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ACC517 - Intermediate Accounting II

Subject Title 
Intermediate Accounting II

Subject Description 
This subject is the second of two Intermediate Accounting subjects (ACC415/517). It is a continuation of ACC415 and includes an in-depth analysis of accounting for long-term liabilities, shareholders` equity, pensions, corporate income taxes, leases and accounting changes. This subject also includes the calculation of earnings per share and financial statement analysis. Particular emphasis is placed on the requirements of generally accepted accounting principles as set out in the CICA Handbook and references to the International Reporting Financial Standards.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1 Account for long-term liabilities.

2. Explain the nature of the corporate form of business organization, the characteristics of different shares and how shares are issued.

3. Identify the concepts involved in measuring, recording, and reporting shareholders` equity. Apply these concepts to the recording and reporting of changes in retained earnings including accounting changes and the correction of errors.

4. Differentiate between and account for various types of complex debt and equity instruments.

5. Calculate earnings per share for corporations with simple and
complex capital structures.

6. Apply the basic principles of accounting and reporting for pension plans with focus on the immediate recognition approach and the deferral and amortization approach permitted by and required by IFRS.

7. Explain the concepts involved in accounting for corporate income taxes and calculate corporate income taxes as well as explaining the differences between the IFRS method and the future income tax method.

8. Differentiate between and account for various types of leases and covering the existing classification approach for lessees and lessors.

9. Analyse financial statements and interpret results.

10. Understand how GAAP is determined under private enterprise standards and IFRS as it relates to accounting changes and error analysis.

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