Course Overview
With an applied emphasis, this course provides a solid foundation for professional requirements and transition to the workplace. The conceptual basis upon which assets, liabilities, equity, revenue and expenses are defined is discussed. The end user financial information needs upon which International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE) are based are identified. Building on introductory courses, the financial reporting model comprising measurements, statement presentations and related disclosures are explored on an area basis; current and non-current assets and related valuations, current liabilities, critical revenue and expense recognition criteria. The applied emphasis blends process (derivation and enabling entries) with end product financial statement presentation. Note: Full-time Accounting and Finance students applying for transfer credit for this course from other post-secondary institutes must have achieved a minimum grade of 65% or better.
Domestic fees
$836.31 - $850.97 See individual course offerings below for actual costs.
International fees are typically 3.25 times the domestic tuition. Exact cost will be calculated upon completion of registration.
Learning Outcomes
Upon successful completion of the course, the student will be able to:
- Identify and explain the accounting concepts and principles that support the treatments of economic events under IFRS and Private Enterprise Standards.
- Explain the objectives of financial reporting and explain the application of those objectives in statement preparation both International Financial Reporting Standards (IFRS), and Private Enterprise Standards.
- Prepare a statement of comprehensive income in proper form, properly identifying and classifying other gains and losses or irregular economic events.
- Prepare a statement of retained earnings from data supplied, including identifying and properly presenting adjustments to beginning balances.
- Explain the criteria for classifications of various statement components such as current assets versus non-current assets.
- Recognize and measure revenue in accordance with recognition standards.
- Identify and apply the reporting issues for near-cash operating assets in the business cycle; cash, receivables and inventories
- Identify and report investments -- both non-strategic (debt and equity) and strategic (significant influence or control). Apply accounting for all investment types except a control relationship (consolidation).
- Identify and value types of tangible and intangible assets; accounting for held-for-sale capital assets; non-monetary exchanges; assets acquired through favourable financing and share exchanges; self-constructed assets. Alternative valuation bases.
- Apply the various methods of depreciation of tangible and intangible assets; industry or business specific depreciation methods. Identify asset impairments and be able to measure and report impairments.
- Discuss intangible assets, the determination of goodwill and impairment thereof.
Effective as of Winter 2012
Related Programs
Financial Accounting 1 (FMGT 3110) is offered as a part of the following programs:
- Indicates programs accepting international students.
School of Business + Media
- Accounting
Diploma Full-time
- Accounting
Diploma Part-time
- Finance
Diploma Part-time
- Financial Management (Finance Option)
Certificate Part-time
- Financial Management (Professional Accounting Option)
Certificate Part-time
- Financial Planning
Diploma Part-time
- Professional Accounting
Advanced Diploma Full-time/Part-time
Course Offerings
Spring/Summer 2026
Below are three offerings of FMGT 3110 for the Spring/Summer 2026 term.
CRN 20424
Dates
Apr 10 - Jul 17 Loading
- CRN 20424
- $836.31 Domestic fees
Class meeting times
Duration
15 weeks
Instructor
Philip Jaling
Course outline
Important information
- Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
- The following dates will be HELD IN-CLASS at the Downtown Campus and are MANDATORY: Mid-Term Exam: Friday, May 22, 2026 (14:00 - 18:00), Midterm Debrief: Friday, May 29, 2026 (14:00 - 18:00) and Final Exam: Friday, July 17, 2026 (14:00 - 18:00) This is not a self-paced course. You will be expected to be available and online on the posted days and times shown on your registration schedule. It is important you have a stable and consistent internet connection to access course content. The in-person dates/classes are required for students to attend, and have MANDATORY ATTENDANCE. Course content, type and quality of assignments, and general standards for this online course are the same as classroom courses. To be successful in this online course, plan to spend 7-10 hours per week on your studies, or more of it’s a condensed course, starting Week 1. Important course information will be sent to your myBCIT account prior to your course start date.
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
CRN 26165
Dates
Apr 18 - Jul 25 Loading
- CRN 26165
- $850.97 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Apr 18 - Jul 25 | Sat | 09:00 - 13:00 | Burnaby SW01 Rm. 3170 |
Duration
15 weeks
Instructor
Israr Rahimi
Course outline
Important information
- Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
CRN 64381
Dates
May 21 - Aug 27 Loading
- CRN 64381
- $850.97 Domestic fees
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| May 21 - Aug 27 | Thu | 18:00 - 22:00 | Burnaby SW01 Rm. 3190 |
Duration
15 weeks
Instructor
Israr Rahimi
Course outline
Important information
- Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Confirmation
Required
To proceed with registration and add this course to the cart, please confirm:
Status
If you have any questions about this course, please contact us.
Programs and courses are subject to change without notice. Find out more about BCIT course cancellations.