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Thompson Rivers University
Thompson Rivers University

ACCT 3201: Intermediate Financial Accounting I

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.

Learning outcomes

  • 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 topics

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

The following textbook is required for this course:

Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J. (2022). Intermediate accounting (13th Canadian. ed., Vol. 1) with WileyPLUS. John Wiley & Sons Canada.
Type: Textbook. ISBN: 978-1119740513

Additional requirements

A financial calculator is required. 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 should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact with any questions about this.

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 10%
Assignment 2: Statement of Income and Statement of Financial Position 10%
Assignment 3: Revenue Recognition, Cash and Receivables 10%
Assignment 4: Inventory and Investments 10%
Assignment 5: Property, Plant, and Equipment Including Depreciation, Impairment, Disposition, Intangible Assets, and Goodwill 10%
Final Exam (mandatory) 50%
Total 100%

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.

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