ACC 2020 INTERMEDIATE ACCOUNTING - EQUITIES. Section A01: Monday / Wednesday, 1:00 PM 2:15 PM COURSE OUTLINE

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1 University of Manitoba I. H. Asper School of Business Department of Accounting and Finance Fall 2015 ACC 2020 INTERMEDIATE ACCOUNTING - EQUITIES Section A01: Monday / Wednesday, 1:00 PM 2:15 PM COURSE OUTLINE Instructor: Office: Office hours: Jean Pai, MBA, CGA/CPA 372 Drake Centre Monday: 10:00 AM to 12:00 PM and by appointment for Wednesday afternoon; Jean.Pai@umanitoba.ca Course Objectives This course is the second of a two-part series in Intermediate Financial Accounting. The course focuses predominantly on the equities (liabilities and shareholders equity) side of the balance sheet. This is a demanding course, designed to give you a thorough understanding of the framework, concepts and techniques of accounting that you will need to proceed with upper level courses in financial accounting. At the conclusion of this course you will be expected to: 1. have an understanding of financial accounting concepts and International Financial Reporting Standards (IFRS) as they apply to the topics covered in this course; 2. have developed professional judgement in analyzing accounting issues and recommending accounting policies; and 3. have developed skill in applying accounting standards to situations and problems. Grade Allocation Midterm Examination : MyAccountingLab (MAL) Homework Assignments: Final Examination: October 21, 2015 from 6:30 PM to 8:30 PM in 107 and 108 Drake Ctr.; Covering chapters 11 to 14, inclusive; 38% 8 assignments; each is ; a chapter assignment score of 80% or higher will receive the full credit of. 12% Comprehensive with emphasis on materials not tested in midterm; location to be announced by the Registrar s Office 50%

2 Required Course Materials 1. Textbook: Intermediate Accounting Volume 2, 2 nd edition, authored by Lo and Fisher, Pearson; either a print copy with an access code to MyAccountingLab or an e-textbook with an access code to MyAccountingLab. 2. International Financial Reporting Standards (IFRS) provided by the Institute of Chartered Accountants of Manitoba, which is accessible on campus or from off-campus with an internet connection on the University of Manitoba Libraries Website. To access the Handbook: 1) From the University of Manitoba homepage (umanitoba.ca), under the RESOURCES block click on LIBRARIES. 2) Under the FIND block, click on DATABASES A-Z, then C tab in the DATABASES A-Z screen. 3) Scroll down until you find CICA STANDARDS &GUIDANCE COLLECTION and click on it. 4) You should see a SIGN IN screen for off-campus authentication. 5) You will then have to enter your Library ID and PIN (if you do not know your Library ID and/or PIN, there is a link on this page that will help you) and click on Login. 6) On the Knotia.ca page, click on CICA Standards & Guidance Collection. 3. Class notes Students are to print and bring their own hard copies for classes. Class notes will be provided in UMLearn course site under the content tab. Course materials from Pearson sources have been used with permissions. All ACC 2020 course materials, including but not limited to the lectures, class notes, and examinations, are the intellectual property of the instructor. These materials are not to be reproduced in any format without permission. 4. Registration to MyAccountingLab A registration code should come with a new print copy or e-copy of textbook. See page 5 for registration information. 5. A Financial Calculator Tables of Present Value and Future Value Factors will not be provided during an examination. Students are expected to use his or her financial calculator to calculate all relevant figures during an examination. Students are expected to independently learn Appendix A Time Value of Money and Simple Valuation Techniques prior to the completion of Chapter 12 lecture in order to keep up with the course. 2

3 MyAccountingLab (MAL) Homework Assignments: o 8 assignments; each is awarded toward your course grade. A chapter assignment score of 80% or higher will receive the full credit of. A chapter assignment core lower than 80%, the credit will be pro-rated for calculating the course grade. o 5 attempts are allowed for each question with no time limit. Correct answers are locked. o Allow printing and saving work to revisit before submission. Due at 11:59 PM on October 26, 2015: Chapter 11 2 questions, Chapter 12 2 questions, Chapter 13 2 questions, Chapter 14 2 questions, Due at 11:59 PM on December 9, 2015: Chapter 15 2 questions, Chapter 16 2 questions, Chapter 17 2 questions, Chapter 18 2 questions, Examination For any examination or class test, each student will be allowed to bring financial calculators, erasers, rulers, black or blue pens and pencils. No other materials will be permitted. Conflicts with employers do not qualify as legitimate reasons to miss any examination. A grade of zero will be given to a missed midterm examination without a legitimate reason. Students who miss the midterm examination for a legitimate reason (medical, compassionate, academic conflict or university sports team travel) should inform me with suitable documentation within 5 days of the missed examination to have the weight of the missed midterm added to the final examination. In order to obtain an excused medical absence for an exam, the student must obtain a doctor s certification that the student s condition is severe enough to prevent the student from taking the exam. It is recommended that the student ask the doctor to fill out the Medical Absenteeism Form attached to this course outline as the suitable documentation for an excused medical absence. It is NOT SUFFICIENT to provide a note that only indicates the student visited the doctor s office or a note not covering the date of the examination or test. Students who miss the final examination must apply to the Undergraduate Program Office in their faculty for possible deferred examination privileges. Successful applicants will be informed the time and location of the deferred final examination at time of application. 3

