ACCT 3200 Fall 2021 Syllabus 8 PDF

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Syllybus about the year of 2021. It is very informative of what to expect...

Description

ACCT:3200| Fall 2021

Income Measurement and Asset Valuation INSTRUCTORS

Mike Durney (Professor) [email protected] Office: W280 PBB Joe Sullivan (TA) [email protected] Office: W319 PBB

CLASS MEETING

Lectures (C29 PC): Tue/Thu 8:00-9:15AM, 9:30-10:45AM, 11:00AM12:15PM

TIMES

Discussion Sections (C29 PC): Mon 5:30-6:20PM, 6:30-7:20PM, 7:308:20PM OFFICE HOURS

Professor: Tue 12:30-2:30PM (W280 PBB or Zoom: https://uiowa.zoom.us/j/91919827640), or by appointment TA: Mon 11:00AM-1:00PM (W319 PBB or Zoom: https://uiowa.zoom.us/j/93527455579), or by appointment

COURSE SITE

To access the course site, log into Iowa Courses Online (ICON) https://icon.uiowa.edu/index.shtml using your Hawk ID and password.

Program Goals The Tippie College of Business Undergraduate Program has learning goals that drive decisions about curriculum and assignments within courses. #1: Graduates will use analytical, creative and collaborative approaches to solving complex, ambiguous problems #2: Graduates will demonstrate effective written, spoken and visual communication #3: Graduates will obtain global awareness and understanding #4: Graduates will demonstrate ethical reasoning #5: Graduates will obtain professional preparation.

Course Description and Goals ACCT 3200 is the first of two courses in intermediate financial accounting (commonly referred to simply as Intermediate Accounting I). The two intermediate financial accounting courses are the core courses in financial reporting taken by students in the

professional accounting program. ACCT 3200 begins by reviewing and extending a student's understanding of the set of financial statements prepared under generally accepted accounting principles (GAAP). Further, the course examines numerous topics and issues primarily associated with the asset side of the balance sheet. Because the balance sheet and income statement go hand-in-hand, revenue recognition and expense recognition topics are also covered. Similarly, because of links between successive balance sheets and the statement of cash flows, we will study the effect that transactions have on cash and whether they reflect operating, investing, or financing activities. Finally, we will also consider some aspects of the accounting for liabilities and owners' equity but will leave the in-depth study of these topics for the second intermediate accounting course (ACCT3300). Our approach to studying financial accounting and reporting is from the point-of-view of both preparers of financial reports (e.g., firms) and users of financial reports (e.g., investors). We will examine financial reporting as a preparer would, by starting with events and transactions and working through to the output of the external reporting system, the financial reports, and also as a financial report user would, by beginning with the financial reports and working backwards to gain insight into the underlying economic activities and position of the enterprise. We will also examine topics in financial statement analysis. Perhaps most important, we will emphasize understanding the activities firms engage in and the decisions managers make. This understanding will help you to better grasp the financial reporting issues that managers and accountants must address in order to measure and communicate the economic activities and financial position of their firms. Overall, the basic objective is to prepare you for further work in accounting, finance, and other courses and for subsequent work as a professional accountant, controller, financial analyst, manager, corporate or tax attorney, etc. Thus, we will rigorously study of the techniques and concepts surrounding the construction of financial reports. We will also critically analyze the financial reports.

Media/System Requirements Technical requirements for completing this class include: • Student-provided personal computer with Microsoft Office and reliable Internet access. • If you need assistive technologies that has different computer and technology requirements, then you will be responsible for making those arrangements. Please check with Student Disability Services: htt https://sds.studentlife.uiowa.edu ps://sds.studentlife.uiowa.edu to determine the requirements for specific technologies and for assistance if necessary.

