Acct 593 Financial Accounting
Keller Graduate School
ACCT 593 Financial Accounting and Reporting
NOVEMBER 2012
Syllabus
Important Deadlines Course Start Date 10/29/2012 Course Completion Date 1/6/2013 Portal Access Deadline 02/28/13
Discussions Required on a Weekly Basis
By its nature, the evaluation of participation in the threaded discussions will be subjective based both on quantity and quality of contributions. Not all threads will require a response, but all should be read and comments provided as appropriate.
Students are required to participate to the discussion topics once a week, no later than the Sunday of each week. You are eligible to miss 2 weeks of discussion responses, but it must be made up no later than the syllabus deadline listed below. If more than 2 weeks are missed, it will result in an Unsatisfactory in the course. No exceptions.
Discussion questions in Becker are treated differently than what is required in other courses. Students are required to answer the question without reference to other student’s responses. Essentially, I am posting a question that …show more content…
students must answer. I review the student posts and if the question is not answered completely, I will ask students to repost to receive credit. Please give a thoughtful response similar to what you would do when responding to a simulation.
Required Textbooks:
The text for this course is the BECKER CPA REVIEW – Financial (2012 Edition). Reading the text is essential for developing an understanding of each topic. Lectures are very helpful in focusing the student’s efforts on the most important and most likely tested areas. However, while they complement the textbooks, lectures don’t replace them. Class materials also include the Course DVD that includes software to work the multiple-choice questions offline as well as the simulations. Students should view the Introductory Video included on this software before beginning the program of study.
Course Objective:
The goal of this course is to prepare students to pass the Financial Accounting and Reporting section of Uniform Certified Public Accountants examination. The topics covered in this course include the topics listed in the content specification outline as published by the American Institute of Certified Public Accountants (AICPA).
Learning Approach and Materials:
Students will cover materials in the textbook in conjunction with the national instructors’ presentation of the materials in the lectures. In addition to covering content, students will work both case-based simulations and multiple-choice questions. Every problem-oriented question worked in class is taken from a prior CPA exam or created to assist in the student’s understanding of the course content. “Distracters” and “blind alleys” are identified as students read and answer questions. Finally, students receive solutions to the problems so they can compare their answers with the correct answers and receive immediate feedback on how they are doing. More importantly students will learn a problem-solving approach for them to efficiently get the correct answer to each question and the best method of setting up answers using various formats. All of these exam techniques are designed to help students maximize their points on the CPA exam.
Course Structure:
The course consists of lectures that will be covered on the following dates:
|KGSM Financial Only |
|Week of |Courses |
|OCT 29 |F1 |
|NOV 5 |F2 |
|NOV 12 |F3 |
|NOV 19 |F4 |
|NOV 26 |F5 |
|DEC 3 |F6 |
|DEC 10 |F7 |
|DEC 17 |F8 |
|DEC 24 |F9 |
|DEC 31 |F10 |
Each lesson consists of reading assignments, a lecture, homework problems, and quizzes.
Grading:
The course is administered on a pass/fail (Satisfactory/Unsatisfactory) basis. Grades will be calculated based on the following criteria:
Lectures (All required) Homework (90% correct on a per class basis) Discussions (All required) Weekly Quizzes (All Required)
• Lectures must be viewed online via www.beckercpaonline.com or via the Lecture Disk software. o If viewed offline using the software, it must be uploaded onto www.beckercpaonline.com by the syllabus deadline listed below. o The F10 lecture is required viewing even though it is not listed on the schedule. • Homework must be reworked until you get at least 90% correct before credit will be given on a lesson-by-lesson basis. The homework is only accessible via www.beckercpaonline.com or the Lecture Disk software. o If viewed offline using the software, it must be uploaded onto www.beckercpaonline.com no later than your syllabus deadline listed below. o The F10 homework is required even though it is not listed on the schedule. • By its nature, the evaluation of participation in the threaded discussions will be subjective based both on quantity and quality of contributions. Not all threads will require a response, but all should be read and comments provided as appropriate. o Students are required to participate to the discussion topics every week, no later than the Sunday of each week. You are eligible to miss 2 lecture discussion postings, but it must be made up no later than the syllabus deadline listed below. If more than 2 lecture discussion postings are missed, it will result in an Unsatisfactory in the course. • In lieu of a final exam, students will be graded based on quiz scores only accessible via www.beckercpaonline.com and not your software or eCollege. Quizzes can only be taken once, so they should be completed only after reading, viewing the lecture, and completing the homework. Quiz scores must average 50% or higher in the aggregate to receive credit.
