Course Name (short): Advanced Accounting 2
School: All Sheridan Schools
Program(s): Business Admin Accounting
Program Coordinator(s): Sally Mitzel
Course Leader or Contact: Michael Kaine
Originator: Lesley Rumsby
Designate: Lesley Rumsby
Version: 14.0
Status: Approved - Under Rev (AREV)

Calendar Description
Apply a solid conceptual foundation to support and explain accounting procedures related to special liabilities, the Cash Flow Statement, accounting changes and other measurement issues.

Typical Instructional Format

Courses may be offered in other formats.

Section I Notes: A minimum grade of B in this course together with a minimum grade of B in ACCG35141 qualifies the student to apply for exemption toward the Certified General Accountant of Ontario FA 3 course.

Detailed Description
Students are provided the opportunity to develop accounting skills that relate to accounting for more complex liabilities, preparing a Cash Flow Statement, dealing with accounting changes and other measurement items.

Program Context

 Critical Performance
By the end of this course, students will have demonstrated the 
ability to correctly apply the Conceptual Accounting Framework 
underlying financial reporting as it relates to the liabilities and 
shareholders' equity sections of the Balance Sheet.  Both Private 
Enterprise GAAP and IFRS GAAP will be covered with the major focus on 
Private Enterprise GAAP.
   
Learning Outcomes
To achieve the critical performance, students will have demonstrated 
the ability to: 
 

1.  Report the effect of permanent and temporary
    differences between accounting income and taxable income
2.  Report tax loss carryback and carryforward transactions
3.  Determine the correct amount of pension expense for a 
    defined benefit pension plan
4.  Report the effects of past service contributions, actuarial gains 
    and losses and post retirement benefits
5.  For lessees prepare the appropriate journal entries 
    for capital and non-capital leases
6.  For lessors, prepare the journal entries for sale-type leases and 
    direct financing leases
7.  Prepare journal entries and financial statement
    changes for prior year errors and for accounting policy changes
8.  Prepare financial statement error analysis
9.  Prepare a cash flow statement using the direct and 
    indirect methods
10. Report a company's operations by major segments
11. Report related party transactions and subsequent events

Assignments             10%
Quizzes                 10%
Mid-Term Exam           40% (Chapters 18 and 19)
Final Exam              40% (Comprehensive)
Total                  100%

The Mid-Term and Final Exams will consist of multiple-choice, single-
subject, and multiple-subject questions.

Required: Intermediate Accounting, Tenth Canadian Edition, Volume 2 
with Wiley Plus 
Keiso, Weygandt, Warfield, Young, Wiecek 
John Wiley & Sons 2013

Optional: Study Guide to Accompany Intermediate Accounting Volume 2 - 
10th Canadian Edition

Module 1 - Income Taxes
- Identify and report the effect of permanent and temporary   
  differences 
- Prepare analyses of future income tax balances and record future  
  income tax expense.
- Report tax loss and carry-back and carry-forward transactions
- Analyze the extensive disclose related to current and future income 
  taxes

Text reference: Chapter 18

Assessment: 2 quizzes, 2 assignments

Module 2: Pensions and Other Employee Future Benefits
- Outline the characteristics of pension plans, and define the key  
  variables used to measure pension amounts.
- Determine the correct amount of pension expense for a defined  
  benefit pension plan
- Report the effects of past service contributions, actuarial gains  
  and losses, and post-retirement benefits
- Calculate a benefit plan¿s funded status and identify events that  
  change its amount
- Account for post-employment benefits and other long-term employee  
  benefit plans 

Text reference: Chapter 19

Assessment: 2 quizzes, 2 assignments

Midterm (Module 1 & 2)

Module 3: Leases
- Calculate lease liability amortization using a schedule/worksheet
- For lessees, report the appropriate journal entries for capital and 
  non-capital leases
- For lessor, prepare journal entries for sales-type leases 
  and direct financing leases
- Account for sale-leaseback transactions

Text reference: Chapter 20

Assessment: 2 quizzes, 2 assignments

Module 4: Accounting Changes and Error Analysis
- Identify and differentiate among the types of accounting changes
- Prepare journal entries to apply the retrospective method of  
  accounting for a change in accounting policy  and identify  
  disclosure requirements
- Prepare journal entries to apply the retrospective restatement for  
  the correction of accounting errors and identify the disclosure  
  requirements
- Apply the prospective application method for a change in an 
  accounting estimate and identify disclosure requirements
- Prepare financial statement error analysis

Text reference: Chapter 21

Assessment: 2 quizzes, 2 assignments

Module 5: Cash Flow Statement
- Analyze the informational content of a cash-flow statement
- Prepare a cash flow statement using the direct method and the  
  indirect method 

Text reference: Chapter 22

Assessment: 2 quizzes, 2 assignments

Module 6: Other Measurement and Disclosure Items 
- Report a company operations by major segments
- Report related party transactions and subsequent events

Text reference: Chapter 23

Assessment: 1 quiz, 1 assignment

Final Exam (Comprehensive)