ACCT 3211: Intermediate Financial Accounting 2
Building on ACCT 3201: Intermediate Financial Accounting 1, students learn to prepare the current liabilities, long-term liabilities, and shareholders’ equity sections of the statement of financial position and the cash flow statement. Topics include current liabilities and contingencies; long-term financial liabilities; shareholders’ equity; complex financial instruments and earnings per share; income taxes; pension and other employee future benefits; leases; accounting changes and error analysis; the cash flow statement; and other measurement and disclosure issues.
Learning outcomes
- Understand the international reporting environment and IFRS.
- Compare Canadian and International GAAP and IFRS.
- Define and account for current and other liabilities.
- Apply both Canadian GAAP and IFRS.
- Prepare all journal entries related to long-term liabilities.
- Prepare shareholders' equity section and related journal entries.
- Calculate basic and diluted earnings per share (EPS).
- Prepare income tax journal entries.
- Complete a pension worksheet and journal entries.
- Account for various types of leases, including complex calculations.
- Account for changes in accounting policy, estimates, and errors.
- Prepare a statement of cash flows using both direct and indirect methods.
- Apply full disclosure in financial reporting.
Course topics
Module 1: Non-Financial and Current Liabilities
Module 2: Long-Term Financial Liabilities
Module 3: Shareholders' Equity
Module 4: Complex Financial Instruments and Earnings per Share
Module 5: Income Taxes
Module 6: Pensions and Other Post-Employment Benefits
Module 7: Leases
Module 8: Accounting Changes and Error Analysis
Module 9: Statement of Cash Flows
Module 10: Other Measurement and Disclosure Issues
Required text and materials
The following materials are required for this course:
- Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J.
(2022). Intermediate accounting with WileyPLUS (13th Canadian ed., Vol. 2). John Wiley
& Sons Canada, Ltd.
Type: Looseleaf Textbook. ISBN: 9781119740636
Students will also consult an electronic copy of the CPA Canada Standards and Guidance Collection, via TRU Library:
- Chartered Professional Accountants of Canada. (2020, August 4). CPA Canada standards and guidance collection (CPACHB) [e-book].
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.
Assessments
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 exams@tru.ca 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: Liabilities | 10% |
| Assignment 2: Equity, EPS, and Financial Instruments | 10% |
| Assignment 3: Income Tax and Post-Employment Benefits | 10% |
| Assignment 4: Leases and Accounting Changes and Errors | 10% |
| Assignment 5: Statement of Cash Flows and Disclosure Issues | 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.