▪ Example • Quiz 1 – 40% • Quiz 2 – 80% • Quiz 3 – 50% • Quiz 4 – 90% • Quiz 5 – 20% • Quiz 6 - 70% • Quiz 7 - 40% • Quiz 8 - 80% • Quiz 9 - 30% • Quiz 10 – 60% ▪ Total of all quizzes added together is 1000. In this example, there are 560 points and divided by 10 quizzes equals an average quiz grade of 56% ♣ A minimum of 50% is a passing grade for the quiz assessment.
Failure to complete and or post all lectures, homework, quizzes, and threaded discussion responses by JANUARY 6, 2013 will result in a U for the course.
Course Withdrawal
Students must contact the graduate center director and follow the standard Keller Graduate School policy to withdraw from a class (see academic catalog).
In addition, students who withdraw from a course must return the Becker course materials, including textbooks and software, within 10 days from the date of withdrawal. The purchase price of optional Becker Flashcards is not refundable. Students who do not return course materials within 10 days will be charged the standard price of the Becker CPA Review course. The student is responsible for shipping costs and advised to ship materials by certified mail or another traceable method. Returned materials must include a copy of the student's withdrawal form or a letter indicating the student's name, ID number and date of withdrawal and be shipped to the following
address:
Becker Professional Education
15 Piedmont Center
Suite P100
Atlanta, GA 30305
Attn: Kim Jones
Course Content:
The Financial Accounting and Reporting section tests knowledge of accounting principles generally accepted in the United States of America (GAAP) for business enterprises, not-for-profit organizations, and governmental entities, and the skills needed to apply that knowledge. Content covered in this section includes financial accounting concepts and standards, and their application. To demonstrate such knowledge and skills, candidates will be required to
1. • Obtain and document information for use in financial statement presentations
2. • Evaluate, analyze, and process entity information for reporting in financial statements
3. • Communicate entity information and conclusions
4. • Analyze information and identify data relevant to financial accounting and reporting
5. • Identify financial accounting and reporting methods and select those that are suitable
6. • Perform calculations
7. • Formulate conclusions
8. • Present results in writing in a financial statement format or other appropriate format
Financial Accounting & Reporting Content Specification Outline
I. Conceptual framework, standards, standard setting, and presentation of financial statements (17%–23%)
A. Process by which accounting standards are set and roles of accounting standard-setting bodies
1. U.S. Securities and Exchange Commission (SEC)
2. Financial Accounting Standards Board (FASB)
3. International Accounting Standards Board (IASB)
4. Governmental Accounting Standards Board (GASB)
B. Conceptual framework
1. Financial reporting by business entities
2. Financial reporting by not-for-profit (nongovernmental) entities
3. Financial reporting by state and local governmental entities
C. Financial reporting, presentation and disclosure in general-purpose financial statements
1. Balance Sheet
2. Income statement
3. Statement of comprehensive income
4. Statement of changes in equity
5. Statement of cash flows
6. Notes to financial statements
7. Consolidated and combined financial statements
8. First-time adoption of IFRS
D. SEC reporting requiremtns (e.g., Form 10-Q, 10-K)
E. Other financial statement presentations, including other comprehensive bases of accounting (OCBOA)
1. Cash basis
2. Modified cash basis
3. Income tax basis
4. Personal financial statements
5. Financial statements of employee benefit plans/trusts
II. Financial statement accounts: recognition, measurement, valuation, calculation, presentation, and disclosures (27% - 33%)
A. Cash, cash equivalents
B. Receivables
C. Inventories
D. Property, plant, and equipment
E. Investments
1. Financial assets at fair value through profit or loss
2. Available for sale financial assets
3. Held-to-maturity investments
4. Joint ventures
5. Equity method investments (investments in associates)
6. Investment property