Textbook/Materials

The required textbook for this course is included with the required WileyPlus Access: • Title: WileyPlus 1 Semester Access for Kieso Intermediate Accounting 17e • ISBN: 978EEGRP40939 • Authors: Kieso, Wygandt, and Warfield • Publisher: Wiley John & Sons • Copyright Year: 2019 You should also have a non-programmable calculator for all quizzes and exams. I recommend using a financial calculator, which should be useful for other courses. The syllabus and other materials, including lecture slides, handouts, assignments, and suggested solutions where available, will be posted on ICON. All materials on the course website are for your personal use only and may not be distributed without prior permission. You are expected to bring hard or soft copies of class slides and handouts to class.

Grading Criteria Final course grades will be assessed based on student performance in the following activities: Graded Item

Points

% of Final Grade

Homework

60

12%

Quizzes

60

12%

Cases

50

10%

Midterm Exams

200

40%

Final Exam

120

24%

10

2%

500

100%

Professionalism Total Points:

Final course grades will be assigned based on points earned but will be largely consistent with the recommended grade distribution for a required undergraduate course: 30% As, 40% Bs, 25% Cs, and 5% Ds.

Course Work Homework Assignments (10): There will be ten online homework assignments using WileyPlus. Homework must be completed by 11:59pm CT on the assigned due date. Check the Course Calendar below for homework due dates. Late homework assignments will not be accepted.

Quizzes (5): There will be five quizzes (20 points each). The lowest two quiz scores will be dropped. Check the Course Calendar below for the quiz dates. No make-up quizzes will be offered. Cases (2): The two cases are designed to help you develop business communication and professional judgment skills when making financial reporting decisions. You must submit the case writeups to ICON by 11:59pm CT on the assigned due dates. Check the Course Calendar below for due dates. No late cases will be accepted. Grading of the cases will incorporate a focus on your (a) technical analysis and (b) writing quality. Please make an appointment with the writing consultants for help on the writing portion well in advance of the due dates. The writing consultant cannot see everyone the week before a case is due! The writing consultant who will be working with us is Dr. Joseph Steinitz. Dr. Steinitz will hold regular office hours with added hours during the week before cases are due – his email is [email protected]. You can schedule an appointment with him at the following link: https://tippie.mywconline.net/. Midterm Exams (2): There will be two midterm exams (100 points each) administered on Friday, October 1 and Friday, November 5 at 6:30-8:30PM in W10 PBB. You will need a personal computer to complete the exams. Please arrange your schedule to ensure that you can attend the midterm exams. Final Exam: The final exam is comprehensive (120 points). Note, first, that throughout the course, new topics build on subject matter that comes before them in the course, so exams are naturally comprehensive. Second, the final will include topics from the entire semester, although material from the last part of the course will be emphasized most. The date and time of the final exam will be announced in class and updated on ICON when available. The format will be similar to the midterms. Professionalism: The professionalism portion of your overall grade will be based on three components. First, your professionalism score will reflect your participation in class. To encourage an interactive environment in class, I include participation as one component of professionalism. The second component of professionalism will be based on your interpersonal interactions with me, the TA, and the writing consultant. If you handle yourself in a professional manner (like how you would interact with your employer/boss in a work environment), then you will receive all points possible for this second component. These first two components account for half of your professionalism (five points). The third component accounts for the other five points half and is based on your score on the accounting program’s First Writing Assessment, which will be

administered during the second week of class.

Bonus Opportunity: Each year the RSM Institute hosts a National Speaker to expose our students to expert thought on current issues in accounting. This year the University of Iowa RSM National Speaker Series will feature a guest presentation by Vincent Launay, a Sr. Infrastructure Finance Specialist at the World Bank. He will present on cryptocurrencies and related topics (blockchain, Bitcoin, etc.), which are increasingly important in the economy and increasingly relevant to companies and regulators as they grapple with the accounting and tax issues underlying them. If you do not have a conflict, you are strongly encouraged to attend this lecture, which will be at 6:00-7:30PM on Monday, October 18 via Zoom (link below) Discussion sessions will be cancelled this day to ensure you can attend the lecture. Those who attend the lecture will receive three bonus points. Link: https://uiowa.zoom.us/j/94891107188?pwd=UE55REZERmVBa2lDckg2YmNkM2lZUT09 Meeting ID: 948 9110 7188; Passcode: CRYPTO.

