acc 326 - intermediate accounting

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THE UNIVERSITY OF TEXAS AT AUSTIN ACC 326 Syllabus – Fall 2013 Unique Numbers 2660 and 2665 Class Meetings MW 9:30 a.m. – 11:00 a.m. in UTC 4.112 MW 11:00 p.m. – 12:30 p.m. in UTC 4.124 Instructor Robert Freeman E-Mail [email protected] Phone 512-471-5332 Office CBA 3.222 Office Hours Monday 1:30 p.m. – 3:30 p.m. and by appointment Assistant Stephen Jaquess E-Mail [email protected] Phone 214-732-8993 Office CBA 3.222 Office Hours TT 3:30 p.m. – 5:00 p.m. and by appointment Assistant Jeff Wilson E-Mail [email protected] Phone 214-364-5112 Office CBA 3.222 Office Hours TT 9:30 a.m. – 11:00 a.m. and by appointment COURSE OBJECTIVES Become more familiar with financing, investing, and operating activities of business entities Understand how these activities are treated under general accepted accounting principles Establish the ability to evaluate financial statements This course is designed for non-accounting students whose post-graduation careers are likely to require frequent use use of financial statements issued by publicly held corporations. Learning to use financial reports is a two step process: (1) understand how a company’s operating and financing transactions create of corporate wealth, and (2) develop an intuitive feel for when and how financial reports communicate the prospective and final outcomes of transactions that are either in process or completed. To a large extent, the first step is addressed in introductory business courses (e.g., introductory accounting, economics, and finance courses), but it is also a secondary objective of this course. The second step was also addressed in introductory accounting courses for routine transactions of fairly simple business enterprises. The primary objective of this course is to build upon these introductory courses by learning how more complex business transactions (e.g., Mergers and Acquisitions, Foreign Operations, Obligations for Post Retirement Benefits, Complex Financial Instruments, Hedging with Derivative Securities) affect the Basic Financial Statements and Earnings per Share.

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Page 1: ACC 326 - Intermediate Accounting

THE UNIVERSITY OF TEXAS AT AUSTIN

ACC 326 Syllabus – Fall 2013 Unique Numbers 2660 and 2665 Class Meetings MW 9:30 a.m. – 11:00 a.m. in UTC 4.112 MW 11:00 p.m. – 12:30 p.m. in UTC 4.124 Instructor Robert Freeman E-Mail [email protected] Phone 512-471-5332 Office CBA 3.222 Office Hours Monday 1:30 p.m. – 3:30 p.m. and by appointment Assistant Stephen Jaquess E-Mail [email protected] Phone 214-732-8993 Office CBA 3.222 Office Hours TT 3:30 p.m. – 5:00 p.m. and by appointment Assistant Jeff Wilson E-Mail [email protected] Phone 214-364-5112 Office CBA 3.222 Office Hours TT 9:30 a.m. – 11:00 a.m. and by appointment

COURSE OBJECTIVES ü Become more familiar with financing, investing, and operating activities of business entities ü Understand how these activities are treated under general accepted accounting principles ü Establish the ability to evaluate financial statements This course is designed for non-accounting students whose post-graduation careers are likely to require frequent use use of financial statements issued by publicly held corporations. Learning to use financial reports is a two step process: (1) understand how a company’s operating and financing transactions create of corporate wealth, and (2) develop an intuitive feel for when and how financial reports communicate the prospective and final outcomes of transactions that are either in process or completed. To a large extent, the first step is addressed in introductory business courses (e.g., introductory accounting, economics, and finance courses), but it is also a secondary objective of this course. The second step was also addressed in introductory accounting courses for routine transactions of fairly simple business enterprises. The primary objective of this course is to build upon these introductory courses by learning how more complex business transactions (e.g., Mergers and Acquisitions, Foreign Operations, Obligations for Post Retirement Benefits, Complex Financial Instruments, Hedging with Derivative Securities) affect the Basic Financial Statements and Earnings per Share.

