ACCO 420 Outline F2020 PDF

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Course Outline Financial Reporting III Department of Accountancy General Information Course Number: ACCO 420 Credits: 3 Gail Fayerman, MBA, CPA-CA Office hours: By Appointment

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Course Content and Learning Goals: The course is designed to emphasize the concepts and basic procedures of advanced financial accounting using the IFRS, ASPE and not-for-profit frameworks. Several topics and procedural approaches will be presented in this course. Course participants are expected to master the relevant sections of the CPA Canada Handbook and to learn the skills necessary to implement them. Course participants will be responsible for material from the prerequisite courses where applicable, namely their COMM 217 (or ACCO 230), ACCO 310, and ACCO 320 classes. Individual review of previous courses will be necessary. Exams will be written using Excel. Students are expected to be able to do basic work using an Excel spreadsheet. Learning goals are to: 

Acquire core knowledge regarding the recognition, measurement, disclosure and presentation of inter-corporate investments.



Acquire core knowledge regarding the recognition, measurement, disclosure and presentation of business combinations.



Acquire core knowledge regarding the recognition, measurement, disclosure and presentation of foreign currency risk.

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Acquire core knowledge regarding the recognition, measurement, disclosure and presentation of private not for profit organizations and public sector entities.

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Analyze and interpret financial statements from a decision-making point of view in the assessment of performance and risk, focusing on the issues raised by inter-corporate investments, consolidation, business combinations, foreign currency transactions and the not for profit sector.

Teaching and Learning Method: *Exceptionally for the Fall 2020 semester, classes are being held remotely on an emergency basis using Zoom.* During class the teacher will review the more difficult technical material through lecture and problem solving. Material will be taught in a case format where applicable. Solutions to selected questions will be placed on the Moodle Network. In order to derive the maximum benefit from these problems, students are urged to first solve them with their own effort and then compare individual solution with the given solution. In order to achieve the above mentioned goals, the course will include a review of the conceptual & theoretical issues surrounding several types of external reporting. Class discussions and inclass analysis, using cases, will form an important part of the course. Students should note that not all material they are expected to learn will be explicitly covered in class. Class lectures will focus on more complex areas to help students progress in their understanding. Assignment materials are used to illustrate the application of theory to real life situations. To maximize the benefits of class time, students should read the course material and do the recommended cases prior to class.

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Note that, as a part of this course, some or all of the lectures and/or other activities in this course may be recorded. Recordings will be focused on the instructor and will normally exclude students. It is possible, however, that your participation may be recorded. If you wish to ensure that your image are not recorded, speak to your instructor as soon as possible. Also, please note that you may not share recordings of your classes and that the instructor will only share class recordings for the purpose of course delivery and development. Any other sharing may be in violation of the law and applicable University policies, and may be subject to penalties.

Classroom Behaviour & Student Expectations:    

   

All lectures will be held online through Zoom. The meeting ID will be posted in Moodle for each class. Under no circumstances should the Zoom meeting identification be given to anyone. Only those registered in the course should be attending the Zoom lectures. Students will be on time to lectures and the Zoom classroom will be locked shortly after the scheduled class start time. When entering the Zoom classroom students will have their microphones on mute and will have their video enabled (where possible) to show their faces and their first name and last name initial should be written. Behaviour throughout the lecture is expected to be the same as if attending an in-person lecture. This includes, but is not limited to: If students have questions/comments they will wait to be called on, there is to be no chatting amongst students (either through the chat function in Zoom or verbally), they will pay attention, and they will come to class prepared having read the assigned material, listen and actively participate Participation will be a vital component of understanding the course material and the overall evaluation. Disruptive behavior and demonstrating a lack of respect for classmates or the instructor will not be tolerated. If a student has a question or comment please use the raise hand feature within Zoom. Academic integrity is to be maintained by the student at all times. See below for Concordia University academic integrity guidelines.

Course Materials: Textbook Fayerman G., Advanced Accounting, updated Canadian Edition ePDF, 2019, John Wiley & Sons. ISBN #9781119658252. CPA Handbook (Part 1 and 2) amended to date Other material may be provided by your instructor. Please note that private tutorial companies, some of whom aggressively promote their services on and off campus, are not authorized by Concordia University to distribute flyers on University premises and may not use Concordia University facilities to promote or provide their services on some flyers. Concordia University and its academic departments do not have any affiliation with these companies even though names such as JMSB, Concordia, or references to specific departments often appear in a visible way on some flyers.

