AFM 191 Syllabus (Fall 2021) PDF

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Summary

The course syllabus for AFM 191: Foundations for Financial Reporting...

Description

School of Accounting and Finance AFM 191: Foundations for Financial Reporting Course Syllabus Course Instructors: Name:

Konrad Pawlak

Hector Gamez

Donna Psutka

Cody Buchenauer

Office:

HH 290A

HH 174D

HH 3126

HH 383F

Email:

konrad.pawlak

habullar

dpsutka

crbuchen

@uwaterloo.ca

@uwaterloo.ca

@uwaterloo.ca

@uwaterloo.ca

Please use email to contact us with any issues that cannot be appropriately shared/communicated through the Q&A in Top Hat. Office Hours:

By appointment

Course Administrator: Name (s):

Mina Ly

Office Location:

HH 383E

Telephone:

519-888-4567 extension 49312

Email:

[email protected]

Course Description: AFM 191 is a foundation for the practice of financial reporting, including topics such as the conceptual framework underlying accounting standards, the purpose of each financial statement, and the relationships among the financial statements. AFM 191 is a prerequisite to AFM 108 Introduction to Assurance, AFM 182 Foundations of Financial Reporting, AFM 206 Introduction to Tax, and AFM 212 Financial Analysis and Planning, and AFM 291 Intermediate Financial Accounting 1. It is an antirequisite to AFM 101 Introduction to Financial Accounting, and AFM 123/ARBUS 102 Accounting Information for Managers. Lecture Schedule: AFM191 — Foundations for Financial Reporting

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Section

Days of the week

Time

Room

Instructor

LEC 001

Monday

1:00 PM – 2:20 PM

ONLINE

Gamez & Pawlak

LEC 002

Monday

8:30 AM – 9:50 AM

ONLINE

Gamez & Pawlak

TUT 101

Wednesday

10:00 AM – 11:20 AM

RCH 207

Pawlak

TUT 102

Wednesday

11:30 AM – 12:50 PM

RCH 207

Pawlak

TUT 103

Wednesday

2:30 PM – 3:50 PM

RCH 306

Pawlak

TUT 104

Wednesday

4:00 PM – 5:20 PM

RCH 306

Pawlak

TUT 105

Wednesday

5:30 PM – 6:50 PM

RCH 306

Buchenauer

TUT 106

Wednesday

7:00 PM – 8:20 PM

RCH 306

Buchenauer

TUT 107

Wednesday

11:30 AM – 12:50 PM

RCH 306

Buchenauer

TUT 108

Wednesday

1:00 PM – 2:20 PM

RCH 306

Buchenauer

TUT 109

Thursday

8:30 AM – 9:50 AM

PAS 1241

Psutka

TUT 110

Thursday

10:00 AM – 11:20 AM

PAS 1241

Psutka

TUT 111

Thursday

1:00 PM – 2:20 PM

PAS 1241

Psutka

TUT 112

Thursday

2:30 PM – 3:50 PM

PAS 1241

Psutka

TUT 113

Thursday

5:30 PM – 6:50 PM

PAS 1241

Psutka

TUT 114

Thursday

11:30 AM – 12:50 PM

RCH 306

Pawlak

TUT 115

Thursday

1:00 PM – 2:20 PM

RCH 306

Pawlak

TUT 116

Wednesday

5:30 PM – 6:50 PM

ONLINE

Gamez

TUT 117

Wednesday

7:00 PM – 8:20 PM

ONLINE

Gamez

TUT 118

Thursday

8:30 AM – 9:50 AM

ONLINE

Gamez

Zoom Links for Monday Lectures: LEC 001 (1:00PM): https://uwaterloo.zoom.us/j/95884168618?pwd=dUx5V0xPNnhWZnZoRXJRVDhXZWpyUT09 Meeting ID: 958 8416 8618 Passcode: AFM191 LEC 002 (8:30AM): https://uwaterloo.zoom.us/j/95889572565?pwd=b1VIK1lJcEtWMzM5ZTZtVDdDbFhSZz09

