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.
- 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
- 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
- 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
Module 1: The Conceptual Framework, Measurement, and Review of Accounting
Module 2: Reporting Financial Performance
Module 3: Revenue Recognition
Module 4: Cash and Receivables
Module 5: Inventory
Module 6: Investments
Module 7: Property, Plant, and Equipment
Module 8: Intangible Assets and Goodwill
Required text and materials
Students will receive the following:
Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J. (2019).
Intermediate accounting with WileyPLUS (12th Cdn. ed., Vol. 1). Toronto, ON: Wiley
Type: Looseleaf Textbook: ISBN: 978-1-119-49651-9
Students will need a non-programmable financial calculator for this course. Recommended
calculators include the Hewlett Packard 10BII+ or the Texas Instruments BA II Plus. Of the two,
the Hewlett Packard is much more user-friendly.
Please be aware that due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.
To successfully complete this course, students must achieve a passing grade of 50% or higher on
the overall course and 50% or higher on the final mandatory exam.
|Assignment 1: Conceptual Framework, Measurement, and Review of Accounting
|Assignment 2: Statement of Income and Statement of Financial Position
|Assignment 3: Revenue Recognition, Cash and Receivables
|Assignment 4: Inventory and Investments
|Assignment 5: Property, Plant, and Equipment Including Depreciation, Impairment,
Disposition, Intangible Assets, and Goodwill
|Final Exam (mandatory)
Open Learning Faculty Member
An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of your course.