4 Guidelines for Student Conduct Students are expected to complete the text reading and review assigned homework problems prior to class. You should bring your notes to class with you so you can see the question in front of you: generally, most students are not able to see the question on the projector screens well. Students are expected to behave in a courteous and professional manner in all dealings with both their fellow students and the professor both in and outside of class. Students who exhibit behaviours that detract from the quality of the class (e.g., regularly arriving late or leaving early, eating, talking to classmates during class, answering cell phones, obviously reading material unrelated to the class, listening to ipods) may be asked to correct their behaviour, move to another seat, or be asked to leave the classroom. Communication Please note that all communication between me and you as a student must comply with the electronic communication with student policy ( ation_with_students_policy.html). You are required to obtain and use your U of M account for all communication between yourself and the university. Please use your university account to communicate with me, and give your full name, section and UM ID number when you write to me. Important Dates and Deadlines Dates and deadlines set by the University Administration can be found at the below link: Academic Integrity The faculty rules for academic integrity are appended to this document, and should be read carefully. Penalties vary with circumstances, but the typical penalty for a first time offence includes an F in the course with a notation on the transcript and being barred from taking any courses in the I.H. Asper School of Business for a period of six to eight months. 4

5 MyAccountingLab Student Registration Instructions by Pearson To register for Lo, Intermediate Accounting, Volume 2, the 2 nd edition: 1. Go to 2. Under Register, click Student. 3. Enter your instructor s course ID: pai19049, and click Continue. 4. Sign in with an existing Pearson account or create an account: If you have used a Pearson website (for example, MyITLb, Mastering, MyMathLab, or My Psychlab), enter your Pearson username and password. Click Sign In. If you do not have a Pearson account, click Create. Write down your new Pearson username and password to help you remember them. 5. Select an option to access your instructor s online course: Use the access code that came with your textbook or that you purchased separately from the bookstore. Buy access using a credit card or PayPal. 6. Click Go To Your Course on the Confirmation page. Under MyLab / Mastering New Design on the lift, click Fall ACC 2020 to start your work. To sign in later: 1. Go to 2. Click Sign In. 3. Enter your Pearson account username and password. Click Sign In. 4. Under MyLab / Mastering New Design on the left, click Lo, Intermediate Accounting, Volume 2 to start your work. 5

6 TENTATIVE CLASS SCHEDULE 1: There will be no class on the date of midterm examination and midterm/study-break. 2: The assigned chapters DO NOT include the appendices unless specifically noted. 3: These are practice questions from the assigned textbook and not to be handed in. Solutions are provided in UM Learn (D2L) course site under the Content tab. After-chapter problem printed in orange indicates more similar problems with different values are available for practice in MyAccountingLab. Date 1 Topic Readings 2 Self-Practice Questions 3 Sept. 14 Sept. 16 Sept. 21 Sept. 23 Sept. 28 Sept. 30 Oct. 5 Oct. 7 Oct. 14 Current Liabilities and Contingencies; Non-current Financial Liabilities Ch. 11 Ch. 12 Equities Ch. 13 Complex Financial Instruments Ch. 14 Oct. 19 Earnings per Share Ch. 15 Oct. 21 Problem: 11-2, 11-3, 11-4, 11-5, 11-7, 11-9, 11-13, 11-15, 11-16, 11-18, 11-23, 11-24, 11-27, 11-28, 11-31, 11-33, 11-35, 11-38, Case: 1 Problem: 12-1, 12-5, 12-7, 12-13, 12-15, 12-21, 12-22, 12-29, 12-34, 12-38, 12-40, 12-43, 12-45, Case: 2 Problem: 13-2, 13-3, 13-5, 13-8, 13-10, 13-11, 13-17, 13-22, 13-25, 13-26, 13-29, 13-35, 13-37, 13-38, 13-39, 13-43, Case: 1 Problem: 14-4, 14-6, 14-7, 14-8, 14-9, 14-15, 14-16, 14-20, 14-23, 14-27, 14-33, 14-34, 14-35, 14-38, Problem: 15-1, 15-5, 15-9, 15-15, 15-16, 15-22, 15-24, 15-28, 15-30, 15-35, 15-38, 15-40, 15-41, Regular class cancelled due to midterm exam from 6:30 PM to 8:30 PM in 107 & 108 Drake Oct. 26 Earnings per Share Ch. 15 See above. Oct. 28 Nov. 2 Nov. 4 Nov. 9 Nov. 16 Nov. 18 Nov. 23 Nov. 25 Nov. 30 Dec. 2 Dec. 7 Dec. 9 Accounting for Income Taxes Pension and Other Employee Future Benefits Ch. 16 Ch. 17 Accounting for Leases Ch. 18 Statement of Cash Flows Ch. 19 Accounting Changes Ch. 20 Problem: 16-5, 16-6, 16-9, 16-11, 16-15, 16-19, 16-23, 16-26, 16-29, 16-32, 16-35, 16-36, Problem: 17-2, 17-5, 17-7, 17-13, 17-15, 17-17, 17-19, 17-21, 17-25, 17-26, 17-29, Problem: 18-3, 18-4, 18-7, 18-9, 18-15, 18-16, 18-26, 18-28, 18-30, 18-36, Problem: Review of Vol. I: 19-1, 19-2, 19-5, 19-6, 19-8, 19-10, 19-23, 19-28, 19-29, 19-36, More relevant to Vol. II: 19-7, 19-15, 19-16, 19-17, 19-22, 19-33, 19-34, 19-37, P9-41, Problem: 20-1, 20-5, 20-9, 20-13, 20-16, 20-23, 20-26, 20-28,

