ACCT*3330 Section 01

Intermediate Financial Accounting

Fall 2016 Credit weight 0.5 

General Course Information

Instructor: Allan W. Foerster CPA, CA Email: afoerste@uoguelph.ca Office Hours: by appointment only Sessional Office MAC 217

Class Times: Tuesday & Thursday 1:00 - 2:20 pm MCKN 226

Pre-requisites: ACCT*1220/2220

Course Description

Intermediate accounting is a critical evaluation of accounting concepts, principles and practices in relation to both the traditional and current value accounting measurement models. Emphasis will be on the effect of alternative accounting practices and measurement models on income determination and asset valuation. Intermediate accounting is a ‘nuts and bolts’ course focused on learning the core body of knowledge required to prepare financial statements for an organization. Consequently, there is a strong emphasis on applying this body of knowledge through practical problems. Intermediate accounting is a required course for those seeking a professional accounting designation.

Course Learning Outcomes

The learning outcomes of this course are: 1. Apply generally accepted accounting principles and practices to situations with moderate complexity

as they relate to the following topics: i. Discontinued operations ii. Revenue recognition iii. Cash and receivables iv. Inventory v. Investments vi. Property Plant and Equipment vii. Intangible Assets and Goodwill

2. Prepare the financial statement information related to the above noted topics. 3. Apply the conceptual framework to a variety of business transactions. 4. Analyze moderately complex accounting issues, research alternative treatments in support of a

recommended solution. 5. Demonstrate the ability to communicate effectively in written format in response to less structured

problems. 6. Contribute effectively in groups by fulfilling agreed commitments and maintaining a positive

environment. 7. Demonstrate an awareness of ethical and professional reporting responsibilities as they relate to

financial reporting.

Indicative Content

This course will cover the following content:

WEEK READINGS (tentative schedule) Chapter DISCUSSION PROBLEMS

Sept 8

Chapter (“Ch.”) 1: The Canadian Financial Reporting Environment Ch. 2 : Conceptual Framework Underlying Financial Reporting ASPE, s. 1000, 1100, 1400 (Note: all ASPE references are to Handbook sections of Vol. II of the CPA Canada Handbook) IFRS 1 & IAS 1

Ch. 1 & 2 CA1-2, CA1-3, E2-4, E2-6, E2-8, E2-10, E2-12, E2-13, P2-3, P2-5, P2-6, P2-7, CA2-2, RA2-4, RA2-6

Sept 13 & 15

Ch. 3: The Accounting Information System and Measurement Issues Ch. 3B: Present value Concepts ASPE, s. 1000, 1100, 1400, 1800 IAS 1

Complete Ch. 2, 3 & Ch. 3B

E3-1, E3-2, E3-4, E3-6, E3-7, E3-11, E3-12,, E3-13, , P3-1, P3-4, P3-6, P3-7, P3-10, P3-12, P3-15

Sept 20 & 22

Ch. 4: Reporting Financial Performance ASPE, s: 1506,1520,3475 IAS 1, IFRS 5

Complete Ch. 3, 3B & 4

E4-2, E4-3, E4-4, E4-8, E4-13, E4-16, P4-3, P4-4, P4-6, P4-12, P4-13, P4-15, CA4-1, IC4-1

Sept 27 & 29

Ch. 5: Financial Position and Cash Flow ASPE, s. 1510, 1521, 1540 IAS 1, 7, 8, & 40

Complete Ch. 4 & 5

E5-3, E5-4, E5-7, E5-8, E5-11, E5-13, E5-14, E5-15, P5-3, P5-5, P5-6, P5-8, P5-11

Oct 4 Ch 5 and begin Ch Complete Ch. 5

October 6

TERM TEST 1 (up to and including Chapter 5)

Oct 13 (no

class Oct 11)

Ch. 6: Revenue Recognition ASPE, s. 3400 IFRs 15 CH 6A: Long Term Contracts

Ch. 6 and Ch 6A

E6-3, E6-4, E6-10, E6-13, E6-23, E6-27, E6-29, P6-4, P6-7, P6-9, RA6-2, IC6-3

Oct 18 & 20

Chapter 6 and start Ch. 7 and 7A: Cash and Receivables ASPE, s. 1510 IAS 1 and IFRS 15

