.    Marginal analysis, profit maximization. Decision making process under uncertainty and risk. 
Practical activity: elaboration of scenarios for decision making process.
6.    Business assessment on the base of financial and non-financial indicators. Analysis of critical points. Analysis of budget deviations. 
Practical activity: impact of price/cost change on financial outcomes. 


On successful completion of the course, student will be able to (knowledge, skills and competences):

  • Fully understand different cost accounting systems, the main differences between profit calculation methods.  Is able to apply different methods for situation analysis and critically assess necessity for systems’ application for different firms
  • Understand cost-price formation principles and apply them in practical cases.  Is able critically to assess practical application for the different firms and correctly calculates costs and price. 
  • Know budget formation stages and principles, correctly is able to form functional and general budget and successfully analyse the results.
  • Fully understand the role of probability analysis in the decision making . Is able to elaborate the different scenarios of decision with probability of various degrees and make the interpretation of the results. 
  • Understand performance evaluation methods and principles, is able correctly to identify positive and negative budget deviations and to explain them , is able to analyse the critical points and to use it for solutions of practical problems as well as to make interpretation of the results.

Study environment

The studies are held at the main building of RISEBA – 3 Meža Street.


Diana Krone

Head of RISEBA Career Development Centre
Phone.: +371 67617698 +371 25620068
E - mail: [email protected]
Address: Meza street 3, room 311

RISEBA main building
3 Meža Street, Riga

You can reach the main building by trolleybus No 9, bus No 3 and 30 getting off at “Kalnciema iela” stop, as well as by tram No 4 or 5 getting off at “Nometņu iela” stop.


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