Acct 414 Syllabus for Spring 2010Page 1
Accounting 414
Corporate Accounting and Reporting II
Course Description and Syllabus
Spring 2010
Teresa Gordon / Location: ALB 335 per scheduleOffice: ALB 118 / Time: 8:00 – 9:15 AM TTh
Office Phone: 885-8960 / Office Hours: W 8:30–11:30 AM
E-mail: / and TWTh 1:15-3:00 PM
or by appointment
Homepage: / 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.
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. The password to use this semester is suoi500(also on a sticky note on my office door).
Recommended:
Financial Accounting: Exam Questions and Explanations, by Irvin N. Gleim and William A. Collins (Accounting Publications, Inc.) is a low cost means of reviewing and learning financial accounting in preparation for professional exams. You can get it with a CD that will “remember” which questions you’ve missed or marked for additional review.
Examinations & Quiz Scores
You are expected to learn problem solving techniques, rules and facts related to the practice of accounting, and become familiar with pervasive concepts. Accordingly, exams will consist of multiple choice or other objective questions, plus short problems and/or essays. I often provide "free misses" on objective questions so you do not have to get them 100% correct to receive full credit. No make-up exams are given. An unexcused absence from an exam will result in a grade of ZERO. If you know you will need to miss an exam, you may be able to take the exam early.
Occasional quizzes may be administered. A missed quiz cannot be made up but I will drop at least the lowest fourth of the scores. Quiz scores will be combined with other homework assignments as shown in the grading table below.
Homework
Solutions to all exercises and problems for suggested homework out of the textbook will be made available through the accounting lab which is generally open Sunday-Thursday evenings. The solution manual can facilitate the learning process by allowing feedback for the assignments attempted. You should work through all of the homework assignments to gain mastery over the topics we will cover even though I don’t take up every assignment for grading. It is a simple fact that your success in this course is highly correlated with your problem solving ability, your familiarity with the terminology, and your ability to communicate both effectively. If you don't work the problems when it doesn't count, you can't work them when it does! To encourage you to keep up, I collect homework as noted on the syllabus and count the best two-thirds (sequentially) as part of the 10% of your course grade related to quizzes and homework.
Major assignments (projects) will include research cases using the ASC, spreadsheet assignments and complex problems not included in textbook. Generally, the assignments will be posted on the schedule page on the course web site with a due date clearly indicated. You will be able to download (and print) the assignments. In some cases, part of the grade will be based on an evaluation of your writing ability.
ATTENDANCE and CLASSROOM DECORUM
Attending all classes will enhance your final score (unless you sleep through the lectures or play or surf the net, of course!). I will circulate an attendance sheet for you to initial. I occasionally administer an “Attendance Quiz” scored 100 for those present or provide bonus points to those present. At the end of the semester, I will also assign bonus points for good attendance, based on the attendance sheet passed around the room each class period. You may also earn additional bonus points by attending Beta Alpha Psi (accounting club) meetings whether or not you are a member. Just be sure to sign in and indicate that you are enrolled in Acct 414.
You are expected to arrive on time and to bring with you the necessary materials (calculator, laptop or printouts of assignments, etc.). I have worked hard to prepare the materials to enhance your learning and I expect you to pay courteous attention to the lectures. Talking with your neighbors is acceptable only when we are doing in-class exercises. Visiting with your neighbors is distracting to me and to the other students in class. Turn off your cell phone before class begins. If you need to leave class early, please let me know ahead of time. Students walking in and out of class during lectures distract me as well as the other students.
PREPARATION FOR CLASS
You should always read the assigned material before the class day that it is scheduled so that the lectures will be more meaningful. Occasionally, there may be a quiz at the beginning of the class designed to test whether or not you are keeping up with the reading assignments. In certain instances, I will ask you to complete an in-class exercise for the following class period. Please check the on-line schedule for changes in due dates.