Ch. 6 Supp. and Ch. 7 + 7A

E7-7, E7-9, E7-11, E7-14, E7-16, E7-18, E7-20, P7-2, P7-9, P7-12, P7-15

Oct 25 & 27

Complete Ch. 7 and start Ch. 8 and 8A: Inventory ASPE, s. 3031; IAS 2

Ch. 8 and 8A

E8-4, E8-8, E8-10, E8-14, E8-18, E8-19, E8-27, P8-3, P8-6, P8-10, P8-13, IC8-1

Nov 1 & 3

Complete Ch. 8 and start Ch. 9: Investments ASPE, s. 3051; IAS 28 and IFRS 9

Ch. 9

E9-1, E9-3, E9-6, E9-7, E9-10, E9-11, E9-15, E9-17, E9-21, E9-25 P9-2, P9-3, P9-5, P9-7, P9-12, P9-14, CA9-1

Nov 8

Nov 10

TERM TEST 2 (Chapter 6 through Chapter 8)

Nov 15 & 17

Complete Ch Ch. 10and 10A Property, Plant and Equipment: Accounting Model Basics ASPE, s. 3061, 3110, 3800, 3831, 3850 IAS 16, 29, 23 & 40

Ch. 10, 10A & 10B

E10-4, E10-5, E10-8, E10-10, E10-12, E10-18, E10-22, E10-23, E10-24, E10-25, P10-3, P10-6, P10-10, P10-13 (CASE 2 TENTATIVE DUE DATE – Nov. 27, 2015 @ 12:00 p.m.)

Nov 22 & 24

Ch. 11 and 11A: Depreciation, Impairment and Disposition ASPE, s: 3061, 3063 IAS 36

Ch. 11and 11A

E11-4, E11-8, E11-11, E11-13, E11-18, E11-22, E11-26, E11-30, P11-6, P11-11, P11-12, P11-14, RA11-1

Nov 29 &

Dec 1

Ch. 12 and 12A: Intangible Assets and Goodwill ASPE, s: 3064 IAS 38

Ch. 12 and 12A

E12-1, E12-9, E12-13, E12-14, E12-17, E12-19, E12-20, E12-21, E12-23, P12-3, P12-10, P12-14

Note: The schedule of learning activities may require modification from time to time. Any changes will be announced in class and/or on the Courselink site.

The final examination schedule for the semester can be found on the Office of Registrarial Services website.

Course Assessment

Assessment Weight Associated Learning

Outcomes Date/ location

Term Exam I: 25% 1,2,3,4,5,7 October 6 (tentative)

Term Exam II: 25% 1,2,4,5,7 November 8 (tentative)

In-Class Quizzes: 10% 1 – 7 Various

Participation and Professional Decorum:

5% 6 Various

Final Comprehensive Exam:

35% 1,2,4,5,7 To be announced

Total 100%

Teaching and Learning Practices (as appropriate)

Midterms: The mid-terms will cover material from the assigned readings, assigned problems, in-class problems and material introduced in class. IF YOU ARE SICK AT THE TIME OF THE MIDTERM YOU ARE REQUIRED TO COMMUNICATE (VIA EMAIL) ANY ILLNESS TO YOUR INSTRUCTOR. The email communication should be sent to your professor within one day of exam time and should include the following information: full name, student number, course code, section enrolled and your explanation for missing the exam. All necessary documentation (medical note) supporting your absence must be delivered to your instructor within 5 business days of the exam or a mark of zero will be applied. Upon satisfaction of the above, the weight of the exam will be applied to the final examination. You are responsible for all course material up to each exam. There is no re-weighting of marks other than noted above.

In-class Quizzes: During the course of the term there will be 6 “surprise” in-class quizzes. These quizzes will be short (approximately 5 – 10 minutes each) and will typically consist of short answer problems. The quizzes are worth two marks each, and the best 5 out of 6 quizzes will count towards the final grade (this is meant to take into account the possibility that some students may unavoidably miss a class due to illness, interview or other reason). Grading of quizzes will be as follows: 1.0 for completing quiz + 1.0 for correct answers = 2.0 (therefore, if a quiz contains 4 MCQs and you get 3 correct you would score 1.0 + 1.0 (3/4) = 1.75/2.0).

