UNIVERSITY OF ALBERTA SCHOOL OF BUSINESS
DEPARTMENT OF ACCOUNTING & MIS
Accounting 415
Intermediate Financial Accounting Fall term 2019
Course Outline
Instructor: Heather Wier Class time and Place:
Office: BUS 3-30N A1: M W 2:00 – 3:20 BUS 3-6
Phone: 492-5752 X3: M W 18:00 – 19:25 BUS 1-9
E-mail: [email protected] Office Hours: T R 13:30 – 15:00 and by appointment
Text: Intermediate Accounting, Volume 2 by Keiso, Weygandt, Warfield, Young, Wiecek, and McConomy, 12th Canadian edition, Wiley
Power points for the lectures will be posted to eClass.
Course Description
Accounting 415, the second of a two-part series in intermediate financial accounting, focuses on the fundamental financial accounting concepts and techniques relating to the liabilities and equities side of the balance sheet. We will examine both International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE). Accounting 415 seeks to prepare students for a successful career as professional accountants in both the public and the private sectors. Students are expected to develop a solid working knowledge of both IFRS and ASPE and an understanding of professional judgment in accounting.
Learning Outcomes
This course focuses on the following Learning Goals of the BCom program: critical thinking, quantitative skills, and written communication. A professional accountant’s expertise depends on both technical skill and professional judgment ability, which rely on critical thinking and
quantitative skills. During this course, students develop this expertise via a thorough
understanding of the rationale (conceptual basis, assumptions, etc.) of each accounting method as well as extensive practice in applying these methods. Likewise, the exams are designed to assess the student’s understanding of the relevant accounting concepts and methods and his/her ability to apply these methods.
Course Structure and Requirements
Acctg. 415 is a rigorous course. The structure of the course is a combination of lecture and discussion of problems. Difficult concepts are best illustrated through problem-solving. Many of
In order to keep up with the class, students should do the assigned readings prior to each class.
The instructor will assume that the assigned readings have been done in advance. This
preliminary reading and lecture attendance should then be followed by a more in-depth review of the material and practice of problems after the class.
Course Evaluation
Midterm 1 25%
Midterm 2 25%
Final examination 50%
Total 100%
All examinations are closed book. The final examination is cumulative.
I will convert percentage grades to letter grades as follows:
Percentage Grade Letter Grade
95%+ A+
90%-94% A
85%-89% A-
80%-84% B+
75%-79% B
70%-74% B-
65%-69% C+
60%-64% C
56%-59% C-
53%-55% D+
50%-52% D
<50% F
People below these cut-offs may receive the higher scale score; however, this will be at my discretion.
If you have concerns about grading, I will re-grade your work if you submit it to me along with a written request explaining why you feel you deserve more marks within 2 weeks of my handing the work back.
Students whose percentage grades fall below the above cutoffs may receive a higher stanine grade at the discretion of the instructor based on a review of overall distribution and individual performance.
Course Policies
Missed Exams
If you cannot write an exam because of an emergency (e.g. illness, death in the family) you must advise me of the reason for your failure to write the exam in e-mail prior to the exam.
Otherwise, you will receive a grade of zero on the exam. If absence from the mid-term is due to acceptable reasons, no make-ups will be given. Instead, the marks allocated to the missed mid- term exam(s) will be re-allocated to the final exam. It is important to note that it is the student’s responsibility to contact the instructor regarding any missed exam. Once you have written an exam, grades will not be re-allocated due to explanations given after the fact. Therefore, if you are too ill to write an exam, please do not attempt it.
If you are absent from the final exam, you must obtain permission from the Faculty’s Undergraduate Office in order to write a deferred final exam.
Attendance
While class attendance is not mandatory, students are responsible for all material covered in missed classes as well as assigned readings. I will not provide materials that were covered in class or respond to queries about announcement made in class.
Etiquette
Certain types of behaviour are distracting both to the instructor and to your fellow students.
Therefore, I ask that you:
1. Arrive on time for class and stay until class is over.
2. Refrain from using personal communication or entertainment devices in class.
3. Not engage in conversations with your fellow students that are separate from the class discussion.
4. Turn off your cell phone.
Academic Integrity
The University of Alberta is committed to the highest standards of academic integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and to uphold the policies of the University in this respect. Students are particularly urged to familiarize themselves with the provisions of the Code of Student Behavior and avoid any behavior which could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts, and/or participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion from the University.