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Course Evaluation: The final grade for the course will be based on the following components: Cases: Case 1: Due October 6th

15%

Case 2: Due December 1st

15%

Midterm Examination 1: Sunday October 18th

COLE 2 hours; Chapters 1-4

25%

Final Examination:

COLE 2 hours; Chapters 5-8

35%

Participation:

to be determined

moodle quizes in class

10%

Total

100%

Assessment of Learning Outcomes The value of an accountant is that he/she understands the needs of the client, the options available, and chooses the best option. Both the midterm and final will examine a student’s mastery of the technical aspects of the course and will also examine, to a lesser extent, the student’s ability to apply these skills to real life situations using cases. 1. This course will be taught, and all assessments will be, completely online. 2. The cases can be done individually or in groups of up to 3 people. 3. The moodle quizzes will be done during class time. 4. The midterm and final online exam will be provided through the Concordia Online Exams (COLE) platform with online proctoring (also known as auto-proctoring). More information about the COLE system may be found at the COLE website. Please note the following with respect to online live proctored exams: ● That the exam will take place during the exam period at the designated date and time set by the professor (midterm) or the Exams office (final). All exam times will be set to Eastern Standard/Daylight Time. ● That your image, voice and screen activity will be recorded throughout the duration of the exam. ● That you must show your Concordia University Identification card to validate your identity. Alternative government-issued photo identification will be accepted, though it is not recommended. Only identification in English or French will be accepted. ● That any recording made will only be viewed by authorized university personnel (no external entity has authorization to review the recording). ● That you will be responsible for ensuring appropriate, properly functioning technology (webcam, a microphone, appropriate browser and an ability to download any necessary software, as well as a reliable internet connection with a minimum of a 3G connection). ● That you are very strongly recommended to enter the virtual test site found at the COLE website and become familiar with the software that will be used for your exam before starting the exam.

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● That you will need a quiet place within which to take the exam. Earplugs or noisecancelling headphones that are not connected to a device may also be used to allow you to focus for the duration of the exam. Students who are unable to write an exam because they are unable to meet the above conditions and requirements are advised that they will need to drop the course. More information can be provided on the next or alternative offering of this course by consulting the Department. Students are advised that the drop deadline (DNE) for this course is September 21, 2020. Students who require additional accommodations for their exams due to a documented disability should contact the Access Centre for Students with Disabilities as soon as possible ([email protected]). If you face issues during the exam, you should inform your professor of those issues immediately. Please note that there are in-exam supports you should spend time getting to know. Visit the COLE website for more information.

Academic Integrity: The Code of Conduct (Academic) at Concordia University states that the "integrity of University academic life and of the degrees, diplomas and certificates the University confers is dependent upon the honesty and soundness of the instructor-student learning relationship and, in particular, that of the evaluation process. Therefore, for their part, all students are expected to be honest in all of their academic endeavours and relationships with the University." (Undergraduate Calendar, section 17.10.1. All students enrolled at Concordia are expected to familiarize themselves with the contents of this Code. You are strongly encouraged to read it at the following web address: •

https://www.concordia.ca/academics/undergraduate/calendar/current/17-10.html

Content belonging to instructors shared in online courses, including, but not limited to, online lectures, course notes, and video recordings of classes remain the intellectual property of the faculty member. It may not be distributed, published or broadcast, in whole or in part, without the express permission of the faculty member. Students are also forbidden to use their own means of recording any elements of an online class or lecture without express permission of the instructor. Any unauthorized sharing of course content may constitute a breach of the Academic Code of Conduct and/or the Code of Rights and Responsibilities. Content belonging to instructors shared in online courses, including, but not limited to, online lectures, course notes, and video recordings of classes remain the intellectual property of the faculty member. It may not be distributed, published or broadcast, in whole or in part, without the express permission of the faculty member. Students are also forbidden to use their own means of recording any elements of an online class or lecture without express permission of the instructor. Any unauthorized sharing of course content may constitute a breach of the Academic Code of Conduct and/or the Code of Rights and Responsibilities.

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SCHEDULE Week

Chapt er

1+2

1

Topics for discussion Accounting for Investments; Strategic, non-strategic investments Control, significant influence, joint control

3

2

Business Combinations

4+5

3

Consolidation: Wholly Owned subsidiaries

6

4

Intragroup Transactions (omit appendix)

7+8

5

Non-controlling Interest (omit Learning objective #6, Demonstration problem # 2, and Appendix)

9

6

Accounting for Investments in Associates and Joint ventures – (omit Learning objective 4, and Contributions of Nonmonetary Assets in Exchange for Equity Interest)

10 + 11 9 + 10

Reporting for Not-for Profit Organizations (omit appendix) Reporting on Government Organizations

12

7

Accounting for Foreign Currency

13

8

Accounting for Foreign Investments (omit Learning objective 4 and appendix)

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SUGGESTED EXAMPLES Chapter

Exercises

Problems

Writing Assignments

Cases

1

1,2,3

1,2

2,6,7,11

1,3

2

3,6,10

2,4,6,7,9

2,4

2,4

3

2,4

2,4,6,9

2,4

1

4

3,5,6

2,5,6,7,8,9

2

3

5

2(a,b,c),3,5

2,3(a +b),6,8a,9

1

2(pt 1 only)

6

3a,5,9

1,2,6,8

1

1

7

1, 4, 9

11

1,3

1,6

8

3.4

1,2,7,9

1,3

1

9

1, 3, 4,8

2, 5

1, 2, 3

1,2

10

2, 4

4, 5

1

7...