How to Get Help Teaching Assistant: See info at the top of this document. Office Hours: See info at the top of this document. Tutoring: Tippie and the University offers tutoring and other resources to help you succeed in this and your other courses. For more information, please visit https://tippie.uiowa.edu/currentstudents/undergraduates/academics/advising/academic-support-and-tutoring.

Course Calendar DATE

Tuesday, Aug. 24

TOPICS AND ACTIVITIES

Thursday, Aug. 26

Introduction; The Financial Reporting Framework Accounting Cycle

Monday, Aug. 30

Discussion

Tuesday, Aug. 31

Income Statement

READINGS (TO BE DONE BEFORE CLASS)

HOMEWORK/CASE/ QUIZ/EXAM/ETC.

Chapters 1 and 2

Chapter 3 HW 1 Due Chapter 4 (skip “Accounting Changes and Errors” section on p.4-18 to p.4-20.)

Thursday, Sep. 2

Income Statement (cont.); Earnings Quality

Monday, Sep. 6

No Discussion – Holiday

Tuesday, Sep. 7

Balance Sheet

Thursday, Sep. 9

Balance Sheet (cont.), Full Disclosure

Monday, Sep. 13

Discussion

Tuesday, Sep. 14

Statement of Cash Flows

Thursday, Sep. 16

Statement of Cash Flows (cont.)

Monday, Sep. 20

Discussion

Tuesday, Sep. 21

Revenue Recognition: The 5-Step Process

Thursday, Sep. 23

Revenue Recognition: The 5-Step Process (cont.)

Monday, Sep. 27

Discussion

Tuesday, Sep. 28

Revenue Recognition: Issues

Thursday, Sep. 30

Exam 1 Review

Friday, Oct. 1

First Writing Assessment available online 9/1-9/3 Chapter 5 (skip “Statement of Cash Flows” section on p.516 to 5-23), Appendix 5A Chapter 24, Appendix 24A

HW 2 Due

Quiz 1, HW 3 Due Chapter 23 (skip the “Adjustments to Net Income” section on p.23-24 to p.23-26)

Quiz 2, HW 4 Due Chapter 18 (stop before “Accounting for Revenue Recognition Issues” on p.18-19)

Chapter 18 (from “Accounting for Revenue Recognition Issues” on p.18-19 to end) Midterm Exam 1 6:30-8:30PM (W10 PBB)

Monday, Oct. 4

Discussion – Writing Consultant Intro

Tuesday, Oct. 5

Long-term Contracting

Appendix 18A

Thursday, Oct. 7

Cash and Accounts Receivable (A/R)

Chapter 7 (stop before “Notes Receivable” section on p. 7-17 except also read last section in the chapter entitled “Presentation and Analysis” starting on p. 7-27”)

Monday, Oct. 11

Discussion

Tuesday, Oct. 12

Notes Receivable and Financing with Receivables

Thursday, Oct. 14

Notes Receivable and Financing with Receivables (cont.)

Monday, Oct. 18

No Discussion – RSM National Speaker

Tuesday, Oct. 19

Inventory

Chapter 8

Thursday, Oct. 21

Inventory (cont.), Purchase Commitments

Chapter 9 (stop before “The Gross Profit Method of Estimating Inventory” section on p.9-14)

Monday, Oct. 25

Discussion

Tuesday, Oct. 26

Long-Lived Assets: Acquisitions and Dispositions Long-Lived Assets: Depreciation and Impairment

Thursday, Oct. 28

Monday, Nov. 1

Discussion

Tuesday, Nov. 2

Intangible Assets

HW 5 Due

Quiz 3, HW 6 Due Chapter 7 (starting at “Notes Receivable” section on p. 7-17 up to “Presentation and Analysis” section on p. 7-27)

Case 1 Due

Quiz 4, HW 7 Due Chapter 10

Chapter 11

Chapter 12

Thursday, Nov. 4

Exam 2 Review

Friday, Nov. 5

Midterm Exam 2 6:30-8:30PM (Location TBD) HW 8 Due

Monday, Nov. 8

Discussion

Tuesday, Nov. 9

Intangible Assets (cont.)

