Accounting 414 Corporate Accounting and Reporting IISpring 2011Catalog Description: Acct 414 Corporate Accounting and Reporting II (3 cr). Continuation of Acct 315. Covers more advanced topics in the preparation of general purpose financial statements for external users according to US GAAP. Includes accounting ...COURSE OBJECTIVESPrerequisites, Competencies and Responsibilities:Course MaterialsExaminations & Quiz ScoresHomeworkATTENDANCE and CLASSROOM DECORUMPREPARATION FOR CLASSGRADINGIndividual vs. Group ProjectsCHANGES IN SCHEDULEGENERAL OVERVIEW OF COURSE CONTENTKey for abbreviations on scheduleTentative Schedule – the Official Schedule is on the Course Webpage1 Accounting 414 Corporate Accounting and Reporting II Course Description and Syllabus Spring 2011 Teresa Gordon Location: ALB 335 per schedule Office: ALB 118 Time: 8:00 – 9:15 AM TTh Office Phone: 885-8960 Office Hours: TWTh 9:30–11:30 AM E-mail: [email protected] and W 1:30-3:00 PM or by appointment Homepage: http://www.cbe.uidaho.edu/Acct414 If my office door is open, feel free to stop in. Catalog Description: Acct 414 Corporate Accounting and Reporting II (3 cr). Continuation of Acct 315. Covers more advanced topics in the preparation of general purpose financial statements for external users according to US GAAP. Includes accounting database research. May include evening exams. Prereq: Acct 315. (Please note that you may be concurrently enrolled in Acct 415/515.) COURSE OBJECTIVES In this course, we will concentrate primarily on CBE Goals #1, 2 and 3 (see list on page 6). Intermediate accounting is the "heart & soul" of financial accounting and reporting. In this course we will complete the topics not covered in Acct 315 and you will have multiple opportunities to research accounting topics using the ASC (FASB’s on-line accounting standards codification). You will also have opportunities to apply your knowledge of accounting concepts to complex transactions. Income tax implications and international comparisons will be included in the coverage of relevant issues. An important pedagogical objective in this course is to challenge you with problems and situations that help you to develop professional skills and to enhance your critical thinking abilities. Today’s accounting professional must be prepared to resolve unstructured problems in an uncertain environment. The skills emphasized in this course are intended to assist you in preparing for this business environment. The specific objectives include: 1. Become familiar with selected theoretical issues and existing GAAP and obtain a thorough comprehension of selected topics in external financial reporting (e.g., leases). 2. Become familiar with differences between US GAAP and IFRS on the topics covered 3. Sharpen your problem solving abilities for situations where there is a single correct answer because of the articulation of financial statements inherent the accounting equation (e.g., statement of cash flows). 4. Enhance your ability to conduct research in the authoritative literature using the FASB accounting standards codification (ASC). 5. Provide you with experience in resolving complex financial accounting and reporting issues through a research process that requires critical thinking and results in a well-supported position based on appropriate accounting standards. Prerequisites, Competencies and Responsibilities: It is assumed that you have satisfied the following minimum requirements: 1. Students enrolled in this course must have completed Accounting 315. This course cannot be taken concurrently with Accounting 315. You may take Acct 414 and Acct 415 at the same time. 2. Students should have proficiency with PC or compatible word-processing and spreadsheet software, email and file transfer ability and Internet/WWW research skills. Students lacking these personal computer competencies will need to seek help from other students, helpdesk, accounting lab, etc.Acct 414 Syllabus for Spring 2011 Page 2 3. Student should have a UI email account and have basic competency in sending and receiving email. Student should be able to access the course web page. 4. Many students find that having a laptop during class is useful since I often work problems in Excel and use PowerPoint lecture slides. However, printing the blank files before coming to class is an alternate strategy that may even enhance your learning – depending on individual learning styles. You have other professional responsibilities which include attending class on-time and being prepared [having read all assigned material, completed (or at least attempted) all assignments], participating in class discussion of cases, raising questions about matters of interest or issues that you do not understand, and bringing all necessary materials with you to class (generally your laptop or printouts, calculator, etc. but not necessarily textbook). Our accomplishments will be function of your enthusiasm and your efforts. Course Materials Required: Access to internet (preferably with laptop available during class for at least some topics). On your computer, you will need Microsoft Word, Excel, & PowerPoint. I’m generally posting files in Office 2007 now so if you are using Office 2003 you will need to install the conversion program that is probably still available free from Microsoft. Intermediate Accounting, 13th Edition by Kieso, Weygandt & Warfield (Wiley, 2010). Financial calculator. HP12C is a good one and the one I’m most familiar with. However, there are other less expensive calculators that would be fine too. I’m just not as familiar with them and you’ll need to study your instruction manual to figure out how to do everything. Incorporating International Financial Reporting Standards (IFRS) into Intermediate Accounting, by Rebecca G. Fay, John A. Brozovsky, Jennifer E. Edmonds, Patricia G. Lobingier, and Sam A. Hicks at VirginiaTech University. An electronic copy will be available on the course webpage. Access to FASB website for the ASC (Accounting Standards Codification). This is the only official source of level 1 GAAP as Sept. 15, 2009 (FASB Statement No. 168). The Department has purchase “professional access” license. Use ID = AAA51700 on the “academic access” link which takes you to the American Accounting Assn webpage. Write down he password to use this semester here: {on paper copy only} (It is also