GRADING
A letter grade will be determined based on the following:
Points / Percentage2 mid-term exams - in class (beginning at 7:30 AM to allow more time to complete problems) / 400 / 40%
Spreadsheet and research projects, cases & other major assignments / 200 / 20%
Other homework (generally in textbook) and pop quizzes / 100 / 10%
Bonus points for attendance, etc.
Comprehensive Final Exam / 300 / 30%
Total / 1000 / 100%
The specific letter grade assigned will be based upon relative point standing at the end of the semester. The following represents a general guideline to the minimum required grade for the indicated level of performance regardless of relative standing. Instructor discretion, as always, governs determination of your final grade. For example, improving performance over the semester will be taken into consideration. Likewise, a failing score on every exam would result in an F even if homework and project grades were satisfactory to good.
Letter Grade / PercentageA / 90% or higher
B / 80 to 89%
C / 70 to 79%
D / 60 to 69%
F / less than 60%
Individual vs. Group Projects
If not otherwise indicated, assume all assignments are individual work. However, for some assignments, you will be expected to work outside of class in small groups of two to four students. Such projects will receive a group grade. Each person on the team will receive the same grade for the project. For individual assignments, evidence of group work will be penalized -- the overall grade for the assignment will be divided equally among group members or, at my discretion, a zero score will be assigned to all individuals involved. If group work is required but causes severe hardship for you, please come by and discuss with me during office hours. Plagiarism and other cheating is not acceptable behavior and will earn a ZERO on the assignment or an F for the course.
Group Work Acceptable for Fall 2009:
For Project #1, you MUST work in a group of 2 to 3 students.
For Projects #2, #4 & #6 and for homework assignments #2 and #3, you MAY work in groups of 2-3 students.
All other assignments this semester are INDIVIDUAL assignments.
CHANGES IN SCHEDULE
Check out the Acct414 homepage “announcements” page for changes in assignments, schedule and so forth. If your e-mail address is in the UI computer system, you should also receive periodic announcements from me about scheduled events, job interviews, and assignment changes or clarifications.
GENERAL OVERVIEW OF COURSE CONTENT
Present value topics
General review
Serial bonds
Fair value & fair value option
Loan impairment
Leases
Pensions
Other Topics
Revenue recognition
Accounting for income taxes
Earnings per share
Statement of Cash Flows
Course overview diagram is available on the web-page version of the syllabus
Key for abbreviations on schedule
CN = Course Notes – generally Microsoft Word files
HO = handout (indicates homework provided by way of e-mail, web-site, or hard copy rather than something from the textbook)
TBA = to be announced and sent by email or posted on web page
XLS = Excel file or XLSX if later version
PPT = PowerPoint file or PPTX if later version
DOC = Microsoft Word file or DOCX if later version
CBE LEARNING GOALS:
Goal #1: Business Knowledge & Environment - CBE students will acquire an integrated understanding of business, accounting, and economic principles and specialized knowledge in their chosen majors.
Goal #2: Critical Thinking and Ethical Problem-Solving – CBE students will be able to use appropriate tools of analysis to identify and address problems or opportunities.
Goal #3: Communication – CBE students will develop the ability to effectively obtain, organize, and communicate information.
Goal #4: Clarify Purpose and Perspective – CBE students will develop an understanding of self and their place in the world.
Goal #5: Teamwork and Collaboration – CBE students will acquire the ability to interact effectively and professionally with people of varied backgrounds, abilities, and values.
Disability Support Services Reasonable Accommodations Statement:
Reasonable accommodations are available for students who have documented temporary or permanent disabilities. All accommodations must be approved through Disability Support Services located in the Idaho Commons Building, Room 306 in order to notify your instructor(s) as soon as possible regarding accommodation(s) needed for the course.
- 885-6307
- email at <>
- website at <
Students should present a completed and signed Accommodation Checklist for the current semester, from our office when requesting accommodations. Students should not present the checklist before or after class, if they do, request that they see you during your office hours. If they do not have a current checklist both completed and signed, please refer them to the Disability Support Services office (Idaho Commons, Room 306) to obtain one. If you have any questions regarding a student(s) with a disability(s), or how to best work with a particular student in class, please contact our office.