AFM191 — Foundations for Financial Reporting

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Meeting ID: 958 8957 2565 Passcode: AFM191 Zoom Links for Online Tutorials: TUT 116: https://uwaterloo.zoom.us/j/94152191009?pwd=V2RYeGN3OFcyUTAzV2RDVHZwdWV4UT09 Meeting ID: 941 5219 1009 Passcode: AFM191 TUT 117: https://uwaterloo.zoom.us/j/98103745108?pwd=aWFDRHAxYUxjSkdhVDEzWmR2dWdydz09 Meeting ID: 981 0374 5108 Passcode: AFM191 TUT 118: https://uwaterloo.zoom.us/j/94794241787?pwd=amcrdHE1RmVwVXhrejNrUWpOS1VDUT09 Meeting ID: 947 9424 1787 Passcode: AFM191

BAFM Program Level Learning Outcomes Each of the School of Accounting and Finance’s Program Level learning outcomes identifies a knowledge, skill or value of a financial professional. These outcomes are organized into seven areas as reflected in the graphic. The puzzle pieces reflect the integration of all areas. All outcomes are developed through experiential learning.

Course Learning Outcomes This course’s learning outcomes map to the Program Level learning outcomes as follows: Intended Learning Outcomes

Knowledge Base for a Financial Professional

Communication Capabilities

ProblemSolving Capabilitie s

Fluency in the Languages of Business, Entrepreneurship and Technology

Leadership and Collaboration

By the end of the course, you will be able to:

AFM191 — Foundations for Financial Reporting

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Attributes / Qualities of a Financial Professional

1. Describe how and why the conceptual framework of accounting and generally accepted accounting principles provide relevant information to meet private company stakeholder needs

X

2. Prepare financial information, reports, statements to meet the needs of internal and external stakeholders of private companies.

X

X

X

3. Perform appropriate analysis to make decisions and solve business problems considering the appropriate business context.

X

X

X

X

X

X

4. Identify ambiguity in the preparation of financial statements.

X

Intended Learning Outcomes

Learning Assessments

Learning Activities

1. Describe how and why the conceptual framework of accounting and generally accepted accounting principles provide relevant information to meet private company stakeholder needs

Top Hat questions, exams

Top Hat content, lectures, and tutorials

2. Prepare financial information, reports, statements to meet

Top Hat questions, exams, and team

Top Hat content, lectures,

the needs of internal and external stakeholders of private companies.

assignment

and tutorials

3. Perform appropriate analysis to make decisions and solve business problems considering the appropriate business context.

Top Hat questions, exams, and team assignment

Top Hat content, lectures, and tutorials

4. Identify ambiguity in the preparation of financial statements.

Top Hat questions, exams, and team assignment

Top Hat content, lectures, and tutorials

Course Resources: Textbook(s): 1. AC TOP HAT: INTERACTIVE E-TEXT: INTRODUCTORY ACCOUNTING FOR PRIVATE AND PUBLIC COMPANIES; ISBN: 9781774129005 – $90 Important: This e-textbook will be used for both AFM 191 and AFM 182. The content for AFM 182 will appear when the course starts in the Winter term. However, you will not be required to purchase another textbook for AFM 182. This purchase covers both courses. Other Materials: AFM191 — Foundations for Financial Reporting

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1. Top Hat Software License – AC TOP HAT: TOP HAT LECTURE – 1 Term $30 / 1 Year $48 / 4 Years $96 Important: You have the option of buying the software license from Top Hat for various durations (1 term, 1 year, 4 years). You need this license to be able to access the textbook. Since you will be using Top Hat again next term, as well as in future SAF courses, we recommend that you purchase the 4-year subscription, or at least the 1-year subscription, as they are the best value for money. However, to be able to participate in this course, you technically only need the 1-term subscription. 2. Zoom Software – www.zoom.us – Free

Course Evaluation: Assessment Method Top Hat Content Questions

Date

Percent of Total Grade

Weekly throughout term

15%

Midterm Examination

TBA

30%

Team Assignment

TBA

15%

Final Examination

Scheduled by Registrar’s Office

40% 100%

Top Hat Content Questions The primary resource for the course will be the Top Hat e-text. Every chapter includes questions to test your knowledge of the content. These questions form one part of your overall course grade. Completing each question earns you points. Answering a question incorrectly earns you 70%, while answering correctly earns you 100%. Not answering a question earns you 0%. The scores in each chapter are averaged, to determine your percentage for that chapter. Your scores across all 11 chapters will determine your grade in this category. You will have until Friday at 11:59PM ET (Waterloo time) to complete the questions for each week’s assigned chapter. We will not be making any accommodations or granting any extensions to complete these questions.

