Module 1: Conceptual Framework and the Accounting Cycle

• Provide a framework for, and an understanding of, basic financial accounting theory.
• Describe the usefulness of, and attempts to construct, a conceptual framework.
• Define the objectives, qualitative characteristics, and basic elements of accounting
• Discuss the foundational principles (economic entity, control, revenue recognition and realization, matching, periodicity, monetary unit, going concern, historical cost, fair value and full disclosure) and the constraints of accounting (cost-benefit and materiality).
• Understand basic accounting terminology, double-entry rules, and the accounting equation.
• Identify the steps in the accounting cycle and the steps in the recording process.
• Explain the reasons for and prepare adjusting entries.
• Explain how the type of ownership structure affects the financial statements.
• Prepare closing entries and consider other matters relating to the closing process.

Chapter Readings: Chapter 2, Appendix C
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 1, 2, 10

Module 2: Data, Decisions, Measurement and Reporting Financial Performance

• Understand how data and analytics tools are used in making and communicating decisions.
• Use valuation techniques to measure financial statement elements.
• Use IFRS 13 to measure fair value.
• Understand and apply present value concepts.
• Understand how firms create value, manage performance, and communicate useful information to users.
• Understand the concept of and be able to assess quality of earnings/information.
• Understand the differing perspectives on how to measure income.
• Measure and report results of discontinued operations.
• Measure income and prepare the income statement and the statement of comprehensive income using various formats.
• Prepare the statement of retained earnings and the statement of changes in equity.
• Understand how disclosures and analysis help users of financial statements assess performance.

Chapter Readings: Chapter 3 and Chapter 4
Assessments: Quiz (2 x 1%), Assignment (2 x 2%)
Learning Outcomes: 3, 6, 10

Module 3: Financial Position and Cash Flows

• Understand the statement of financial position and statement of cash flows from a business perspective.
• Identify the uses and limitations of a statement of financial position.
• Identify the major classifications of a statement of financial position.
• Prepare a classified statement of financial position.
• Identify statement of financial position information that requires supplemental disclosure.
• Identify major disclosure techniques for the statement of financial position.
• Indicate the purpose and identify the content of the statement of cash flows.
• Prepare a statement of cash flows using the indirect and direct methods.
• Understand the usefulness of the statement of cash flows.

Chapter Reading: Chapter 5
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 3, 5, 10

Module 4: Revenue Recognition

• Understand the economics and legalities of selling transactions from a business perspective.
• Identify the five steps in the revenue recognition process.
  • Step 1 – Identify the contract with customers
  • Step 2 – Identify the separate performance obligations in the contract
  • Step 3 – Determine the transaction price
  • Step 4 – Allocate the transaction price to the separate performance obligations
  • Step 5 – Understand how to recognize revenue when the company satisfies its performance obligation
• Analyze and determine whether a company has earned revenues under the earnings approach.
• Identify other revenue recognition issues.
• Describe presentation and disclosure regarding revenue.

Chapter Reading: Chapter 6
Assessments: Quiz (1%), Assignment (2.5%)
Learning Outcomes: 4, 10
MIDTERM EXAM - 30%

Module 5: Cash and Receivables

• Understand cash and accounts receivable from a business perspective.
• Define financial assets and identify items that are considered cash and cash equivalents and how they are reported.
• Define receivables and identify the different types of receivables from an accounting perspective.
• Account for and explain the accounting issues related to the recognition and measurement of accounts receivable.
• Account for and explain the accounting issues related to the impairment in value of accounts receivable.
• Account for and explain the accounting issues related to the recognition and measurement of notes and loans receivable.
• Account for and explain the basic accounting issues related to the de-recognition of receivables.
• Explain how receivables and loans are reported and analyzed.

Chapter Reading: Chapter 7
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 4, 5, 6, 7, 10

Module 6: Inventory

• Understand inventory from a business perspective.
• Identify which inventory items should be included in ending inventory
• Identify the effects of inventory errors on the financial statements and adjust for them.
• Determine the components of inventory cost.
• Distinguish between perpetual and periodic inventory systems and account for them.
• Identify and apply GAAP cost formula options and indicate when each cost formula is appropriate.
• Explain why inventory is measured at the lower of cost and market and apply the lower of cost and net realizable value standard.
• Identify inventories that are or may be valued at amounts other than the lower of cost and net realizable value.
• Apply the gross profit method of estimating inventory.
• Identify how inventory should be presented, disclosed and analyzed

Chapter Reading: Chapter 8
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes:  5, 6, 7, 8, 10

Module 7: Investments

• Understand the nature of investments including which types of companies have significant investments.
• Explain and apply the cost/amortized cost model of accounting for investments.
• Explain and apply the fair value through net income model of accounting for investments.
• Explain and apply the fair value through other comprehensive income model of accounting for investments.
• Explain and apply the incurred loss, expected loss, and fair value loss impairment models.
• Explain the concept of significant influence and apply the equity method.
• Explain the concept of control and when consolidation is appropriate.
• Explain how investments are presented and disclosed in the financial statements noting how this facilitates analysis.

Chapter Reading: Chapter 9
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 5, 6, 7, 8, 9, 10

Module 8: Property, Plant and Equipment

• Identify the business importance and characteristics of property, plant, and equipment and explain the recognition criteria.
• Identify the costs to include in the measurement of property, plant, and equipment at acquisition.
• Determine asset cost when the transaction has delayed payment terms or is a lump- sum purchase, a non-monetary exchange, or a contributed asset.
• Identify the costs included in specific types of property, plant, and equipment.
• Understand and apply the cost model, the revaluation model using the asset adjustment method and the fair value model.
• Explain and apply the accounting treatment for costs incurred after acquisition.

Chapter Readings: Chapter 10
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes:  5, 6, 7, 8, 10

Module 9: Depreciation, Impairment and Disposition

• Understand the importance of depreciation, impairment, and disposition from a business perspective.
• Explain the concept of depreciation and identify the factors to consider when determining depreciation charges.
• Identify how depreciation methods are selected: calculate and recognize depreciation using the straight-line, decreasing charge, and activity methods.
• Explain the accounting issues for depletion of mineral resources.
• Explain and apply the accounting procedures for partial periods and a change in depreciation rate.
• Explain the issues and apply the accounting standards for capital asset impairment under both IFRS and ASPE.
• Account for derecognition of property, plant and equipment and explain and apply the accounting standards for long-lived assets that are held for sale.

Chapter Readings: Chapter 11
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 5, 6, 7, 8, 10

Module 10: Intangible Assets & Goodwill

• Understand the importance of goodwill and intangible assets from a business perspective and describe their characteristics.
• Identify and apply the recognition and measurement requirements for purchased intangible assets.
• Identify and apply the recognition and measurement requirements for internally developed intangible assets.
• Explain how intangible assets are accounted for after initial recognition.
• Identify and explain the accounting for specific types of intangible assets.
• Explain and account for impairment and derecognition of limited-life and indefinite-life intangible assets.
• Explain how goodwill is measured and accounted for after acquisition.
• Explain and account for impairment of goodwill.

Chapter Reading: Chapter 12
Assessments: Quiz (1%), Assignment (2%)
Learning Outcomes: 5, 6, 7, 8, 10

COMPREHENSIVE FINAL EXAMINATION 40%