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ACCG 6110 - Intermediate Financial Accounting - Comprehensive

Accounting Part-time Studies Course

School of Business + Media

To support you and your education, BCIT is adapting applied learning in formats appropriate to the unfolding global situation. All PTS classes are being delivered in an online format unless you are notified otherwise.

Course Details

With an applied emphasis, this course provides an intensive exploration of the principle and applicable standards, reporting requirements and disclosure requirements, including notes to the financial statements, of the main body of financial reporting literature in Canada as it pertains to both International Financial Reporting Requirements (IFRS) and Accounting Standards for Private Enterprises (ASPE). Students will become conversant with the underlying bases (historical cost, fair value) and end user financial information needs upon which the two sets of Canadian financial reporting standards are based. Students will acquire the technical proficiency expected of professional accountants and develop ability to articulate diverse economic events within the financial reporting framework. This course qualifies as a prerequisite for entrance into the Chartered Professional Accountants (CPA) Professional Education Program (PEP).

Prerequisite(s)

ACCG 5110 Financial Accounting or FMGT 1100/1105 Introductory Accounting I (with a final grade of 60% or greater) and FMGT 2100/2105 Introductory Accounting 2 (with a final grade of 60% or greater).

Credits

6.0

This course isn't currently offered through BCIT Part-time Studies. Please check back next term or subscribe to receive email updates.

Learning Outcomes

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

  • Understand and apply the Conceptual Framework in vetting economic events (1.1.1; 1.1.2)
  • Construct a statement of performance (Income Statement under ASPE and Statement of Comprehensive Income under IFRS), applying presentation formats, identifying and reporting separable economic events (unusual, discontinued operations), evaluating components of Other Comprehensive Income as being recyclable or non-recyclable and evaluating the application of intra-period tax allocation throughout the operating statement presentation (1.3.1; 1.4.4).
  • Identify, analyze and evaluate treatments of routine accounts comprising Current Assets and Liabilities, including fair value models and estimated liabilities; provisions, examining related note disclosures in published financial statements (1.2.2.; 1.3.2; 1.4.4).
  • Identify, analyze and evaluate treatments of routine accounts comprising Non-current Assets, including investments under the Equity Method, Intangible and deferred assets, and Non-current liabilities including fair value models, examining related note disclosures in published financial statements (1.2.2.; 1.3.2; 1.2.3; 1.4.4).
  • Identify, analyze and evaluate treatments of routine and non-routine accounts comprising Equity including complex, hybrid and transactions not culminating from the earnings process or share capital activity (1.2.2.; 1.2.4; 1.4.4).
  • Identify, apply, and integrate specialized areas into the financial reporting model simultaneously affecting both operations (income) and position (balance sheet) statements; accounting for corporate income taxes; defined benefit pension reporting, lease (lessor and lessee) measurement and reporting. Assess the related financial statement note disclosures pertaining to these specialized areas. (1.2.2.; 1.4.1; 1.4.4)
  • Define the basis of, apply the calculation of and evaluate the significance of Earnings-Per-Share (EPS) incorporating multiple dilutive instruments (1.2.2)
  • Define, understand, apply and evaluate the fundamental revenue recognition criteria under the traditional earnings process to multiple business environments including de-bundling of product/service offerings. Understand the reasons theretofore and apply altered revenue recognition criteria for different business environments; multi-year contracts, credit risk (1.2.2).
  • Outline the implications of IFRS 15, Revenue Recognition espousing the contract basis for revenue recognition. (1.1.4)
  • Identification of changes in estimates, changes in accounting policy and material prior effort conditions; evaluate and apply prospective, retrospective with or without comparative restatement and communication through the statement of retained earnings. (1.2.2)
  • Describe the purpose and relationship of the Management Discussion and Analysis (MDA) to the financial statements. (1.4.3)
  • Identify and analyze other reporting issues embodied in Notes to the financial statements; objectives of notes, segmented and interim financial reporting and subsequent events analysis. (1.4.2)
  • Demonstrate the user need for and prepare an advanced, summative level Statement of Cash Flows (SCF) under both Direct and Indirect formats amplifying the devolution of an accrual model to a cash model. Evaluate and interpret the underlying financing strategy as manifest in the SCF. (1.3.1.; 1.4.4)

Effective as of Winter 2017

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