Tutorial Sessions This course is organized into 11 topics, with a 90-minute lecture and a 90-minute tutorial scheduled for each topic. The purpose of the lecture is to review and discuss more difficult concepts in each topic. The topic concepts are then applied in the tutorial sessions through problem-based/team-based activities. You must come to lectures having reviewed the preparation material. Lecture attendance is important to ensure adequate preparation to participate in and contribute to the tutorial sessions. While the tutorial sessions are not part of the course evaluation, they comprise a critical component of the course and consistent attendance will be extremely important for your success. If you are enrolled in in-person tutorial sessions and are required to self-isolate due to COVID-19, please email your tutorial instructor as soon as possible to ensure that your absence is appropriately accommodated.

Team Assignment Near the end of the term, a comprehensive group assignment will test your content knowledge and your ability to work in a team. The group assignment will include accounting concepts learned throughout the entire course and will AFM191 — Foundations for Financial Reporting

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require you to apply those concepts in the preparation of a company’s financial statements. The assignment will require you to come together as a group to synthesize a final product by working together as a team rather than taking a “divide and conquer” approach. Groups will submit their final reports prior to the end of the term. All members of the team normally receive the team’s grade for each assignment. Should a significant teamwork issue arise (i.e., an issue you cannot resolve within your team), contact your instructors as soon as the issue occurs, not after the assignment has been evaluated. Written requests for re-grading a team assignment must normally be made within one week after the assignment has been returned. A written request must be submitted to indicate why you believe the assignment was improperly graded. Your instructors reserve the right to re-grade the entire assignment. Late submissions will be subject to the course policy for late submissions. All submissions are subject to the group work policy listed under course policies.

Mid-term and Final Examinations Both examinations must be the exclusive work of the individual student. You should expect to be tested on all material including e-text, lectures, and tutorials. The midterm exam is scheduled in the 9th week of the course. The exam will include all material since the beginning of the course through week 8. The attendance in tutorial sessions will be a critical component of your ability to successfully complete the midterm exam. Written requests for re-grading a mid-term examination must normally be made within one week after the examination has been returned. A written request must be submitted that indicates your reasons for believing that a question was improperly graded. The instructor reserves the right to re-grade the entire examination. The final examination will be two and one-half hours duration and will be scheduled by the Registrar’s Office during the Fall term examination period (Thursday, December 9 – Thursday, December 23; includes Sunday, December 12 as a possible exam date). The final examination is comprehensive, covering all material delivered throughout the course. Students must pass the final exam to pass the course. The attendance in tutorial sessions will be a critical component of your ability to successfully complete the final exam. You are required to pass (a passing grade is a minimum of 50%) the weighted average of the midterm and final exam to pass the course. If you are unable to write the midterm and have appropriate documentation to receive an accommodation, the weight of the midterm is allocated to the final exam which you must pass in order to pass the course. Faculty of Arts policy provides that students who wish to review their final examination papers informally may do so without instituting a formal appeal procedure. Such review will take place under supervised access only and will be arranged in a way that is mutually convenient for the instructor and the student.

AFM191 — Foundations for Financial Reporting

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ADDITIONAL COURSE POLICIES: Submission Times Please be aware that the University of Waterloo is located in the Eastern Time Zone (GMT or UTC-5 during standard time and UTC-4 during daylight saving time) and, as such, the time for your activities and/or assignments are due is based on this zone. If you are outside of the Eastern Time Zone and require assistance converting your time, please try the Ontario, Canada Time Converter.