Participation and Professional Decorum: Participation will be based on the overall quality and breadth of participation by students throughout the term. The participation mark will generally be the same for all students of a section of Acct 3330, but may be adjusted for individual students: (i) that are significantly above average in their extent of participation, (ii) if professional decorum (as discussed below) is not observed, or (iii) for students that frequently miss class and are therefore not in a position to actively participate. Professional decorum refers to behaviour of students in the classroom and not to participation. Full marks will be awarded to any student that exhibits professional behaviour throughout the term. Examples of unprofessional behaviour include (but may not be restricted to) talking to colleagues during classroom presentations or problem take-up, coming to class late or leaving before the end of the lecture (unless a valid reason is mentioned in advance to the professor), or any action/behaviour that distracts from the professional decorum of the class. Students should consider that the classes are equivalent to business meetings or appointments. As such, courtesy would dictate that anticipated lateness (or early departure from class) should be discussed with (or emailed to) the instructor before the fact. The instructor welcomes questions and/or comments during the class. However, in order that everyone may benefit from the discussions, it is necessary that only one person speak at a time. The reading of extraneous material, particularly newspapers, non-course-related web site material, etc., during class is not acceptable.

Final Exam The final examination will have emphasis on the materials not covered on the midterm exams (approx. 70% of the available marks), but will also encompass other material covered during the semester (approx. 30% of the available marks). If you are registered with Student Accessibility Services and will require some form of accommodation in the completion of the required learning activities for this course, please meet with me during the first week of classes.

Keep a copy of all of your graded work until final marks have been recorded. You may be asked to resubmit your work at any time.

Course Resources

This course uses a variety of materials and resources. One of your primary resources will be the course website (https://courselink.uoguelph.ca). All announcements, required and recommended readings, assignments and updates will be posted here. You will also be able to access any handouts you may have missed through this site. Check this site often.

The required textbook is: Kieso, et al., Intermediate Accounting, Volume I, 11th Canadian Ed., John Wiley & Sons Canada Ltd., 2013. Note: students may also be required to buy case materials for the two case assignments. It is estimated that the cost of the cases for the two case assignments will average approximately $6 + HST per case. CPA handbook will also be required as a research tool. Electronic access to the CPA Handbook can be obtained through instructions posted on the Courselink site. Because the Handbook is constantly being updated, a hardcopy version would quickly become outdated, and is not recommended. One copy of the textbook can be found on reserve in the library.

Course Policies

Course Philosophy and Approach:

The goal for this course is to help you develop a set of knowledge and skills that entry-level accountants are expected to possess. Accordingly there will be strong emphasis on problems to give you practice at applying accounting principles and practices. A typical week will include:

Background readings: Each topic contains chapter readings about related concepts and issues. Your learning will be most efficient and effective if these readings are completed prior to attending class.

Assigned problems: These problems will relate to the material covered in chapter. They are to be completed prior to attending class. They will form an integral part of each class discussion. We will spend some time reviewing these problems during class. It will be assumed that all students have attempted these problems.

Brief Exercises: The end of each chapter contains a number of brief exercises which serve to reinforce concepts. These problems should be reviewed on a weekly basis. The solutions to these exercises have been posted to Courselink. These problems will not be taken up in class.

The course is based on an active 12-week semester. In our view the most effective and efficient use of classroom time aims at reinforcing or clarifying what the student has tried to learn on an individual basis before entering the classroom. For this reason, it will be assumed that the student has carefully read the assigned material and made a reasonable effort to prepare solutions to the assigned problems PRIOR to the class. These materials will be DISCUSSED in class.

In order to maximize the value of your learning in this course, I have three expectations:

1. Class environment. We will all strive to create and maintain a welcoming and safe

environment, and to support each other in the learning process. All discussion will be respectful of others’ opinions and ideas.

2. Preparation. You are expected to read assigned material in advance and to be fully prepared for class discussion. You may be called upon to begin the class and to contribute to discussion at any time. Unsupported opinion will not substitute for informed discussion.

3. Group work. You will participate in some group work during the term. The group should address group problems or conflict in a timely fashion. We are available to assist groups who experience problems.

On-Line Communication:

I will be communicating with you via your central email account (@mail.uoguelph.ca) from time to time. You are required to check this account on a regular basis. Please be advised that I will not edit the mailing list to your hotmail/yahoo etc. account.

While I endeavour to check email daily, students can reasonably expect a response from me within 48/72 hours.

