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.

Objectives

  • 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, 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: Textbook: ISBN: 978-1-119-59852-7

Assessments

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 8%
Assignment 2: Statement of Income and Statement of Financial Position 8%
Assignment 3: Revenue Recognition, Cash and Receivables 8%
Assignment 4: Inventory and Investments 8%
Assignment 5: PPE Including Depreciation, Impairment, Disposition, Intangible Assets, and Goodwill 8%
Final Exam (mandatory) 60%
Total 100%

Open Learning Faculty Member

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.

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