F. Intangibles Assets – goodwill and other
G. Payables and accrued liabilities
H. Deferred revenues
I. Long-term debt (financial liabilities)
1. Notes payable
2. Bonds payable
3. Debt with conversion features and other options
4. Modifications and extinguishments
5. Troubled debt restructurings by debtors
6. Debt covenant compliance
J. Equity
K. Revenue recognition
L. Cost, and expenses
M. Compensation and benefits
1. Compensated absences
2. Deferred compensation arrangements
3. Nonretirement postemployment benefits
4. Retirement benefits
5. Stock compensation (share-based payments)
N. Income taxes
III. Specific transactions, events and disclosures: recognition, measurement, valuation, calculation, presentation, and disclosures
A. Accounting changes and error corrections
B. Asset retirement and environmental obligations
C. Business combinations
D. Consolidation (including off-balance sheet transaction, variable-interest entities and noncontrolling interest)
E. Contingencies, commitments, and guarantees (provisions)
F. Earnings per share
G. Exit or disposal activities and discontinued operations
H. Extraordinary and unusual items
I. Fair value measurements, disclosures, and reporting
J. Derivatives and hedge accounting
K. Foreign currency transactions and translation
L. Impairment
M. Interim financial reporting
N. Leases
O. Distinguishing liabilities from equity
P. Nonmonetary transactions (barter transactions)
1. Q. Related parties and related party transactions
2. R. Research and development costs
3. S. Risks and uncertainties
4. T. Segment reporting
5. U. Software costs
6. V. Subsequent events
7. W. Transfers and servicing of financial assets and derecognition
IV. Governmental accounting and reporting (8% - 12%)
A. Governmental accounting concepts
1. Measurement focus and basis of accounting
2. Fund accounting concepts and application
3. Budgetary process
B. Format and content of comprehensive annual financial report (CAFR)
1. Government-wide financial statements
2. Governmental funds financial statements
3. Proprietary funds financial statements
4. Fiduciary funds financial statements
5. Notes to financial statements
6. Management’s discussion and analysis
7. Required supplementary information (RSI), other than management’s discussion and analysis
8. Combining statements and individual fund statements and schedules
9. Deriving government-wide financial statements and reconciliation requirements
C. Financial reporting entity including blended and discrete component units
D. Typical items and specific types of transactions and events: recognition, measurement, valuation, calculation, and presentation in governmental entity financial statements
1. Net assets and components thereof
2. Fund balances and components thereof
3. Capital assets and infrastructure assets
4. General long-term liabilites
5. Interfund activity, including transfers
6. Non-exchange revenues transactions
7. Expenditures
8. Special items
9. Encumbrances
E. Accounting and financial reporting for governmental not-for-profit organizations
V. Accounting and reporting for nongovernmental not-for-profit organizations (8%–12%)
A. Financial statements
1. Statement of financial position
2. Statement of activities
3. Statement of cash flows
4. Statement of functional expenses
B. Typical items and specific types of transactions and events: recognition, measurement, valuation, calculation, and presentation in the financial statements of not-for-profit organizations
1. Support, revenues, and contributions
2. Types of restrictions on resources
3. Types of net assets
4. Expenses, including depreciation and functional expenses 5. Investments
Questions on the syllabus should be directed to keller@becker.com.
Revised December 27, 2011
Under IFRS a probable is defined as more likely than not to occur and possible is defined as may but probably will not occur. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
Under U.S. GAAP probable is defined as likely to occur and reasonably possible is defined as more than remote but less than likely. A contingent liability is as existing condition, situation, or circumstance involving varying degrees of uncertainty that may result in the decrease in an asset or the incurrence of a liability.