Acct 414 Syllabus for Spring 2010Page 1
Spring 2010 – Tentative Course Schedule
Note that changes may be made to this schedule. Please check the on-line schedule regularly on the course web page. “Official due dates” & assignments are those on the course webpage (not necessarily the ones listed here).
Date / Class / Topic / Reading Assignment / Homework AssignmentTh
Jan 14 / 1 / Print a copy of PVExamples.doc. We will start working some of the problems so bring financial calculator with you. / Read syllabus.
Familiarize yourself with course web page and read “submission protocol”
If you need a review of discounted cash flow analysis, read Ch 6 and/or “The Time Value of Money” by Jeff Harkins / PVExamples.doc
Problem sets 1 to 3 - attempt all parts. Check figures are provided at the end of file. Due Thurs Aug. 27
Sets 4 and 5 will be turned in for grading on Th. Jan 21
T
Jan 19 / 2 / Time Value of Money
Time Value of Money Examples & Assignment / Time Value of Money Tables & Template (Excel) to get interest factors for other n & i combinations
See also Chapter 6 in text / Go over Problem sets 1, 2 & 3Bring copy to class with you (paper or on laptop) with your attempted solutions
Th
Jan 21 / 3 / The Fair Value Option (pptx) -- includes comparison to IFRS
With Fair Value Measurement (FAS157) -ppt
Begin review of bond accouhting: Bond Amortization with FV option Example (xls)- if you are not bringing laptop, "print all" to get the core of the example we'll be doing in class today
Excel Demo - Time Value of Money Functions
Starter Blanks - Bond Amortization Tables / Ch 17, pp. 873-874, 880
Link to K. Stice’s material on fair value option and fair value disclosures
FAS 158 & Fair Value Option (2007 update Spiceland) - material that goes with another intermediate accounting text - has numeric examples of computing fair values and shows how to do journal entries if the fair value option is elected. But if you print, just print pages 5 through 12 since we won't do the exercises
For more advanced coverage: see BDO Seidman 23-page summary or read the actual standard at fasb.org or on your FARS CD- reference materials for more details / Turn in HW #1 - PV problem sets 4-5 (individual assignment)
Good practice problems on fair value from text: E17-16 & E17-21
HW #2 Fair Value & FV Option Assignment (docx) Note that this is 3 "handout" problems (in file) plus 3 exercises from textbook:E17-19, E17-20 & E17-21
Go to course website for all later dates
Not part of paper handout to students but for the official records (pasted from website so formatting isn’t perfect)
Date / Class / Topic / Reading Assignment / Homework AssignmentT
1/26 / 4 / PROFESSOR OUT OF TOWN, substitute teacher
Fair values, continued
Serial Bonds - Notes & Example with Solution (doc)BRING PAPER COPY TO CLASS
Starter Blanks - Serial Bond Amortization Tables (xls) / Get serial bond examples from web page and bring laptop or paper copy to class
NOTE THAT SOLUTION TO SERIAL BOND EXAMPLE IS IN THE DOC FILE to left / HW #3 Serial bonds with fair values (docx)Note that we will go over Serial Bond Problems 1 and 2 (briefly) on Th Jan 28 (the same day that HW #2 is due) and you will have time to fix any errors before turning in the assignment
Th
1/28 / 5 / Go over PP#1 & PP#2 Serial Bond homework
Troubled Debt Lecture ppt ("economics" with flowcharts - I just used the first one in lecture - remember, we are pnly doing the CREDITOR side of transaction)
Impairment of Loans - examples (troubled debt accounting for creditors) docx BRING COPY TO CLASS or the excel file : Loan Impairment examples - blanks (xls) / Ch 14 Appendix A (pp. 697-706)Ch 14A troubled debt appendix (KWW-13e pptx) and Unit 6 of IFRS material, p. 23