ACCT 3211 - Intermediate Financial Accounting 2

Course Description

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.

Learning outcomes

• Understand the international reporting environment and IFRS.
• Compare Canadian and International GAAP and IFRS.
• Define and account for current and other liabilities.
• Apply both Canadian GAAP and IFRS.
• Prepare all journal entries related to long-term liabilities.
• Prepare shareholders' equity section and related journal entries.
• Calculate basic and diluted earnings per share (EPS).
• Prepare income tax journal entries.
• 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 topics

• Module 1: Non-Financial and Current Liabilities
• Module 2: Long-Term Financial Liabilities
• Module 3: Shareholders' Equity
• Module 4: Complex Financial Instruments and Earnings per Share
• Module 5: Income Taxes
• Module 6: Pensions and Other Post-Employment Benefits
• Module 7: Leases
• Module 8: Accounting Changes and Error Analysis
• Module 9: Statement of Cash Flows
• Module 10: Other Measurement and Disclosure Issues

Required text and materials

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

1. Kieso, D. E., Weygandt, J. J., Warfield, T. D., Wiecek, I. M., & McConomy, B. J. (2022). Intermediate Accounting (13th Canadian ed., Vol. 2). John Wiley & Sons Canada, Ltd.
   Type: Textbook. ISBN: 9781119740445 / 9781119780311

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

2. Chartered Professional Accountants of Canada. (2020, August 4). CPA Canada standards and guidance collection (CPACHB) [e-book].

Note: This item can be accessed directly via TRU Library.

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 final mandatory exam.

Recommended requisite(s)

ACCT 3201

Exclusions

ACCT 3210

BBUS 3210

BBUS 3211