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Fall 2013 Syllabus for ACC 326 (Intermediate Accounting) Page 2 of 6

COURSE MATERIALS

Required Course Notes: Available on Blackboard before each topic is discussed in class. The notes are a more detailed version of material that we discuss in class – including detailed examples and self-testing exercises. Intermediate Accounting (7th Edition), by Spiceland, Sepe, and Nelson (McGraw-Hill / Irwin, 2013). Bound version of the textbook is available at the co-op bookstore. Electronic and loose-leaf versions are available from the publisher. Advanced Accounting (2nd Edition), by Hamlen, Huefner, and Largay (Cambridge Business Publishers. 2013). We will cover chapters 1 through 5 of this book. The first two chapters are available in electronic form from the publisher without charge. Chapters 3, 4, and 5 are available at the co-op bookstore (ISBN 9781618530509). A hardbound copy of the complete textbook is on reserve in the library.

Electronic References The Wall Street Journal EDGAR The Security and Exchange Commission’s financial statement data base. Available under the “Filings” menu at http://www.sec.gov/.

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Fall 2013 Syllabus for ACC 326 (Intermediate Accounting) Page 3 of 6

HOMEWORK Recommended Problems There is a lot of material in the textbooks and Course Notes. In class, I will emphasize what is important and walk you through illustrative transactions (and related financial statements); but we will not cover enough problem material in class to adequately prepare you for the exams. You are strongly encouraged to work as many problems from the textbooks and Course Notes as your schedule permits. The last page of the syllabus lists textbook problems that are related to the materials emphasized in class. Course Notes contains problems that I have written, and many of those have appeared on prior exams. Solutions to all recommended problems are available on the course Blackboard site. Required Problems To encourage you to develop exam skills, selected problems from the Course Notes and the Hamlen textbook will be graded (see the list below). You will receive full credit for an assignment if the grader concludes that you made a reasonable effort. Detailed solutions to required problems will be posted to Blackboard after the due dates.

Due Date

Topic

Problems in

Course Notes

Exercises (E) & Problems (P) in

Hamlen Textbook September 13 Income Statement IS2, IS3 September 20 Income Taxes IT4, IT5, IT6 September 20 Accounting Changes AC2, AC6 September 23 Cash Flow Statement CF2 October 4 Securitizations & VIEs SV5, SV8 October 11 Debt Securities DS5, DS6 October 18 Equity Securities ES2, ES3 October 25 Derivatives & Hedging DH2, DH4 November 1 Earnings per Share EPS2, EPS3 November 8 Stock Compensation SC2, SC3 November 15 Pensions PN3, PN4 November 22 Mergers & Acquisitions E3- 7 and P3- 2 December 6 Post Acquisition Fin St P4- 1 and P5- 1

How to submit homework: Ø Place a hard copy of your solution in the homework box on the

receptionist counter in CBA 4M.202 or give your solution to one of the teaching assistants during their office hours.

Ø Upload an electronic solution to Blackboard (see instructions on the following page).

Problem solutions are due no later than 5:00 p.m. on the due date. Late homework is not accepted.

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Fall 2013 Syllabus for ACC 326 (Intermediate Accounting) Page 4 of 6

Instructions for electronic submissions of Required Homework

To Download an electronic version of a Course Notes problem. Note: Electronic versions of Hamlen textbook problems are not available.

a. Navigate to the Assignments Page on Blackboard.

b. Scroll to and click on the HW Assignment you would like to complete. c. Right click and select Save Target As to download the file to your computer.

To Submit your completed HW assignment. d. Navigate to the Assignments Page on Blackboard. e. Scroll to and click on the HW Assignment you have completed.

f. Type any comments, Click Browse to attach your finished assignment. g. Select the file to attach and Click Open to confirm your selection.

h. Click Submit, indicating you are ready to turn in this assignment. Note: If you choose “Save,” the file will NOT be submitted for grading.

i. Click OK.

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Fall 2013 Syllabus for ACC 326 (Intermediate Accounting) Page 5 of 6

EXAMS There will be three exams. If you miss an exam and have a valid reason for missing it, we will arrange to give you a make-up exam. If you do not have a valid reason for missing an exam, you will receive a zero on the exam (which usually results in a failing grade for the course).

