ACCT 3211
Intermediate Financial Accounting 2

3.0 Credits


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.

Delivery Method

Online, self-paced.

Recommended Requisites

ACCT 3201: Intermediate Financial Accounting 1


ACCT 3210: Intermediate Financial Accounting 2

BBUS 3210: Intermediate Financial Acct 2

BBUS 3211: Intermediate Financial Acct 2


Upon completion of this course, students should be able to:

  • Identify the appropriate Canadian GAAP reporting standards--International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE), as applicable to individual reporting or presentation situations and/or issues.
  • Distinguish non-financial and financial liabilities and apply principals related to the appropriate recognition of non-financial liabilities, including asset retirement obligations under IFRS and ASPE.
  • Account for current and other financial liabilities.
  • Understand the basic principles of liability recognition and presentation, and recommend appropriate treatment.
  • Identify long-term financing sources and other liabilities, and calculate the appropriate measurement and reporting for the issuance, maintenance and pre-mature redemption of debt instruments issued.
  • Apply the fair value concept to long-term liabilities using IFRS.
  • Identify and appropriately value financial instruments that contain both debt and equity components through appropriate application of IFRS guidance.
  • Prepare all journal entries related to long-term liabilities.
  • Prepare the shareholders' equity section and related journal entries.
  • Calculate basic and diluted earnings per share (EPS).
  • Prepare income tax journal entries.
  • Calculate pension amounts, and 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 Outline

Module 1: Non-Financial and Current Liabilities

  • Topic 1: Current Liabilities: Recognition and Measurement
  • Topic 2: Non-Financial Liabilities: Recognition and Measurement

Module 2: Long-Term Financial Liabilities

  • Topic 1: Bonds Payable
  • Topic 2: Notes Payable
  • Topic 3: Troubled Debt Restructuring

Module 3: Shareholders' Equity

  • Topic 1: Share Capital Recognition, Derecognition, and Measurement
  • Topic 2: Dividends
  • Topic 3: Retained Earnings and Other Components of Shareholders' Equity
  • Topic 4: Presentation, Disclosure, and Analysis

Module 4: Complex Financial Instruments and Earnings per Share

  • Topic 1: Overview and Types of Complex Financial Instruments
  • Topic 2: Basic Earnings per Share and Presentation
  • Topic 3: Diluted Earnings per Share and Presentation

Module 5: Income Taxes

  • Topic 1: Income Tax Fundamentals
  • Topic 2: Accounting Income and Taxable Income
  • Topic 3: Income Tax Loss Carryover Benefits

Module 6: Pensions and Other Post-Employment Benefits

  • Topic 1: Overview of Pensions
  • Topic 2: Accounting for Pensions

Module 7: Leases

  • Topic 1: Basics of Leasing
  • Topic 2: Classification and Accounting for a Finance Lease
  • Topic 3: Accounting for Leases from a Lessor's Perspective

Module 8: Accounting Changes and Error Analysis

  • Topic 1: Types of Accounting Changes
  • Topic 2: Changes in Accounting Policies
  • Topic 3: Changes in Accounting Estimates
  • Topic 4: Corrections of Errors in Prior Period Financial Statements

Module 9: Statement of Cash Flows

  • Topic 1: The Statement of Cash Flows
  • Topic 2: Classification of Cash Flows
  • Topic 3: Preparing a Cash Flow Statement using both the Direct and Indirect Methods
  • Topic 4: Disclosure and Non-Cash Transactions

Module 10: Other Measurement and Disclosure Issues

  • Topic 1: Full Disclosure Principle
  • Topic 2: Other Disclosure Issues

Maximum Completion

30 weeks.

Required Text and Materials

Kieso, D. E., Weygandt, J. J., Warfield, T. D., Young, N. M., Wiecek, I. M., & McConomy, B. J. Intermediate Accounting (Volume 2). 11th Canadian Edition. Toronto, ON: John Wiley and Sons Canada Ltd., 2016.
Type: Textbook. ISBN: 978-1-119-04854-1

Additional Requirements

A non-programmable financial calculator is required.

Open Learning Faculty Member Information

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 starting the course.


In order to successfully complete this course, students must obtain at least 50% on the final mandatory examination and 50% overall.

Assignment 1: Liabilities 8%
Assignment 2: Equity, EPS, and Financial Instruments 8%
Assignment 3: Income Tax and Post-Employment Benefits 8%
Assignment 4: Leases and Accounting Changes and Errors 8%
Assignment 5: Statement of Cash Flows and Issues 8%
Final Exam * 60%
TOTAL 100%

* Mandatory