ACAF70043
Intermediate Financial Reporting 2
Sheridan
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version
 
Section I: Administrative Information
  Total hours: 63.0
Credit Value: 4.5
Credit Value Notes: N/A
Effective: Spring/Summer 2020
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Adv Cert Accounting & Finance
Program Coordinator(s): N/A
Course Leader or Contact: N/A
Version: 20200519_00
Status: Approved (APPR)

Section I Notes: Students are expected to have completed ACAF70042 or equivalent before registering for this course. This course is offered in two formats - online (OntarioLearn) and blended (on-campus and Slate). For the blended section, there will be an on-campus session each week along with online sessions. The online portion of the blended course is offered through Sheridan's Learning and Teaching Environment (SLATE). Online learning often involves assigned weekly readings, research, assignments, quizzes, journal writing and discussion boards. Some courses may include live online class sessions that allow students and the instructor to engage and share resources as a group. A laptop computer is required for this course. Students will need reliable access to the internet. A Texas Instruments BAII Plus (Business Analyst) or equivalent calculator is required for this course. To be considered for the Advanced Certificate in Accounting and Finance (ACAF) National Examination eligibility, students must earn a minimum grade of 60% in the ACAF Intermediate Financial Reporting 2 course and meet the additional standards of achievement as required by CPA Ontario's National Examination Policies.

 
 
Section II: Course Details

Detailed Description
Students build on introductory financial accounting skills and focus primarily on the liabilities and equities section of the statement of financial position. Students explore current and long term liabilities, leases, pensions and post-employment benefits, corporate income taxes, shareholders' equity, complex debt and equity instruments, earnings per share, accounting changes, cash flow statement, financial statement analysis as well as any related income statement effects. Through a combination of various learning techniques including interactive lectures, inquiry based learning and in-class problem solving students develop the ability to prepare external financial statement components and disclosure consistent with Canadian generally accepted accounting principles.

Program Context

 
Adv Cert Accounting & Finance Program Coordinator(s): N/A
This course is part of the ACAF cluster of course offerings.


Course Critical Performance and Learning Outcomes

  Critical Performance:
By the end of this course students will have demonstrated the ability to prepare external financial statement components and disclosures consistent with financial accounting theory, and Canadian generally accepted accounting principles, with a specific emphasis on accounting for the liability and shareholders equity components of the balance sheet.
 
Learning Outcomes:

To achieve the critical performance, students will have demonstrated the ability to:

  1. Identify differences in financial reporting for public and private entities.
  2. Report various liabilities (debt) and equities in accordance with generally accepted accounting principles.
  3. Distinguish debt from equity, current liabilities from long-term liabilities and financial from non-financial liabilities.
  4. Apply present value concepts and effective interest amortization methods to various long-term liabilities.
  5. Explain the accounting treatment for various transactions affecting shareholders equity.
  6. Describe the accounting for compensatory stock option plans.
  7. Prepare appropriate accounting entries, supporting calculations and financial statement presentations for earnings per share, corporate income taxes and defined benefit pension plans.
  8. Differentiate the accounting treatment of capital vs operating leases by a lessee and financing vs sale-type leases by a lessor.
  9. Contrast the accounting treatment applied to changes in accounting policy, and correction of prior-year accounting errors, with the treatment of changes in accounting estimates.
  10. Prepare a cash flow statement in both direct and indirect format with appropriate supporting computations.
  11. Identify the appropriate accounting treatment of other disclosure issues related to segmented information, interim financial reporting, related-party transactions and subsequent events.

Evaluation Plan
Students demonstrate their learning in the following ways:

 Evaluation Plan: IN-CLASS & ONLINE INSTRUCTION
 Quizzes (10x1%)10.0%
 Assignments (10x2%)20.0%
 Midterm30.0%
 Final Exam Comprehensive40.0%
Total100.0%



Evaluation Plan: ONLINE
 Quizzes (10x1%)10.0%
 Assignments (10x2%)20.0%
 Midterm30.0%
 Final Exam Comprehensive40.0%
Total100.0%

Evaluation Notes and Academic Missed Work Procedure:
TEST AND ASSIGNMENT PROTOCOL The following protocol applies to every course offered by the Faculty of Continuing and Professional Studies 1. Students are responsible for staying abreast of test dates and times, as well as due dates and any special instructions for submitting assignments and projects as supplied to the class by the instructor. 2. Students must write all tests at the specified date and time. Missed tests, in-class/online activities, assignments and presentations are awarded a mark of zero. The penalty for late submission of written assignments is a loss of 10% per day for up to five business days (excluding Sundays and statutory holidays), after which, a grade of zero is assigned. Business days include any day that the college is open for business, whether the student has scheduled classes that day or not. An extension or make-up opportunity may be approved by the instructor at his or her discretion.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:


 

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

  • Not Eligible for PLAR

 
 
Section III: Topical Outline
Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Print Instruction Mode Professor Applicable Student Group(s)
Online N/A CAPS Students
In-class & Online Instruction N/A CAPS Students

Sheridan Policies

All Sheridan policies can be viewed on the Sheridan policy website.

Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.

Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.

Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.

Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.

Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)

Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.


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