In-Class Exam I Wednesday, September 25

In-Class Exam II Monday, October 28

Comprehensive Final Exam The final exam schedule will be available at

http://registrar.utexas.edu approximately one month before the end of the semester.

Exam performance is directly related to systematic preparation, which includes timely completion of suggested homework (including suggested problems that are not turned in for grading). Since this course moves quickly, you cannot afford to fall behind on readings or problems. You will have difficulty solving problems unless you complete the assigned readings and work through the examples in the class notes. Skill in solving problems from the textbooks and class notes will be tested on exams.

COURSE GRADE

Course grades are based on the following weighted average of quizzes, homework, and exams:

Quizzes 15 Homework 15 Exam 1 20 Exam 2 20 Comprehensive Final Exam 30 Total 100

BLACKBOARD (HTTP://COURSES.UTEXAS.EDU/)

Grades and most course-related materials (e.g., problem solutions and WSJ articles) will be posted to Blackboard. In addition, you are encouraged to post questions to the discussion forum. For example, you might post a question about a homework problem or a question about an example that we worked in class. The TAs and I will post answers to your questions.

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ACC  326    –    FALL  2013  CLASS  SCHEDULE  Class Dates  

Readings in Course Notes (Problems in Course Notes)

Materials in Spiceland (S) and Hamlen (H) Chapters Recommended Exercises [E] & Problems [P]

Review  of  Financial  Statements:    Presentation,  Recognition,  &  Measurement  Prerequisite The Accounting Process & Balance Sheet S: 1, 2, 3 E2- 1, 7, 8, 11, 14; E3- 5, 15, 16; P3- 5, 10 8/28 The Big Picture: financial accounting and security valuation No textbook reading or problem assignments. See Class Notes. 9/4 & 9 Income Statement (IS) S: 4A, 5A, 11B E4- 3, 5, 6, 7; P4- 2, 8; E5- 11, 13; P5- 5 9/11 & 16 Income Taxes (IT) S: 16 E16- 2, 5, 10, 15, 22, 26; P16- 4, 7, 9, 10 9/18 Accounting Changes & Error Corrections (AC) S: 9D, 11B, 20 E11- 18, 19; P20- 2, 13 9/23 Statement of Cash Flows (CF) – review of ACC 311 S: 4B, 21 E21- 2, 9, 14, 17, 21; P21- 6 9/25 Exam I

In  Depth  Transaction  Analysis  9/30 & 10/2 Securitizations & VIEs (SV) S: 7B No textbook problem assignments. See Class Notes. 10/7 & 9 Issuing and Investing in Debt Securities (DS) S: 14, 12A E14- 2, 17, 21, 32; P14- 9, 24; E12- 5, 12, 26; P12- 1 10/14 & 16 Issuing and Investing in Equity Securities (ES) S: 18A, 18B, 12 E18- 5, 11, 13; E12- 15, 16; P12- 5, 6, 12 10/21 & 23 Derivatives and Hedging (DH) S: Appendix A EA- 2, 3; PA- 1, 2 10/28 Exam II 10/30 Earnings per Share (EPS) S: 18C, 19B E18- 10, 19, 20; P18- 9; E19- 15, 18, 19; P19- 14 11/4 & 6 Stock-Based Compensation (SC) S: 19A E19- 5, 6, 7, 16, 27, 28; P19- 1, 5, 8 11/11 & 13 Pensions & Other Post-Employment Benefits (PN) S: 17 E17- 10, 12, 13; P17- 4, 9; E21- 28 11/18 Mergers and Acquisitions Overview (MA) H: 1, 2 E2- 2, 3, 5, 8, 9, 10; P2- 2, 9; 11/20 Date of Acquisition Consolidation (MA) H: 3 E3- 1, 10, 11; P3- 3, 4, 10 11/25 - 12/2 Post-Acquisition Consolidation (PA) H: 4, 5 E4- 3, 11; P4- 4,10; E5- 1, 6; P5- 4 12/4 Foreign Operations (FO) No textbook reading or problem assignments. See Class Notes. TBA Final Exam – comprehensive