2017 18 ACCT2015 Course outline PDF

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Download 2017 18 ACCT2015 Course outline PDF

Description

AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) UNDERGRADUATE COURSE OUTLINE ITEM

DESCRIPTION

Course Title

FINANCIAL ACCOUNTING II

Course Code

ACCT2015

Academic Units to offer Course

Department of Management Studies

Level

II

Semester

II, 2017/18

Course Credit Load

3 Credits

Course Prerequisite

ACCT2014 – Financial Accounting I

Academic Staff Member Name: Diana Weekes-Marshall, FCA, FCCA, BSc.(Hons) Room: SSA5 Telephone: 417-4872 Email: [email protected] Course Co-requisite

-

Course Post-requisite

-

Course Anti-requisite

This course builds on the foundation established in the Level I Financial Accounting courses and the Level II Intermediate Accounting course, ACCT 2014 Financial Accounting I.

Course Description

Course Rationale

Financial Accounting II follows on from Financial Accounting I and primarily examines liabilities, equity, leases, financial statement analysis and financial reporting. The course aims to develop a deeper understanding of the elements of financial accounting. Financial accounting is a specialized branch of accounting that tracks a company’s financial transactions and resources. This function is vital to the survival of all companies and an essential function in the reporting process for both the internal and external users to facilitate proper decision making.

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) Upon completion of the course, students should:

General Goals/Aims

I. have an in depth understanding of major accounting topics and their associated accounting standards; II. be able to critically evaluate accounting information for business decision making; III. be able to prepare a set of financial statements in good form for a company.

Specific Learning Outcomes/Objectives This course will be taught by a series of lectures combined with active learning techniques such as group discussion. Students are expected to complete the assigned readings for each topic prior to the lecture. Tutorial assignments are to be prepared ahead of the scheduled tutorial session. Please remember that tutorials are there for your benefit. Students are expected to participate actively in both lecture and tutorial discussions.

Teaching Methodologies

Assigned readings and problems represent the minimum preparation for the material to be covered in lectures. You should seek out and read other books and articles that seem relevant to the course topics. This independent study will expose you to a broader range of views on the issues relating to accounting and enhance your understanding of the material covered in class. E-Learning and Your MyCaveHill E-mail: From time to time, additional reading materials and announcements may be posted on the E-Learning site. Please ensure that you login to the site on a regular basis (at least weekly) in order to remain up-to-date on new materials and announcements. Your ‘Mycavehill’ e-mail address along with the e-learning platform will be the modes of notification and communication during the semester. Once a notification has been sent via these methods, you are deemed to have received them, so please ensure

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) that your accounts are up-to-date and active. A mid-semester examination will be given during week 6 and will be for a total of 30% of the final grade. The final examination will account for the remaining 70% of the overall grade.

Course Assessment Methods

IN ORDER TO OBTAIN A PASSING GRADE, YOU MUST PASS BOTH THE MID-SEMESTER AND FINAL EXAMINATIONS. THE PASS MARK SINCE THE REVISIONS TO THE GRADING SCHEME IS NOW 50% ALL AREAS OF THIS COURSE AND PRE-REQUISITE COURSES ARE EXAMINABLE FOR BOTH THE MID-SEMESTER AND FINAL EXAMINATIONS

Kieso, D., Weygandt, J., & Warfield, T. (2014): Intermediate Accounting: IFRS Edition. 2nd Edition. Wiley: NJ. (or 2011 edition Volumes 1 and 2 may be used.) See textbook web site for useful downloads at: http://www.wiley.com/WileyCDA/WileyTitle/productCdEHEP003226.html#student Teaching/Learning Resources including internet sources

Required/ Recommended Readings

Information on International Financial Reporting Standards (IFRS) is available from the International Accounting Standards Board (IASB) web sites as follows: IFRS for SME’s: http://www.ifrs.org/IFRS-forSMEs/Pages/IFRS-for-SMEs-and-related-material.aspx Information on Full IFRS: http://www.ifrs.org/IFRSs/Pages/IAS.aspx ; http://www.iasplus.com/en/standards/standards The following journals provide you with emerging topics and discussion of a number of important areas to the Accountant/Manager of tomorrow:

