IAF310 - Intermediate Financial Accounting I



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.

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