ACCT 593 Financial Accounting and Reporting
NOVEMBER 2012
Syllabus
Important Deadlines Course Start Date 10/29/2012 Course Completion Date 1/6/2013 Portal Access Deadline 02/28/13
Discussions Required on a Weekly Basis
By its nature, the evaluation of participation in the threaded discussions will be subjective based both on quantity and quality of contributions. Not all threads will require a response, but all should be read and comments provided as appropriate.
Students are required to participate to the discussion topics once a week, no later than the Sunday of each week. You are eligible to miss 2 weeks of discussion responses, but it must be made up no later than the syllabus deadline listed below. If more than 2 weeks are missed, it will result in an Unsatisfactory in the course. No exceptions.
Discussion questions in Becker are treated differently than what is required in other courses. Students are required to answer the question without reference to other student’s responses. Essentially, I am posting a question that …show more content…
students must answer. I review the student posts and if the question is not answered completely, I will ask students to repost to receive credit. Please give a thoughtful response similar to what you would do when responding to a simulation.
Required Textbooks:
The text for this course is the BECKER CPA REVIEW – Financial (2012 Edition). Reading the text is essential for developing an understanding of each topic. Lectures are very helpful in focusing the student’s efforts on the most important and most likely tested areas. However, while they complement the textbooks, lectures don’t replace them. Class materials also include the Course DVD that includes software to work the multiple-choice questions offline as well as the simulations. Students should view the Introductory Video included on this software before beginning the program of study.
Course Objective:
The goal of this course is to prepare students to pass the Financial Accounting and Reporting section of Uniform Certified Public Accountants examination. The topics covered in this course include the topics listed in the content specification outline as published by the American Institute of Certified Public Accountants (AICPA).
Learning Approach and Materials:
Students will cover materials in the textbook in conjunction with the national instructors’ presentation of the materials in the lectures. In addition to covering content, students will work both case-based simulations and multiple-choice questions. Every problem-oriented question worked in class is taken from a prior CPA exam or created to assist in the student’s understanding of the course content. “Distracters” and “blind alleys” are identified as students read and answer questions. Finally, students receive solutions to the problems so they can compare their answers with the correct answers and receive immediate feedback on how they are doing. More importantly students will learn a problem-solving approach for them to efficiently get the correct answer to each question and the best method of setting up answers using various formats. All of these exam techniques are designed to help students maximize their points on the CPA exam.
Course Structure:
The course consists of lectures that will be covered on the following dates:
|KGSM Financial Only |
|Week of |Courses |
|OCT 29 |F1 |
|NOV 5 |F2 |
|NOV 12 |F3 |
|NOV 19 |F4 |
|NOV 26 |F5 |
|DEC 3 |F6 |
|DEC 10 |F7 |
|DEC 17 |F8 |
|DEC 24 |F9 |
|DEC 31 |F10 |
Each lesson consists of reading assignments, a lecture, homework problems, and quizzes.
Grading:
The course is administered on a pass/fail (Satisfactory/Unsatisfactory) basis. Grades will be calculated based on the following criteria:
Lectures (All required) Homework (90% correct on a per class basis) Discussions (All required) Weekly Quizzes (All Required)
• Lectures must be viewed online via www.beckercpaonline.com or via the Lecture Disk software. o If viewed offline using the software, it must be uploaded onto www.beckercpaonline.com by the syllabus deadline listed below. o The F10 lecture is required viewing even though it is not listed on the schedule. • Homework must be reworked until you get at least 90% correct before credit will be given on a lesson-by-lesson basis. The homework is only accessible via www.beckercpaonline.com or the Lecture Disk software. o If viewed offline using the software, it must be uploaded onto www.beckercpaonline.com no later than your syllabus deadline listed below. o The F10 homework is required even though it is not listed on the schedule. • By its nature, the evaluation of participation in the threaded discussions will be subjective based both on quantity and quality of contributions. Not all threads will require a response, but all should be read and comments provided as appropriate. o Students are required to participate to the discussion topics every week, no later than the Sunday of each week. You are eligible to miss 2 lecture discussion postings, but it must be made up no later than the syllabus deadline listed below. If more than 2 lecture discussion postings are missed, it will result in an Unsatisfactory in the course. • In lieu of a final exam, students will be graded based on quiz scores only accessible via www.beckercpaonline.com and not your software or eCollege. Quizzes can only be taken once, so they should be completed only after reading, viewing the lecture, and completing the homework. Quiz scores must average 50% or higher in the aggregate to receive credit.