Thursday, Nov. 11

Investment: Marketable Securities

Monday, Nov. 15

Discussion

Tuesday, Nov. 16 Thursday, Nov. 18

Investment: Marketable Securities (cont.) Investment: Equity Method THANKSGIVING RECESS

Monday, Nov. 29

Discussion

Tuesday, Nov. 30

Fair Value Measurement

Appendix 17B

Thursday, Dec. 2

Accounting Changes and Errors

Chapter 22

Chapter 17 Quiz 5, HW 9 Due

Friday, Dec. 3

Case 2 Due

Monday, Dec. 6

Discussion

Tuesday, Dec. 7

Accounting Changes and Errors (cont.) Final Exam Review

Thursday, Dec. 9

HW 10 Due

Final Exam (Time TBD)

Course-Specific Policies and Guidelines Communications: Students can expect to receive regular communications from the instructor (via course “Announcements” in ICON). Students are also responsible for all official correspondence sent through their University of Iowa email address. Students can expect to receive responses to email inquiries within 24-48 hours. Privacy considerations, such as federal law, may apply when using an address other than the standard University e-mail address. Exams: Students are expected to take the exams at the regularly scheduled times, unless permission has been granted in writing by the instructor at least 2 weeks in

advance. All exams are INDIVIDUAL WORK and collaboration on exams is not permitted under any circumstance. Inclement Weather/Class Cancellation: Although it is our intent to offer every class at its assigned time, on rare occasion there are weather or other emergency events that require that alternative arrangements are made for class delivery. If that happens, please stay alert for an email from me indicating how the class will be handled. This may include: 1) Cancelling the class completely – all reading and work that was due is expected to be completed and turned in on time through ICON; 2); Holding an online version of the class (i.e., via Zoom)– you will receive an email invitation to join the session remotely from a computer with an internet connection – headphones are recommended; 3) using recorded videos and presenting other materials to you through ICON so we can cover the course materials asynchronously. Class Recording Policy: Some of the sessions in this course will be recorded or livestreamed. Such recordings/streaming will only be available to students registered for this class. These recordings are the intellectual property of the faculty and they may not be shared or reproduced without the explicit, written consent of the faculty member. Further, students may not share these sessions with those not in the class, or upload them to any other online environment. Doing so would be a breach of the Code of Student Conduct, and, in some cases, a violation of the Federal Education Rights and Privacy Act (FERPA).

Collegiate and University Policies and Guidelines The administrative home of this course is the Tippie College of Business, which governs academic matters relating to the course such as the add/drop deadlines, the secondgrade-only option, issues concerning academic misconduct, and how credits are applied for various graduation requirements. Different colleges might have different policies. The Tippie College of Business is committed to providing students with a diverse, inclusive, and equitable environment in which to pursue their education. In addition, Students at Tippie adhere to an honor code that emphasizes the importance of honesty and integrity. Student concerns about this class or your performance in it can be discussed with the instructor or the Associate Dean for Undergraduate Programs. More details about these and other policies are available on the Tippie website. The University of Iowa is committed to the protection of freedom of speech and the principles of academic and artistic freedom, to accommodating students with disabilities, and to accommodating absences due to religious holidays. In addition, students are expected to comply with the University’s Code of Student Life. The University is also committed to non-discrimination and prohibits all forms of sexual harassment, sexual misconduct, and related retaliation. The University also provides resources for student mental health as well as for the basic needs and support of

students. More information about these and other policies can be found on the Provost’s Office’s website....