ACCT 3201 - Intermediate Financial Accounting I

Course Description

Students learn to prepare the income statement, a statement of retained earnings, and the asset side of the statement of financial position. Topics include the conceptual framework; reporting financial performance; financial position; revenue recognition; cash and receivables; inventory; investments; property, plant, and equipment; deprecation, impairment and disposition; and intangible assets and goodwill.

Learning outcomes

• Apply the conceptual framework of objectives and principles in selecting appropriate accounting policies and preparing financial statements in accordance with IFRS.
• Demonstrate the ability to assess a situation, identify issues and alternatives, and provide a recommendation using ethical professional judgment.
• Classify and account for investments in various financial instruments using the cost/amortized cost, fair value-net income, fair value-OCI, and equity methods in accordance with IFRS standards.
• Demonstrate an understanding of revenue recognition, including issues of measurement and collectability.
• Prepare an income statement in various formats that contains discontinued items and unusual gains and losses and EPS calculations for both basic and fully diluted EPS.
• Prepare a classified Statement of Financial Position, including supplementary disclosures.
• Account for the recognition, measurement, and derecognition of accounts receivable and notes receivable, including non-interest bearing and discounted notes.
• Use various cost flow methods to account for inventory, including items to include in inventory, impairment, lower of cost and NRV, and correcting prior period inventory errors.
• Calculate the initial recognition, depreciation, impairment, and derecognition of tangible assets using the cost model, fair value model, and revaluation model.
• Calculate and account for the recognition, derecognition, and impairment of intangible assets and goodwill.

Course topics

• Module 1: The Conceptual Framework, Measurement, and Review of Accounting
• Module 2: Reporting Financial Performance
• Module 3: Revenue Recognition
• Module 4: Cash and Receivables
• Module 5: Inventory
• Module 6: Investments
• Module 7: Property, Plant, and Equipment
• Module 8: Intangible Assets and Goodwill

Required text and materials

Students are responsible for purchasing the required materials on their own:

• Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J. (2022). Intermediate Accounting (13th Canadian ed., Vol. 1). John Wiley & Sons Canada. 
  Type: Textbook. ISBN:  9781119740469 / 9781119740452

Note: This item can be purchased directly from the following VitalSource link. 

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

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 mandatory final exam.

Recommended requisite(s)

• ACCT 1211
  and
  ACCT 1221;
  or
  ACCT 2211
• CMNS 1291

Exclusions

• ACCT 3200
• BBUS 3200
• BBUS 3201