IAF410 - Intermediate Financial Accounting II

Outline info
Last revision date 2018-07-20 11:23:48.861
Last review date 2018-07-20 11:24:08.899

Subject Title
Intermediate Financial Accounting II

Subject Description
This course includes an in-depth analysis of accounting for specific items in liabilities and shareholders' equity. Coverage includes a review of generally accepted accounting principles (GAAP), as codified in the CPA Canada Handbook, that apply to the following topics: current and long-term liabilities, shareholders' equity, complex financial instruments, pensions and other post-employment benefits, corporate income taxes and leases. The calculation of earnings per share and the preparation of cash flow statements for more complex situations, in accordance with GAAP, are also covered in this course. The statement user perspective is reinforced through a review of financial statement analysis techniques at a more advanced level. 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 accounting issues related to the recognition, measurement, valuation and reporting of liabilities in accordance with GAAP
2. Identify the concepts involved in measuring, recording and reporting shareholders' equity and apply these concepts to the recording and reporting of changes in retained earnings, including accounting changes and correction of errors.
3. Differentiate between and account for various types of complex debt and equity instruments in accordance with GAAP.
4. Define dilutive securities and explain the theoretical foundation for earnings per share (EPS). Relate EPS to the information needs of capital markets. Calculate basic and diluted EPS for complex capital structures in accordance with GAAP.
5. Explain the tax allocation concepts involved in accounting for current and future corporate income taxes. Calculate corporate income taxes, taking into account timing and permanent differences and business losses, in accordance with GAAP.
6. Describe the types of pension plans and differentiate between funding and accounting. Apply the basic principles of accounting and reporting for pension plans.
7. Differentiate between various types of leases. Calculate liability and expense amounts related to leases in accordance with GAAP.

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.

ENG106 - Writing Strategies
IAF310 - Intermediate Accounting I

Topic Outline

Contingencies and Long-Term Liabilities
Shareholders' Equity
Complex Debt and Equity Instruments including Hedges and Other Comprehensive Income
Earnings Per Share
Income Taxes - Accounting for Corporate Taxes
Pensions Post Retirement Benefits
Accounting for Leases
Accounting Changes

Mode of Instruction

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

Prescribed Texts
EDITION: 11th  
AUTHOR: Kieso, Weygandt, Warfield, Young and Wiecek . 
Publisher: John Wiley and Sons  
ISBN:   9781119048541

Reference Material
Guide to Research and Citation MLA Style Lastest Edition, Seneca College

CICA Handbook.  Canadian Institute of Chartered Accountants

Study guide for Kieso Volume 2.

Students will be expected to be familiar with those sections of the CICA Handbook which relate to the topics covered in this course.  The CICA Handbook may be used by students in tests and examinations.

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

Assignments and Cases 20%
Topic Test 15%
Mid-term test 20%
Final examination 45%
TOTAL 100%

Missed Tests and Assignments

Tests 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 grade will be assigned for the missed test.

Expected English Competencies

All written work must display the following characteristics of clarity and conciseness: 
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.
  • organize the work in the clear fashion (e.g. headings, transitional devices, paragraphs, enumeration's).
  • present the work in the correct format (e.g. reports, essays).
  • display an attractive layout. 

    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://seneca.libguides.com/academichonesty.
Please retain this course outline document for future educational and/or employment use.

Program Coordinator
Cynthia Duncan

Approved by: Academic Program Manager - Business Studies Danielle Mercier