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.
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In Progress and Full
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
FMGT 3110 is offered as a part of the following programs:
If you are taking this course, but are not taking it through either Distance
Education or Online Learning, nor at the BCIT Downtown Campus (DTC), please purchase books for this course at the BCIT Burnaby Bookstore.
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Cei Digital: Intermediate Accounting, Vol 1 W Etext & Wileyplus, 11Th Cdn
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Intermediate Accounting Vol 1 W. Wileyplus, 11Th Edition
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