ACC517 - Intermediate Accounting II

Outline info
Last revision date 2018-07-20 11:23:38.359
Last review date 2018-07-20 11:23:52.669

Subject Title
Intermediate Accounting II

Subject Description
This subject is the second of two Intermediate Accounting subjects (ACC415/517). It is a continuation of ACC415 and includes an in-depth analysis of accounting for long-term liabilities, shareholders' equity, pensions, corporate income taxes, leases and accounting changes. This subject also includes the calculation of earnings per share and financial statement analysis. Particular emphasis is placed on the requirements of generally accepted accounting principles as set out in the CICA Handbook and references to the International Reporting Financial Standards.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1 Account for long-term liabilities.

2. Explain the nature of the corporate form of business organization, the characteristics of different shares and how shares are issued.

3. Identify the concepts involved in measuring, recording, and reporting shareholders' equity. Apply these concepts to the recording and reporting of changes in retained earnings including accounting changes and the correction of errors.

4. Differentiate between and account for various types of complex debt and equity instruments.

5. Calculate earnings per share for corporations with simple and
complex capital structures.

6. Apply the basic principles of accounting and reporting for pension plans with focus on the immediate recognition approach and the deferral and amortization approach permitted by and required by IFRS.

7. Explain the concepts involved in accounting for corporate income taxes and calculate corporate income taxes as well as explaining the differences between the IFRS method and the future income tax method.

8. Differentiate between and account for various types of leases and covering the existing classification approach for lessees and lessors.

9. Analyse financial statements and interpret results.

10. Understand how GAAP is determined under private enterprise standards and IFRS as it relates to accounting changes and error analysis.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

ACC415 - Intermediate Accounting I

Topic Outline

  •     Intangible Capital Assets
  •     Liabilities, Recognition, Measurement and Disclosure
  •     Current Liabilities and Contingencies
  •     Long-term Liabilities
  •     Shareholders’ Equity and Dilutive Securities and Earnings Per Share
  •     Issuance and Reacquisition of Share Capital
  •     Contributed Surplus and Retained Earnings
  •     Dilutive Securities and Earnings-Per-Share Calculations
  •     Issues Related to Selected Topics
  •     Accounting for Corporate Income Tax
  •     Pensions and Other Employees’ Future Benefits
  •     Accounting Changes and Error Analysis
  •     Full Disclosure in Financial Reporting
  •     Accounting and the Time Value of Money

Mode of Instruction

A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.

Prescribed Texts
Title: Intermediate Accounting, Volume 2 with Connect and Smartbook
Edition: 7th
Author: Beechy, Conrad, Farrell
Publisher: McGraw Hill Ryerson
ISBN: 9781259257322

Connect with Smartbook (365 days)
Beechy Intermediate Accounting 7e, Volume 2
ISBN: 9781259108907

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online ( or at Seneca's Registrar's Offices.

Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:


Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this subject in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:


Term Test 40%
Final Examination 60%
Total 100%

Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Jeff McCarthy