ACC530 - Advanced Financial Accounting

Outline info
Last revision date 2018-04-10 14:03:11.111
Last review date 2018-04-10 14:03:29.214

Subject Title
Advanced Financial Accounting

Subject Description
This subject continues the study of financial accounting at an advanced level and introduces current topics in accounting relevant to today?s changing environment. It is expected to improve student?s ability to exercise good judgement in determining the most appropriate accounting policies for particular transactions. To this end, the students will develop a more in-depth understanding of the inter-relationships of the objectives of financial reporting, underlying accounting concepts and generally accepted accounting principles. The case study approach will be utilized in appropriate situations. The advanced accounting topics that will be covered intensively are:
i.   More complex revenue and expense recognition situations
ii.  Long-term corporate investments and business combinations
iii. Foreign currency denominated transactions
iv. The translation of financial statements from foreign companies?
v.  Financial reporting for non-business organizations
vi. Interests in joint ventures

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 Apply basic accounting concepts, GAAP, and develop explicit criteria for exercising professional judgment in determining the most appropriate accounting policies for particular

2. Apply general standards of financial statement presentation and differential reporting.

3. Report on financial instruments applying basic recognition, measurement and disclosure techniques.

4 Identify and explain the theoretical concepts and alternative methods of recording and reporting corporate investments in common shares.

5. Perform the mechanics involved in recording and reporting the acquisition of subsidiary companies using the acquisition method and in preparing financial statements at the date of
acquisition and dates subsequent to acquisition.

6. Record and report for foreign transactions.

7.Perform the mechanics involved in translating the financial statements of Canadian owned foreign operations including consolidation.

8.Explain, record and report on not-for-profit organizations emphasizing the principles and procedures that differ from conventional accounting under GAAP and also explain fund
and deferral accounting .

9.Determine the appropriate accounting and disclosure for interest in joint ventures.

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.

ACC517 - Intermediate Accounting II

Topic Outline

  •     Business combinations
  •     Consolidation at acquisition date and subsequent to acquisition date
  •     Inter company inventory
  •     Land profit
  •     Inter company profit - depreciable assets and bonds
  •     Foreign transaction
  •     Foreign translation
  •     Not-for-profit organizations

Mode of Instruction

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

Prescribed Texts
Modern Advanced Accounting in Canada
AUTHOR: Hilton
McGraw Ryerson Ltd
ISBN-13: 9781259087554

Reference Material

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.

Students must pass the final exam with a grade of 50% in order to pass the course.

Grading is based on the following marking scheme:

Assignments  5%
Case Study 5%
Term Test  #1      25%
Term Test #2  25%
Final Examination 40%

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

Program Coordinator
Cynthia Duncan

Approved by: Jeff McCarthy