Lecture: 4 Hrs.
OR
Lecture/Seminar: 2 hours lecture, 2 hours seminar
Lectures and demonstrations.
Part 1 of the CPA Handbook - Accounting (IFRS) will be used to illustrate the evolving nature of accounting standards versus the static nature of the textbook.
1.1 A general overview of the environment of accounting including the relationship of managerial versus financial accounting and GAAP versus CPA Handbook.
1.2 An in-depth examination of the conceptual framework of accounting, its objectives, as well as environmental assumptions and implementation principles and constraints.
2.1 An in-depth examination of the issues, valuation, entries, and statement presentation surrounding current assets.
2.2 The factoring, assigning and pledging of receivables under notification/non-notification and with/without recourse.
2.3 The determination of notes receivable using present value techniques when the market and stated rates differ.
2.4 Valuation of inventories under the perpetual system using Moving Average, LIFO and FIFO assumptions.
2.5 Application of lower of cost or market (LCM) rules to inventories using the direct and allowance methods.
2.6 Application of alternative inventory valuation methods including replacement cost value, selling price value, and relative sales value.
2.7 Recognition, valuation, entries, and statement presentation of capital assets and other issues such as, but not limited to, capitalization costs versus non-capitalization costs, similar and dissimilar exchanges, self-constructed plant assets, interest during construction, and amortization.
2.8 Application of special amortization methods such as inventory appraisal system, group and composite systems, and retirement and replacement systems.
2.9 Recognition, valuation, amortization, and entries surrounding the accounting for intangible assets and natural resources.
2.10 Accounting for financial assets, namely strategic equity investments and non-strategic investments.
3.1 An in-depth analysis of the timing of revenue recognition for single and multiple performance obligations and the accounting for costs arising from the contracts including; related expenses; contract costs; warranties; and onerous contracts.
3.2 Consignment sales, instalments sales, and bill and hold arrangements.
4.1 Entries and financial statement presentation for unusual gains and losses and discontinued operations.
5.1 Preparation of the statement of cash flows using the direct and indirect methods.
6.1 Completion of a major project that requires students to use a software accounting program to:
- create a chart of accounts;
- record opening balances;
- record transactions and adjusting entries, which relate to ACCT 3310 course content; and
- prepare a comparative Balance Sheet and Income Statement including Notes to the Financial Statements in accordance with IFRS
At the end of the course, the successful student should be able to:
- examine and discuss in depth the conceptual framework of accounting and its relationship to accounting principles and practice;
- analyze and record complex situations in asset accounting, both current and long term;
- analyze and record complex issues related to the accounting for revenue and expense recognition;
- examine and discuss in-depth the accounting for special items affecting the statements of income and retained earnings;
- integrate accounting theory, financial statement analysis, financial statement format and disclosure requirements in accordance with the CPA Handbook.
| Assignment(s) and/or test(s) | 20% |
| Term project | 10% |
| Midterm(s) and Final Examination | 70%* |
| 100% |
*The maximum weighting that can be accorded to a specific examination is 40%.
STUDENTS MUST WRITE THE MIDTERM EXAMINATION(S) AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class test(s), midterm examination(s) and the final examination.
Lo Fisher. Intermediate Accounting Volume I, Latest Edition. Pearson Canada.; or other textbooks as approved by the department.
Instructor compiled materials (if applicable)
Only Faculty of Commerce and Business approved calculators may be used for tests and examinations