ACCT 3201
Intermediate Financial Accounting I

3.0 Credits

Description

Students learn to prepare the income statement, a statement of retained earnings, and the asset side of the statement of financial position. Topics include the conceptual framework; reporting financial performance; financial position; revenue recognition; cash and receivables; inventory; investments; property, plant, and equipment; deprecation, impairment and disposition; and intangible assets and goodwill.

Delivery Method

Online, self-paced.

Prerequisites

ACCT 1211: Accounting 1

and

ACCT 1221: Accounting 2

or

ACCT 2211: Financial Accounting

and

CMNS 1291: Introduction to Professional Writing

Exclusions

ACCT 3200: Intermediate Financial Accounting 1

BBUS 3200: Intermediate Financial Acct 1

BBUS 3201: Intermediate Financial Acct 1

Objectives

After successfully completing this course, students will be able to:

  • Apply the conceptual framework of objectives and principles in selecting appropriate accounting policies and preparing financial statements in accordance with IFRS.
  • Demonstrate the ability to assess a situation, identify issues and alternatives, and provide a recommendation using ethical professional judgment.
  • Classify and account for investments in various financial instruments using the cost/amortized cost, fair value-net income, fair value-OCI, and equity methods in accordance with IFRS standards.
  • Demonstrate an understanding of revenue recognition, including issues of measurement and collectability.
  • Prepare an income statement in various formats that contains discontinued items and unusual gains and losses and EPS calculations for both basic and fully diluted EPS.
  • Prepare a classified Statement of Financial Position, including supplementary disclosures.
  • Account for the recognition, measurement, and derecognition of accounts receivable and notes receivable, including non-interest bearing and discounted notes.
  • Use various cost flow methods to account for inventory, including items to include in inventory, impairment, lower of cost and NRV, and correcting prior period inventory errors.
  • Calculate the initial recognition, depreciation, impairment, and derecognition of tangible assets using the cost model, fair value model, and revaluation model.
  • Calculate and account for the recognition, derecognition, and impairment of intangible assets and goodwill.

Course Outline

Module 1: The Conceptual Framework and Review of Accounting

  • Topic 1: The Time Value of Money
  • Topic 2: The Canadian Financial Reporting Environment
  • Topic 3: The Conceptual Framework
  • Topic 4: Review of Introductory Financial Accounting

Module 2: Reporting Financial Performance

  • Topic 1: The Statement of Income and Statement of Comprehensive Income
  • Topic 2: Changes in Accounting Policy and Changes in Estimates
  • Topic 3: The Statement of Retained Earnings and Statement of Changes in Equity

Module 3: Financial Position and Cash Flows

  • Topic 1: The Statement of Financial Position
  • Topic 2: Assets
  • Topic 3: Liabilities
  • Topic 4: Equity

Module 4: Revenue Recognition

  • Topic 1: The Earnings Process
  • Topic 2: Measurability
  • Topic 3: Collectability
  • Topic 4: Long-Term Contracts

Module 5: Cash and Receivables

  • Topic 1: Cash Recognition, Measurement, and Reporting
  • Topic 2: Receivables Recognition, Measurement, and Reporting

Module 6: Inventory

  • Topic 1: Recognition
  • Topic 2: Measurement
  • Topic 3: Lower of Cost and Net Realizable Value
  • Topic 4: Understanding Markups

Module 7: Investments

  • Topic 1: Types of Investments
  • Topic 2: Cost/Amortized Cost Model
  • Topic 3: Fair Value through Net Income (FVNI) Model
  • Topic 4: Fair Value through Other Comprehensive Income (FVOCI) Model
  • Topic 5: Strategic Investments

Module 8: Property, Plant, and Equipment

  • Topic 1: Cost Elements and Measurement of Cost
  • Topic 2: Measurement after Acquisition
  • Topic 3: Capitalization of Borrowing Costs

Module 9: Depreciation, Impairment, and Disposition

  • Topic 1: Depreciation
  • Topic 2: Impairment
  • Topic 3: Assets Held for Sale and Derecognition

Module 10: Intangible Assets and Goodwill

  • Topic 1: Intangibles
  • Topic 2: Recognition and Measurement
  • Topic 3: Impairment and Derecognition
  • Topic 4: Goodwill Recognition, Measurement, and Impairment

Maximum Completion

30 weeks.

Required Text and Materials

Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., Wiecek, I. M., & McConomy, B. J. Intermediate Accounting, Volume 1. 11th Canadian Edition. Toronto, ON: John Wiley and Sons Canada Ltd., 2016.
Type: Textbook: ISBN: 978-1-119-04853-4

Additional Requirements

A computer with Internet access is required.

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students. Primary communication is through the Learning Environment's "Mail" tool or by phone. Students will receive the necessary contact information when they start the course.

Assessment

In order to successfully complete this course, students must obtain at least 50% on the mandatory final examination and 50% on the course overall.

Assignment 1: Conceptual framework and accounting review 6%
Assignment 2: Income statement and Statement of financial position 7%
Assignment 3: Revenue recognition, cash and receivables 7%
Assignment 4: Inventory and investments 7%
Assignment 5: Property, plant, and equipment 7%
Assignment 6: Intangible assets and goodwill 6%
Final Exam * 60%
Total 100%

* Mandatory