7 AACSB Assurance of Learning Goals and Objectives. The Asper School of Business is proudly accredited by AACSB. Accreditation requires a process of continuous improvement of the School and our students. Part of student improvement is ensuring that students graduate with the knowledge and skills they need to succeed in their careers. To do so, the Asper School has set the learning goals and objectives listed below for the Undergraduate Program. The checked goal(s) and objective(s) will be addressed in this course and done so by means of the items listed next to the checkmark. Goals and Objective in the Undergraduate Program 1 Quantitative Reasoning A. Determine which quantitative analysis technique is appropriate for solving a specific problem. B. Use the appropriate quantitative method in a technically correct way to solve a business problem. C. Analyze quantitative output and arrive at a conclusion. 2 Written Communication A. Use correct English grammar and mechanics in their written work. B. Communicate in a coherent and logical manner C. Present ideas in a clear and organized fashion. 3 Ethical Thinking A. Identify ethical issues in a problem or case situation B. Identify the stakeholders in the situation. C. Analyze the consequences of alternatives from an ethical standpoint. D. Discuss the ethical implications of the decision. Goals and Objectives Addressed in this Course Course Item(s) Relevant to these Goals and Objectives Quantitative analysis in assignments Quantitative analysis in assignments Quantitative analysis in assignments Written short-answer questions in assignments Written short-answer questions in exams and assignments Qualitative analysis in assignments and exams Qualitative analysis in assignments and exams Qualitative analysis in assignments and exams 4 Core Business Knowledge Entire course 7

8 Academic Integrity It is critical to the reputation of the I. H. Asper School of Business and of our degrees, that everyone associated with our faculty behaves with the highest academic integrity. As the faculty that helps create business and government leaders, we have a special obligation to ensure that our ethical standards are beyond reproach. Any dishonesty in our academic transactions violates this trust. The University of Manitoba Undergraduate Calendar addresses the issue of academic dishonesty under the heading Plagiarism and Cheating. Specifically, acts of academic dishonesty include, but are not limited to: using the exact words of a published or unpublished author without quotation marks and without referencing the source of these words duplicating a table, graph or diagram, in whole or in part, without referencing the source paraphrasing the conceptual framework, research design, interpretation, or any other ideas of another person, whether written or verbal (e.g., personal communications, ideas from a verbal presentation) without referencing the source copying the answers of another student in any test, examination, or take-home assignment providing answers to another student in any test, examination, or take-home assignment taking any unauthorized materials into an examination or term test (crib notes) impersonating another student or allowing another person to impersonate oneself for the purpose of submitting academic work or writing any test or examination stealing or mutilating library materials accessing tests prior to the time and date of the sitting changing name or answer(s) on a test after that test has been graded and returned submitting the same paper or portions thereof for more than one assignment, without discussions with the instructors involved. Group Projects and Group Work Many courses in the I. H. Asper School of Business require group projects. Students should be aware that group projects are subject to the same rules regarding academic dishonesty. Because of the unique nature of group projects, all group members should exercise special care to insure that the group project does not violate the policy on Academic Integrity. Should a violation occur, group members are jointly accountable unless the violation can be attributed to a specific individual(s). Some courses, while not requiring group projects, encourage students to work together in groups (or at least do not prohibit it) before submitting individual assignments. Students are encouraged to discuss this issue as it relates to academic integrity with their instructor to avoid violating this policy. In the I. H. Asper School of Business, all suspected cases of academic dishonesty are passed to the Dean s office in order to ensure consistency of treatment. 8