▪ Example • Quiz 1 – 40% • Quiz 2 – 80% • Quiz 3 – 50% • Quiz 4 – 90% • Quiz 5 – 20% • Quiz 6 - 70% • Quiz 7 - 40% • Quiz 8 - 80% • Quiz 9 - 30% • Quiz 10 – 60% ▪ Total of all quizzes added together is 1000. In this example, there are 560 points and divided by 10 quizzes equals an average quiz grade of 56% ♣ A minimum of 50% is a passing grade for the quiz assessment.
Failure to complete and or post all lectures, homework, quizzes, and threaded discussion responses by JANUARY 6, 2013 will result in a U for the course.
Course Withdrawal
Students must contact the graduate center director and follow the standard Keller Graduate School policy to withdraw from a class (see academic catalog).
In addition, students who withdraw from a course must return the Becker course materials, including textbooks and software, within 10 days from the date of withdrawal. The purchase price of optional Becker Flashcards is not refundable. Students who do not return course materials within 10 days will be charged the standard price of the Becker CPA Review course. The student is responsible for shipping costs and advised to ship materials by certified mail or another traceable method. Returned materials must include a copy of the student's withdrawal form or a letter indicating the student's name, ID number and date of withdrawal and be shipped to the following
address:
Becker Professional Education
15 Piedmont Center
Suite P100
Atlanta, GA 30305
Attn: Kim Jones
Course Content:
The Financial Accounting and Reporting section tests knowledge of accounting principles generally accepted in the United States of America (GAAP) for business enterprises, not-for-profit organizations, and governmental entities, and the skills needed to apply that knowledge. Content covered in this section includes financial accounting concepts and standards, and their application. To demonstrate such knowledge and skills, candidates will be required to
1. • Obtain and document information for use in financial statement presentations
2. • Evaluate, analyze, and process entity information for reporting in financial statements
3. • Communicate entity information and conclusions
4. • Analyze information and identify data relevant to financial accounting and reporting
5. • Identify financial accounting and reporting methods and select those that are suitable
6. • Perform calculations
7. • Formulate conclusions
8. • Present results in writing in a financial statement format or other appropriate format
Financial Accounting & Reporting Content Specification Outline
I. Conceptual framework, standards, standard setting, and presentation of financial statements (17%–23%)
A. Process by which accounting standards are set and roles of accounting standard-setting bodies
1. U.S. Securities and Exchange Commission (SEC)
2. Financial Accounting Standards Board (FASB)
3. International Accounting Standards Board (IASB)
4. Governmental Accounting Standards Board (GASB)
B. Conceptual framework
1. Financial reporting by business entities
2. Financial reporting by not-for-profit (nongovernmental) entities
3. Financial reporting by state and local governmental entities
C. Financial reporting, presentation and disclosure in general-purpose financial statements
1. Balance Sheet
2. Income statement
3. Statement of comprehensive income
4. Statement of changes in equity
5. Statement of cash flows
6. Notes to financial statements
7. Consolidated and combined financial statements
8. First-time adoption of IFRS
D. SEC reporting requiremtns (e.g., Form 10-Q, 10-K)
E. Other financial statement presentations, including other comprehensive bases of accounting (OCBOA)
1. Cash basis
2. Modified cash basis
3. Income tax basis
4. Personal financial statements
5. Financial statements of employee benefit plans/trusts
II. Financial statement accounts: recognition, measurement, valuation, calculation, presentation, and disclosures (27% - 33%)
A. Cash, cash equivalents
B. Receivables
C. Inventories
D. Property, plant, and equipment
E. Investments
1. Financial assets at fair value through profit or loss
2. Available for sale financial assets
3. Held-to-maturity investments
4. Joint ventures
5. Equity method investments (investments in associates)
6. Investment property
