1. Explain the financial reporting environment.

ACC416 - Intermediate Accounting I, Part 1

Explain the financial reporting environment.

Subject Description 

This subject is the first of two in the program on Intermediate Accounting (ACC416/417). It examines fundamental accounting assumptions, concepts and principles. Income determination is stressed through a review of revenue and expense recognition principles and the underlying conceptual support. Explain the financial reporting environment. It integrates an in-depth study of asset items on the Statement of Financial Position (including cash, receivables, inventories and capital assets) with emphasis upon generally accepted accounting principles that apply to these items.

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

1. Explain the financial reporting environment.
2. Explain the objectives and fundamental concepts of financial reporting.
3. Apply the basic accounting concepts and generally accepted accounting principles (GAAP) to a wide range of situations in order to determine the most appropriate method of accounting, including the IFRS equivalent standards.
4. Prepare and interpret the Income Statement and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows and accompanying notes in accordance with GAAP, including the IFRS equivalent standards.
5. Apply revenue recognition criteria to a number of situations and account for related transactions, including the IFRS equivalent standards.
6. Account for monetary balances including cash, accounts receivable, notes receivable and notes payable.