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Financial Accounting 2 FMGT 4110

Financial Management Part-time Studies Course

Course details

This is the second of two courses in intermediate accounting designed to prepare the student to enter a professional accounting program at the intermediate level. FMGT 4110 covers significant aspects of the liabilities and equity section of the balance sheet, and the related income statement accounts. Both International Financial Reporting Standards (IFRS) and Private Enterprise GAAP (PE GAAP) will be examined.

Prerequisite(s)

Credits

5.5

Cost

$774.84 - $787.70 See individual course offerings below for actual costs.

Course offerings

Fall 2022

Below are four offerings of FMGT 4110 for the Fall 2022 term.

CRN 31293

Duration

Tue Sep 06 - Tue Dec 06 (14 weeks)

  • 14 weeks
  • CRN 31293
  • $787.70
Class meeting times
Dates Days Times Locations
Sep 06 - Dec 06 Tue 18:00 - 21:45 Burnaby SW01 Rm. 2016
Instructor

Ron McGregor

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

5.5

Cost

$787.70

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

CRN 32622

Duration

Sat Sep 10 - Sat Dec 10 (14 weeks)

  • 14 weeks
  • CRN 32622
  • $787.70
Class meeting times
Dates Days Times Locations
Sep 10 - Dec 10 Sat 09:00 - 12:45 Burnaby SW01 Rm. 2045
Instructor

Ron McGregor

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

5.5

Cost

$787.70

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

CRN 30765

Duration

Wed Sep 07 - Wed Dec 07 (14 weeks)

  • 14 weeks
  • CRN 30765
  • $774.84
Class meeting times
Dates Days Times Locations
Sep 07 - Dec 07 Wed 17:30 - 21:15 Downtown DTC Rm. 810
Instructor

Trevor Jang

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

5.5

Cost

$774.84

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
Status

Full

This course offering is full. Please check this page for other currently available offerings or subscribe to receive email updates.

CRN 32089

Duration

Thu Sep 08 - Thu Dec 08 (14 weeks)

  • 14 weeks
  • CRN 32089
  • $774.84
Class meeting times
Dates Days Times Locations
Sep 08 - Oct 20 Thu 17:30 - 21:15 Online
Oct 27 - Nov 03 Thu 17:30 - 21:15 Downtown DTC Rm. 385
Nov 10 - Dec 01 Thu 17:30 - 21:15 Online
Dec 08 Thu 17:30 - 21:15 Downtown DTC Rm. 385
Instructor

Trevor Jang

Course outline

Course outline TBD — see Learning Outcomes in the interim.

Credits

5.5

Cost

$774.84

Important information
  1. Important course information will be sent to you prior to your course start date. Check your myBCIT email account to access this information.
  2. The following dates will be HELD IN-CLASS at the Downtown Campus Midterm: October 27th Midterm Debrief: November 3rd Final: December 8th 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

Full

This course offering is full. Please check this page for other currently available offerings or subscribe to receive email updates.

Learning Outcomes

Upon successful completion of this course, the student will be able to:

  • Explain the significance and implications of Big Data and Artificial Intelligence as they impact the future required competencies and role of professional accountants.
  • Identify and explain the accounting concepts and principles that support the treatments of economic events under IFRS and ASPE.
  • Explain the significance of professional judgment, professional ethics and the hierarchy of authoritative guidance.
  • Distinguish financial and non-financial liabilities; identify more common current liabilities; apply first principles in recognition of non-financial liabilities; handling asset retirement obligations under IFRS and ASPE.
  • Apply first principles of liability recognition and presentation to unstructured economic situations and propose/justify treatments in the context of first principles.
  • Identify primary sources of long-term financing and apply measurement and reporting of issuing, maintaining and pre-mature redemption of bonds. Apply the fair valuation of debt under IFRS.
  • Identify and account for multiple types of capital transactions and classifications that comprise Shareholders' Equity with emphasis on the continuity format with which all shareholder accounts are presented.
  • Define derivatives and identify and value financial instruments that comprise both debt and equity components and the disposition of each component; reinforcing the notion of substance over legal form in financial reporting and applying IFRS guidance.
  • Explain and apply share-based compensation arrangements.
  • Calculate and present basic and diluted earnings-per-share, with multiple dilutive items.
  • Identify the primary components comprising the overall income tax provision (expense) determination. Apply the reconciliation of accounting to taxable income; the identification of permanent and temporary differences in tax/accounting recognition and determination of deferred tax balances arising from temporary differences and the impact on calculating the overall tax provision; re-measurement of temporary differences and consequent deferred tax reporting in future periods.
  • Apply tax losses for prior tax recovery and determine the extent to which a deferred tax asset can be recognized through loss carry-forwards.
  • Describe the primary pension plans in Canada and apply the fundamental defined benefit pension model under the IFRS and ASPE requirements; develop the pension expense, and note disclosure.
  • Describe the purpose of leases, the symmetry of this reporting standard as between lessee and lessor. Apply the criteria for lease capitalization and the variant reporting treatments reflecting the underlying lease agreement; guaranteed and unguaranteed residual value, bargain purchase option arrangements under IFRS 16.
  • Describe and apply leases reporting on the part of the lessor; derive lease quotes including executor costs; distinguish direct financing and sales-type leases.
  • Apply the guidance for accounting changes; changes in estimates, changes in accounting policies and treatment of material prior period errors.
  • Become competent in the preparation of the Statement of Cash Flows (SCF) and related disclosures under both the cash from operations Direct and Indirect methods and incorporating topics discussed throughout the course as they impact the SCF.
  • Describe the issues related to interim reporting, segmented reporting, subsequent events and discuss the nature and purpose of ever increasingly important Notes to the Financial Statements.

Effective as of Winter 2020

Related Programs

Financial Accounting 2 (FMGT 4110) is offered as a part of the following programs:

School of Business + Media

  1. Accounting
    Diploma Full-time
  2. Accounting
    Diploma Part-time
  3. Finance
    Diploma Full-time
  4. Finance
    Diploma Part-time
  5. Financial Management (Finance Option)
    Certificate Part-time
  6. Financial Management (Professional Accounting Option)
    Certificate Part-time
  7. Financial Planning
    Diploma Part-time
  8. Professional Accounting
    Advanced Diploma Full-time/Part-time

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