F. Intangibles Assets – goodwill and other
G. Payables and accrued liabilities
H. Deferred revenues
I. Long-term debt (financial liabilities)
1. Notes payable
2. Bonds payable
3. Debt with conversion features and other options
4. Modifications and extinguishments
5. Troubled debt restructurings by debtors
6. Debt covenant compliance
J. Equity
K. Revenue recognition
L. Cost, and expenses
M. Compensation and benefits
1. Compensated absences
2. Deferred compensation arrangements
3. Nonretirement postemployment benefits
4. Retirement benefits
5. Stock compensation (share-based payments)
N. Income taxes
III. Specific transactions, events and disclosures: recognition, measurement, valuation, calculation, presentation, and disclosures
A. Accounting changes and error corrections
B. Asset retirement and environmental obligations
C. Business combinations
D. Consolidation (including off-balance sheet transaction, variable-interest entities and noncontrolling interest)
E. Contingencies, commitments, and guarantees (provisions)
F. Earnings per share
G. Exit or disposal activities and discontinued operations
H. Extraordinary and unusual items
I. Fair value measurements, disclosures, and reporting
J. Derivatives and hedge accounting
K. Foreign currency transactions and translation
L. Impairment
M. Interim financial reporting
N. Leases
O. Distinguishing liabilities from equity
P. Nonmonetary transactions (barter transactions)
1. Q. Related parties and related party transactions
2. R. Research and development costs
3. S. Risks and uncertainties
4. T. Segment reporting
5. U. Software costs
6. V. Subsequent events
7. W. Transfers and servicing of financial assets and derecognition
IV. Governmental accounting and reporting (8% - 12%)
A. Governmental accounting concepts
1. Measurement focus and basis of accounting
2. Fund accounting concepts and application
3. Budgetary process
B. Format and content of comprehensive annual financial report (CAFR)
1. Government-wide financial statements
2. Governmental funds financial statements
3. Proprietary funds financial statements
4. Fiduciary funds financial statements
5. Notes to financial statements
6. Management’s discussion and analysis
7. Required supplementary information (RSI), other than management’s discussion and analysis
8. Combining statements and individual fund statements and schedules
9. Deriving government-wide financial statements and reconciliation requirements
C. Financial reporting entity including blended and discrete component units
D. Typical items and specific types of transactions and events: recognition, measurement, valuation, calculation, and presentation in governmental entity financial statements
1. Net assets and components thereof
2. Fund balances and components thereof
3. Capital assets and infrastructure assets
4. General long-term liabilites
5. Interfund activity, including transfers
6. Non-exchange revenues transactions
7. Expenditures
8. Special items
9. Encumbrances
E. Accounting and financial reporting for governmental not-for-profit organizations
V. Accounting and reporting for nongovernmental not-for-profit organizations (8%–12%)
A. Financial statements
1. Statement of financial position
2. Statement of activities
3. Statement of cash flows
4. Statement of functional expenses
B. Typical items and specific types of transactions and events: recognition, measurement, valuation, calculation, and presentation in the financial statements of not-for-profit organizations
1. Support, revenues, and contributions
2. Types of restrictions on resources
3. Types of net assets
4. Expenses, including depreciation and functional expenses 5. Investments
Questions on the syllabus should be directed to keller@becker.com.
Revised December 27, 2011
Under IFRS a probable is defined as more likely than not to occur and possible is defined as may but probably will not occur. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
Under U.S. GAAP probable is defined as likely to occur and reasonably possible is defined as more than remote but less than likely. A contingent liability is as existing condition, situation, or circumstance involving varying degrees of uncertainty that may result in the decrease in an asset or the incurrence of a liability.