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ACC417 - Intermediate Accounting I, Part 2

ACC417 - Intermediate Accounting I, Part 2

Subject Description 
This subject is the second 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. It integrates an in-depth study of asset items on the Statement of Financial Position (including inventories, investments 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 according to the Accounting Standards for Private Enterprises (ASPE) and International Financial Reporting Standards (IFRS)

4. Account for inventory costs, including the application of various cost flow assumptions, valuing inventory at year end and estimating inventory according to ASPE and IFRS

5. Identify and account for investments using ASPE and IFRS

6. Identify types of long-term assets and account for the acquisitions, repairs and improvements of tangible and intangible capital assets according to ASPE and IFRS

7. Account for the amortization, impairment and disposition of tangible and intangible capital assets according to ASPE and IFRS.

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