Financial Accounting 1 FMGT 3110

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