IAF310 - Intermediate Financial Accounting I

Outline info
Last revision date 2018-07-20 11:23:46.436
Last review date 2018-07-20 11:24:06.284

Subject Title
Intermediate Financial Accounting I

Subject Description
This course provides a more in depth examination of the financial reporting process, with a strong focus on the underlying conceptual framework and the specific requirements of generally accepted accounting principles (GAAP) as codified in the CICA Handbook. Students are expected to begin to develop an ability to exercise professional judgment in resolving accounting policy issues, especially in cases where the CICA Handbook does not provide specific recommendations applicable to the circumstances. The related principles of revenue and expense recognition, income measurement and asset valuation are to be applied by students in accounting for all assets that appear in a balance sheet prepared in accordance with GAAP. Generally accepted financial statement presentation and note disclosure are also reviewed for the specific assets being covered in the course.

Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountant's role in the financial reporting process.

A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.

Credit Status
One credit towards the Bachelor of Commerce - International Accounting and Finance degree programs

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

1. Explain the financial reporting environment.

2. Explain the objectives and fundamental concepts of financial reporting.

3. Apply the basic accounting concepts and generally accepted accounting principles (GAAP) to a wide range of situations in order to determine the most appropriate method of accounting,

4. Prepare and interpret the Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP,

5. Apply revenue recognition criteria to a number of situations and account for related transactions,

6. Account for monetary balances including cash, accounts receivable, notes receivable and notes payable.

7. Account for inventory costs, including the application of various cost flow assumptions, valuing inventory at year end and estimating inventory

8. Identify and account for investments.

9. Identify types of long-term assets and account for the acquisitions, repairs and improvements of tangible and intangible capital assets

10. Account for the amortization, impairment and disposition of tangible and intangible capital assets.

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 http://library.senecacollege.ca 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 student.conduct@senecacollege.ca.

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.


Mode of Instruction

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

Prescribed Texts
Shrink wrap package that includes… The Wiley Plus Code
TITLE: Intermediate Accounting, Volume 1 and Chapter 22 from Volume 2,
EDITION: 11th Canadian Edition,  Wiley Plus Premium (IFRS Primer)
AUTHOR: Kieso/Weygandt/Warfield/Young/Wiecek
Publisher: John Wiley, Sons Canada, Ltd .
ISBN 9781119342366

Reference Material
Seneca Libraries. Guide to Research and Citation: MLA Style. Latest Edition,. Toronto: Seneca College, 2011. Print.

CICA Handbook. Canadian Institute of Chartered Accountants

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 (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.

Modes of Evaluation

Topic Tests 45%
Final Examination 45%
Group/On-line Assignment 10%

Late Assignments and Tests


Student participation is a key element of success. It is expected that all assigned reading will be completed before class.    Test dates have been pre-arranged and are non-negotiable. If a test is missed, the student must provide the reason in writing, within one week of the date of the test. If acceptable, the marks will be added to the final examination; otherwise, a zero mark will be assigned for the missed test.

Late Assignments

All assignments are due at the beginning of class on the date for submission.  Any extensions must be negotiated in advance.  Assignments are considered one day late at the conclusion of the class date submission day and 10% will be deducted for every day thereafter until  the late mark accumulated total reaches 20 at which time it will be listed as non-submitted and receive a zero grade.

English Competency
  •   Be technically correct, i.e. correct grammar, spelling and punctuation. 
  •   Use appropriate vocabulary. 
  •   Display no sentence errors, i.e. fragments and run-ons. 
  •   Make a clear main point. 
  •   Support the main point with specific, relevant examples and reasons. 
  •   Be organized in a clear fashion (e.g. headings, transitional devices, paragraphs,
  •     enumerations). 
  •   Be ordered in the correct format (e.g. reports, essays). 
  •   Presentation/layout is professional.
  •   Be typed or prepared using word processing or spreadsheet software.

    Language Across the Curriculum Rubric
    Clear   Confusing  
    Good Detail   Lacks Detail  
    Easy to Follow   Difficult to Follow  
    Answers Question   Evades Question  

Seneca College Library Resources

Be sure to begin all your research, assignment support and career preparation at the Seneca College libraries website http://library.senecacollege.ca where you will find information about our services and collections including, print and e-books, databases that will lead you to thousands of articles in magazines, newspapers, journals, encyclopedias, carefully selected websites, how-to tutorials, streamed videos and much more.

Accounting & Financial Services Subject Guide

Go to http://seneca.libguides.com/content.php?pid=51134&hs=a for an online customized guide for accounting and financial services students that meets specific program needs – you will find library resources, websites, industry associations and organizations, a business glossary, career sites for accounting and financial services students and more.


For rules on citing your sources, consult Seneca Libraries' online MLA Citation Guide at http://seneca.libguides.com/mla, or purchase a print copy of the Guide to Research & Citation: MLA Style in the Seneca Bookstore.
Ensure that you do not commit plagiarism. Information on academic honesty, including the Academic Honesty and Plagiarism tutorial is available through the library at: http://library.senecacollege.ca/Academic_Honesty/index.html.

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

Program Coordinator
Cynthia Duncan

Approved by: Academic Program Manager - Business Studies Danielle Mercier