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. 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.