Module 1: Non-Financial and Current Liabilities
- Understand the importance of non-financial and current liabilities from a business perspective.
- Define liabilities, distinguish financial liabilities from other liabilities, and identify how they are measured.
- Define current liabilities and identify and account for common types of current liabilities.
- Identify and account for the major types of employee-related liabilities.
- Explain the recognition, measurement, and disclosure requirements for decommissioning and restoration obligations.
- Explain the issues and account for product guarantees, other customer program obligations, and unearned revenues.
- Explain and apply two approaches to the recognition of contingencies and uncertain commitments and identify the accounting and reporting requirements for guarantees and commitments.
Text Reference: Chapter 13
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 11
Module 2: Long-Term Financial Liabilities
- Understand the nature of long-term debt financing arrangements.
- Understand how long-term debt is measured and accounted for.
- Understand when long-term debt is recognized and derecognized, including how to account for troubled debt restructurings.
- Explain how long-term debt is presented disclosed and analyzed.
Text Reference: Chapter 14
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4, 11
Module 3: Shareholders' Equity
- Discuss the characteristics of the corporate form of organization, rights of shareholders, and different types of shares.
- Explain how to account for the issuance, reacquisition, and retirement of shares, stock splits, and dividend distribution.
- Understand how shareholders' equity is presented, disclosed, and analyzed.
Text Reference: Chapter 15
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 5, 11
Module 4: Complex Financial Instruments
- Understand what derivatives are and how they are used to manage risks and how to account for them.
- Analyze and account for hybrid/compound instruments from an issuer perspective.
- Describe and account for share-based compensation.
Text Reference: Chapter 16
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4, 5, 6, 11
Module 5: Earnings Per Share (EPS)
- Understand why earnings per share (EPS) is an important number and how it should be presented, disclosed and analyzed.
- Calculate basic earnings per share.
- Calculate diluted earnings per share.
Text Reference: Chapter 17
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 7, 11
MIDTERM EXAM (Modules 1-5) 25%
Module 6: Income Taxes
- Understand the importance of income taxes from a business perspective.
- Explain the difference between accounting income and taxable income and calculate taxable income and current income taxes.
- Explain what a taxable temporary difference is, determine its amount, and calculate deferred liabilities and deferred tax assets.
- Prepare analyses of deferred tax balances and record deferred tax expense.
- Explain the effect of multiple tax rates and tax rate changes on income tax accounts and calculate current and deferred tax amounts when there is a change in substantively enacted tax rates.
- Account for tax loss carryover benefits, including any note disclosures.
- Explain why the Deferred Income Tax asset is reassessed at the statement of financial position date, and account for the deferred tax asset with and without a valuation allowance account.
- Identify and apply the presentation and disclosure requirements for income tax assets and liabilities and apply intraperiod tax allocation.
Text Reference: Chapter 18
Assessment: Quiz (1%), Assignment (2%)
Learning Outcome: 1, 2, 3, 7, 11
Module 7: Pensions and Other Employee Future Benefit
- Understand the importance of pensions from a business perspective.
- Identify and account for a defined contribution plan and distinguish between defined contribution and defined benefit plans.
- Explain what the employer's benefit obligation is, identify alternative measures for this obligation, and prepare a continuity schedule of transactions and events that change its balance.
- Identify transactions and events that change benefit plan assets and a benefit plan surplus or deficit, and calculate the balance of the plan assets and the plan surplus or deficit.
- Identify the components of pension expense, and account for a defined benefit pension plan under IFRS and ASPE.
- Account for defined benefit plans with benefits that vest or accumulate other than pension plans.
- Identify the types of information required to be presented and disclosed for defined benefit plans, prepare basic schedules, and be able to read and understand such disclosures.
Text Reference: Chapter 19
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4, 7, 11
Module 8: Leases
- Understand the importance of leases from a business perspective.
- Explain the conceptual nature, economic substance, and advantages of lease transactions.
- Calculate the lease payment that is required for a lessor to earn a specific return.
- Identify and apply the factors that are used to determine if a contract is or contains a lease under IFRS 16 and whether leases are capital or operating leases under the ASPE classification approach.
- Account for right-of-use assets by lessees under IFRS 16 and capital leases under ASPE.
- Determine the effect of, and account for, residual values and purchase options for a lessee's right-of-use asset (IFRS) or a capital lease (ASPE).
- Account for operating leases by lessees under ASPE (and short-term leases and low- value leases under IFRS 16) and compare the operating and capitalization methods of accounting by lessees.
Text Reference: Chapter 20
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 3, 4, 8, 11
Module 9: Accounting Changes, Error Analysis
- Identify the types of accounting changes and explain how to account for them.
- Identify economic motives for changing accounting methods and interpret financial statements where there have been retrospective changes to previously reported results.
- Identify the differences between ASPE and IFRS related to accounting changes.
Text References: Chapter 21
Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 9, 11
Module 10: Other Measurement and Disclosure Issues
- Understand the importance of disclosure from a business perspective.
- Review the full disclosure principle and how it is implemented and explain how companies use accounting policy notes.
- Describe the disclosure requirements for major segments of a business.
- Describe the requirements and accounting problems associated with interim reporting.
- Discuss the accounting issues related to related party transactions.
- Identify the accounting issues relating to subsequent events and those faced by unincorporated businesses.
- Identify the major considerations relating to bankruptcy and receivership.
- Identify the major disclosures found in the auditor's report.
- Describe methods used for basic financial statement analysis and summarize the limitations of ratio analysis.
Text References: Chapter 23 Assessment: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 10, 11
Data Analytics Assignment (5%)
FINAL EXAM (Cumulative): 40%