Course Policy regarding use of electronic devices and recording of lectures

Electronic recording of classes is expressly forbidden without consent of the instructor. When recordings are permitted they are solely for the use of the authorized student and may not be reproduced, or transmitted to others, without the express written consent of the instructor.

University Policies

Academic Consideration When you find yourself unable to meet an in-course requirement because of illness or compassionate reasons, please advise the course instructor in writing, with your name, id#, and e-mail contact. See the academic calendar for information on regulations and procedures for

Academic Consideration:http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08-ac.shtml

Academic Misconduct The University of Guelph is committed to upholding the highest standards of academic integrity and it is the responsibility of all members of the University community, faculty, staff, and students to be aware of what constitutes academic misconduct and to do as much as possible to prevent academic offences from occurring.

University of Guelph students have the responsibility of abiding by the University's policy on academic misconduct regardless of their location of study; faculty, staff and students have the responsibility of supporting an environment that discourages misconduct. Students need to remain aware that instructors have access to and the right to use electronic and other means of detection. Please note: Whether or not a student intended to commit academic misconduct is not relevant for a finding of guilt. Hurried or careless submission of assignments does not excuse students from responsibility for verifying the academic integrity of their work

before submitting it. Students who are in any doubt as to whether an action on their part could be construed as an academic offence should consult with a faculty member or faculty advisor.

The Academic Misconduct Policy is detailed in the Undergraduate Calendar:

http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08...

Accessibility The University of Guelph is committed to creating a barrier-free environment. Providing services for students is a shared responsibility among students, faculty and administrators. This relationship is based on respect of individual rights, the dignity of the individual and the University community's shared commitment to an open and supportive learning environment. Students requiring service or accommodation, whether due to an identified, ongoing disability or a short-term disability should contact the Student Accessibility Services as soon as possible.

For more information, contact SAS at 519-824-4120 ext. 56208 or email csd@uoguelph.ca or see the website: http://www.uoguelph.ca/csd/

Course Evaluation Information Please refer to the Course and Instructor Evaluation Website

Drop date The last date to drop one-semester courses, without academic penalty, is November 4, 2016. For regulations and procedures for Dropping Courses, see the Academic Calendar:

http://www.uoguelph.ca/registrar/calendars/undergraduate/current/c08/c08

Code of Conduct – The Top Ten As a student in the Department of Business, College of Management and Economics at the University of Guelph, you are a member of a scholarly community committed to improving the effectiveness of people and organizations, and the societies in which they reside, through ground-breaking and engaging scholarship and pedagogy. We seek to promote a comprehensive, critical and strategic understanding of organizations, including the complex interrelationship between leadership, systems (financial and human) and the broader social and political context. And, we prepare graduates for leadership roles in which organizational objectives, self-awareness, social responsibility and sustainability are primary considerations. In keeping with this commitment, we expect all of our students (indeed – all members of our community) to act in a professional and respectful manner to fellow students, staff and faculty, as well as to members of the broader university and local community. This expectation is very much in keeping with your preparation for a professional career. The following conduct is expected of all of our students:

1. Come to class prepared to learn and actively participate (having completed assigned readings, learning activities etc.).

2. Approach your academic work with integrity (avoid all forms of academic misconduct). 3. Arrive on time and stay for the entire class. If you happen to be late, enter the classroom as quietly

as possible. At the end of class, apologize to the faculty member for the interruption. If you have to leave class early, alert the faculty member in advance.

4. If you know in advance that you are going to miss a class, send an email to the faculty member letting him/her know that you will be absent, with a brief explanation.

5. While in class, refrain from using any written material (e.g., newspaper) or technology (e.g., the Internet, computer games, cell phone) that is not relevant to the learning activities of that class. Turn off your cell phone at the start of each class.

6. Listen attentively and respectfully to the points of view of your peers and the faculty member. Don’t

talk while others have the floor. 7. Raise your hand when you wish to contribute and wait to be called upon. Challenge others

appropriately, drawing on reason and research rather than unsubstantiated opinion, anecdote and/or emotion. Keep an open mind and be prepared to have your point of view challenged.

8. When sending emails to faculty, apply principles of business writing; use a professional and respectful style (use a formal salutation, check for spelling and grammatical errors, and avoid slang and colloquial short forms).

9. When making a presentation, wear business dress. 10. Provide thoughtful feedback at the completion of all courses (we are committed to continuous

improvement but need your input to help us decide what to focus on).