Late Submission Policy for Group Assignment A late penalty, calculated as X points of a total available points of 100 points, would normally be calculated as shown in the table below, and subtracted from the initial grade assigned to the individual or team. The application of the late penalty cannot create a grade lower than zero (0). Note: the illustration in the table assumes the assignment receives an initial grade of 84 points from an available 100 points before the late penalty is applied. Policy and Illustration of penalty for late submissions Illustration of Late Penalty Application Late Period

Penalty Description

Penalty Calculated

Assignment Grade

Within 1 hour of the deadline After 1 hour of the deadline, but before it is 24 hours late Each subsequent 24-hour period up to a maximum late period of ten (10) days

2 points of a total available of 100 points 5 points of a total available of 100 points

2 pts 5 pts

82/100 (84 – 2) 79/100 (84 – 5)

5 additional points of a total available of 100 points for each subsequent 24-hour period

If more than 3 but less than 4 days late, penalty is: 3 X 5 or 15 pts

69/100 (84 – 15)

More than 10 days after the deadline

Assignment submission is not accepted (so we may release feedback to other individuals or teams)

Zero (0)

Penalties for Academic Integrity Offenses Any actions that constitute an academic integrity offense according to the University of Waterloo Policy 71 will result in an automatic grade of zero on the assessment in question. In addition, a report will be filed with the appropriate Associate Dean, who may take additional disciplinary action. Please ensure you are familiar with the University’s academic integrity policies and procedures (see below).

Group Work Policy You should not consult or work with any other students or groups, other than your own group members while completing your Team Assignment. This work is to be performed by the individuals in your group and consulting with peers outside your group is considered an academic integrity offense.

Return to Online Learning For those enrolled in in-person course activity (i.e., tutorials) there is a possibility we may have to return to fully online learning this term, based on the course of the pandemic and health directives from the university. This return may be temporary (e.g., one or two weeks) or long-term, lasting until the end of the term. This course has been AFM191 — Foundations for Financial Reporting

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designed to accommodate this possibility relatively easily. In the event of a return to online learning, all tutorials that were previously held in person will be organized via Zoom, a free teleconferencing app. Please ensure you download Zoom (www.zoom.us) and sign up if you haven’t done so already. You will be provided a meeting link for your respective tutorial, which will take place at the same time as the originally scheduled in-person tutorials. The change will have no impact on the assessment weightings in this course and the tutorials will remain a critical learning component of the course.

UNIVERSITY OF WATERLOO AND SCHOOL OF ACCOUNTING & FINANCE POLICIES: Details regarding School of Accounting and Finance (SAF) policies and University of Waterloo policies can be found on the SAF LEARN site “My SAF Community” at: https://learn.uwaterloo.ca/d2l/le/content/66209/Home? returnPoint=1&ou=66209 within the Learn – SAF Course Syllabus – Policies for Students folder. These policies are an integral part of this course syllabus. They have been posted on the SAF LEARN site as they are not course specific but are common for all SAF program courses. Please ensure that each term you are informed regarding these policies. They include: School of Accounting and Finance Policies: ● Accommodations for missed assessments ● SAF Process for Requesting Accommodation for Missed Assessments ● Recording of Lectures ● Textbooks and Intellectual Property Rights ● Attendance at the Registered Section University of Waterloo Policies: ● Academic Integrity ● Grievance ● Discipline ● Appeals ● Academic Offenses and Implications ● Accommodation for Students with Disabilities ● I-clickers ● Mental Health Support ● Territorial Acknowledgement ● Chosen/Preferred First Name

AFM191 — Foundations for Financial Reporting

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Attachment 1 – Course Schedule Chapte r

Top Hat questions due

Introduction to accounting

1

Fri, Sept 17 @ 11:59PM

Accounting fundamentals

2

Fri, Sept 24 @ 11:59PM

Purchasing and financing business assets

3

Fri, Oct 1 @ 11:59PM

Revenue & accounts receivable

4

Fri, Oct 8 @ 11:59PM

Week #

Date

1

Sept. 6 – 10

Introduction to Problem-Based Learning (PBL)

2

Sept. 13 – 17

3

Sept. 20 – 24

4

Sept. 27 – Oct. 1

5

Oct. 4 – 8

6

Oct. 11 – 15

READING WEEK

7

Oct. 18 – 22

Inventory costin...