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) Harvard Business Review CPA Journal Accountancy Monthly magazines of the ACCA at www.accaglobal.com Past examination papers may be sourced from the departmental office or the library website at: http://www.cavehill.uwi.edu/exampapers/ Week 1 2

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4

Week Starting 22 Jan 2018 29 Jan

5 Feb

12 Feb

Topic/Objectives

Chapter

Bank Holiday 6 Accounting and the time value of money  Simple and compound interest  Future and present value of 1  Future and present value of an ordinary annuity  Future and present value of an annuity due  Present value problems related to deferred annuities and bonds 13 Current liabilities, Provisions and Contingencies  Describe the nature, type and valuation of current liabilities  Classification issues of short-term debt expected to be refinanced  Employee related liabilities  Accounting for provisions, contingent liabilities and assets  Presentation and analysis Long-term (Non-current) liabilities  Bond issues  Bond valuation at date of issuance  Bond amortisation  Debt extinguishment  Long-term notes payable  Off-balance sheet financing arrangements  Presentation and analysis of long-term debt

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Tutorial Questions IFRS 2nd Edition TQ’s: E6-12 E6-13 P6-2 P6-5 AQ’S: E6-3 E6-4 P6-7 P6-8 Tutorial Questions (TQ’s): CA13-1 P13-11 P13-12 Additional Questions (AQ’s): E13-20 E13-22 E13-8 TQ’S: E14-15 P14-1 P14-8 P14-12 AQ’S: E14-7 E14-18 E14-19

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) 5

6

7

19 Feb

26 Feb

5 Mar

Investments  Debt securities  Amortisation on bond investments  Equity securities  Equity method of accounting vs. Fair value method  Impairments  Presentation and analysis

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Shareholder’s equity  characteristics of the corporate form of organisation  components of stockholder’s equity  issuance of shares  treasury stock  preferred stock  dividend distribution  accounting for small, large stock dividends and stock splits  presentation and analysis of stockholders equity

15

Earnings per share  Issuance, conversion and retirement of convertible securities  Accounting for convertible preferred stock  Accounting for stock warrants  EPS simple and complex capital structures

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8

12 Mar

Revise

9

19 Mar

10

26 Mar

MID-TERM EXAMINATION Main areas of focus for mid-term examination Revenue recognition  Applying the revenue recognition principle  Long-term contracts, percentage of completion and cost-recovery methods  Revenue recognition after delivery – Instalment-sales and cost-recovery methods

TQ’s: E17-1 E17-3 E17-17 P17-3 AQ’s: E17-13 E17-14 P17-11 TQ’s: P15-2 P15-3 P15-4 P15-8 AQ’s: E15-2 E15-13 E15-14 E15-21

TQ’s: P16-1 P16-4 P16-6 P16-7 AQ’s: E16-17

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TQ’s: E18-21 E18-29 P18-10 AQ’s: E18-6 P18-11

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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AQAC 3

THE UNIVERSITY OF THE WEST INDIES CAVE HILL CAMPUS ACADEMIC QUALITY ASSURANCE COMMITTEE (AQAC) 11

2 Apr

12

9 Apr

13

16 Apr

Bank Holiday Leases  Nature, economic substance and advantages of leases  Accounting criteria and procedures for capitalising leases by the lessee  Operating and capitalisation methods of recording leases  Classification of leases for the lessor  Effect of residual values, guaranteed and unguaranteed,  on lease accounting  Presentation and analysis  Accounting changes and error analysis  Changes in accounting principles  Changes in estimates  Changes in reporting entity Accounting for correction of errors. Pensions Business Ethics in Accounting

20 Apr

Teaching ends

22–29 Apr

SEMESTER BREAK

30 Apr – 18 May

EXAMS - ALL AREAS TO BE EXAMINED

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TQ’s: E21-7 E21-8 P21-4 P21-5 AQ’s: E21-15 P21-7

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TQ’s: E22-2 E22-6 E22-12 E22-15 AQ’s: P22-2

Please attach cover form – AQAC 1 and AQAC 2 (Refer to the course description template AQAC 3:1 to guide your completion of this course outline)

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