Schedule of Topic Coverage
The lectures will follow the following schedule of topic coverage fairly closely. Textbook
Date Topic Textbook Readings Tentative Problem Material Sept. 4 Introduction to course; Non-Financial and Current Liabilities Chapter 13 In class: P13-1
Sept. 9 Non-Financial and Current Liabilities Chapter 13 In-class: P13-4, P13-17
For self-study: E13-15, E13-21, P13-3, P13-10
Sept. 11 Long-term Financial Liabilities Chapter 14 In class: P14-2, P14-3
For self-study: E14-2, E14-4
Sept. 16 Long-term Financial Liabilities Chapter 14 In class: P14-5, E14-23
For self-study: P14-11, P14-12
Sept. 18 Shareholders’ Equity Chapter 15 In class: E15-3, E15-4
For self-study: P15-5, P15-13 Sept. 23 Shareholders’ Equity /Complex Financial Instruments Chapter 15/16* In class: E15-7
For self-study: P15-1, P15-4
Sept. 25 Complex Financial Instruments Chapter 16* In class: Problems 1, 2, and 3 (see
document posted to eClass)
For self-study: E16-9, E16-12, P16- 8, P 16-9
* In Chapter 16, you need only skim pp. 970 – 985. I will provide the information I expect you to know on derivatives in my power point slides.
Sept. 30 MIDTERM 1 (includes Non-Financial and Current Liabilities, Long-term Financial Liabilities, Shareholders’ Equity, and material on Complex Financial Instruments covered on Sept. 25)
Oct. 2 Complex Financial Instruments Chapter 16* and
Appendix 16-B
In class: E16-19, E16-24 For self-study: E16-18, P16-10
Oct. 7 Earnings per share Chapter 17 In class: E17-9, E17-16
For self-study: P17-2, P17-5
Oct. 9 Earnings per share Chapter 17 In class: E17-5
For self-study: P17-6, P17-7, P17-8, P17-14
Oct. 14 THANKSGIVING (no class)
Oct. 16 Pensions and Other Post-Employment Benefits Chapter 19 and In class: Problem 1 (see document
Oct. 21 Pensions and Other Post-Employment Benefits Chapter 19 In class: Problem 2 (see document posted to eClass)
For self-study: P19-3, P19-5, P19-7
Oct. 23 Leases Chapter 20 In class: E20-10
For self-study: E20-1, E20-2, E20- 3, E20-4
Oct. 28 MIDTERM II (includes Complex Financial Instruments beginning from Oct. 2nd, Earnings per Share, and Pensions)
Oct. 30 Leases Chapter 20 In class: P20-2
For self-study: P20-1, P20-5 P20-3, P20-6
Nov. 4 Leases Chapter 20 In class: E20-15, E20-17
For self-study: P20-18
Nov. 6 Note on Accounting for Income Taxes (eClass) Chapter 18 In class: E18-7, E18-8, P18-6 (for P18-6 also prepare the calculations necessary for the income tax reconciliation notes for 2017 and 2018)
For self-study: E18-9 (you may skip requirement (a) and prepare a single journal entry to record deferred income tax expense for 2021); Problems 1, 2, 3, 4, and 5 (see document posted to eClass)
Nov. 11-15 FALL TERM READING WEEK (no classes)
Nov. 18 Note on Accounting for Income Taxes (eClass) Chapter 18 In class: E18-26, P18-12 (ignore all requirements related to the valuation allowance)
Nov. 20 Accounting Changes and Error Analysis Chapter 21 In class: E21-2, E21-4 For self-study: P21-1
Nov. 25 Accounting Changes and Error Analysis Chapter 21 In class: P21-7
For self-study:P21-12, P21-13
Nov. 27 Statement of cash flows Chapter 22 In class: P22-1
For self-study: E22-8, E22-15
Dec. 2 Statement of cash flows Chapter 22 In class: P22-11
For self-study: P22-5, P22-7, P22- 12
Dec. 4 Review/catch-up
FINAL EXAMINATION (cumulative): Tuesday, December 10, 2019 at 2:00 pm DEFERRED FINAL EXAMINATION (cumulative): Friday February 14, 1 pm – 4 pm
