Course details
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.
Credits
4.0
Cost
$774.51 - $787.37 See individual course offerings below for actual costs.
Course offerings
Winter 2023
Below are four offerings of FMGT 3110 for the Winter 2023 term.
CRN 15544
Duration
Sat Jan 07 - Sat Apr 15 (14 weeks)
- 14 weeks
- CRN 15544
- $787.37
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 07 - Apr 15 | Sat | 09:00 - 12:45 | Burnaby SE06 Rm. 205 |
Instructor
Trevor Jang
Course outline
Credits
4
Cost
$787.37
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.
-
Class WILL NOT be held on Saturday, April 8th.
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
CRN 12991
Duration
Mon Jan 09 - Mon Apr 24 (14 weeks)
- 14 weeks
- CRN 12991
- $774.51
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 09 - Apr 24 | Mon | 17:30 - 21:15 | Downtown DTC Rm. 385 |
Instructor
Sue Tsiang
Course outline
Credits
4
Cost
$774.51
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.
-
Class WILL NOT be held Monday, Feb. 20th (Family Day) & Monday, April 10th (Easter Monday).
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
CRN 14878
Duration
Tue Jan 10 - Tue Apr 11 (14 weeks)
- 14 weeks
- CRN 14878
- $787.37
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 10 - Jan 17 | Tue | 18:00 - 21:45 | Burnaby |
| Jan 24 | Tue | 18:00 - 21:45 | Online |
| Jan 31 | Tue | 18:00 - 21:45 | Burnaby |
| Feb 07 - Feb 14 | Tue | 18:00 - 21:45 | Online |
| Feb 21 | Tue | 18:00 - 21:45 | Burnaby |
| Feb 28 | Tue | 18:00 - 21:45 | Burnaby |
| Mar 07 - Mar 28 | Tue | 18:00 - 21:45 | Online |
| Apr 04 | Tue | 18:00 - 21:45 | Burnaby |
| Apr 11 | Tue | 18:00 - 21:45 | Burnaby |
Instructor
TBD
Course outline
Credits
4
Cost
$787.37
Important information
-
There will be multiple sessions held in-class for this CRN. This section will not be suitable for students who reside outside of the lower mainland. The following dates will be held in-class at the Burnaby Campus: January 10, 17 & 31. February 21 (Midterm) & 28. April 4 & 11 (Final). 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. 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.
Status
Cancelled
This course offering has been cancelled. Please check back next term or subscribe to receive email updates.
CRN 15272
Duration
Wed Jan 18 - Wed Apr 19 (14 weeks)
- 14 weeks
- CRN 15272
- $787.37
Class meeting times
| Dates | Days | Times | Locations |
|---|---|---|---|
| Jan 18 - Feb 22 | Wed | 18:00 - 21:45 | Online |
| Mar 01 | Wed | 18:00 - 21:45 | Burnaby SE06 Rm. 205 |
| Mar 08 - Apr 12 | Wed | 18:00 - 21:45 | Online |
| Apr 19 | Wed | 18:00 - 21:45 | Burnaby SE06 Rm. 205 |
Instructor
Michelle Miller
Course outline
Credits
4
Cost
$787.37
Important information
-
The following dates will be HELD IN-CLASS at the Burnaby Campus: Midterm: March 1st Final: April 19th 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. 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.
Status
In Progress
This course offering is in progress. Please check back next term or subscribe to receive email updates.
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:
School of Business + Media
- Accounting
Diploma Full-time
- Accounting
Diploma Part-time
- Finance
Diploma Full-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
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Programs and courses are subject to change without notice.