Lifelong Learning for a Brighter World

Male looking at a laptop while at home Male looking at a laptop while at home


Cheques and balances. It all adds up.

Work towards your CPA designation!

ACC 934 - Advanced Financial Accounting C31

Academic Credit Value:
3 units
Course Delivery Mode:
Online Self-Study (OSS)
Hours of Study:
42 hours
Course Prerequisite(s):
ACC 926 Intermediate Financial Accounting 1 or equivalent. Be advised: Students who do not meet the pre-requisites will be required to withdraw. In such cases, CCE’s withdrawal/refund policies will apply.
Course Anti-requisite(s):
Instructor Name:
Carol Tristani, MBA, CPA, CGA
Course Dates:
01/15/2019 - 06/15/2019

Required Course Materials:
Hilton, Modern Advanced Accounting in Canada, 8th Edition, McGraw Hill. CPA Handbook (see online course resources section below)
Optional Course Materials:
Course Description:
Advanced Financial Accounting draws extensively on your background business knowledge and understanding of accounting theories and procedures; however, most of the material studied in the course has not been covered previously. The course introduces the complexities surrounding recording and reporting of inter-corporate investments when there is no influence, significant influence, or control. Other topics include: Canadian and international standard setting, foreign currency translation and financial reporting in the public and not-for-profit sector.
Learning Outcomes:
The broad aims of ACC 934 are to help you, through the study of these topics, to develop:
  • technical and procedural skills required to deal with advanced areas of the IFRS framework
  • the ability to assess a situation, identify issues and alternatives, and formulate recommendations using ethical, professional judgment

The course will strengthen your technical knowledge of advanced issues in financial accounting and your ability to communicate accurately and effectively as an accounting professional. Opportunities to practice these skills will be afforded through each end of unit assignment and discussion boards.

Course Evaluation
Assignments and required discussion boards will be given which count for a total of 40% of your final grade. The remaining 60% is based on a 3-hour final comprehensive examination. See the weighting of each assignment and required discussion board in the Course Overview Section of your online course.

NOTE: You cannot pass the course if you do not pass the final exam.

The final exam must be written on or before your course end date/final exam date. Students who have submitted all assignments ahead of schedule may opt to write their final examination prior to the posted examination/course end date. Although students are permitted to accelerate through course material, no student will be permitted to schedule/sit the final examination earlier than two (2) months post course start date. After the final exam is written no further assignment submissions will be accepted. 
Course Format:
ACC 934 consists of five units of study, which are briefly described below to help you develop a perspective of the course. Each unit is divided into modules to better “chunk” the content for you.  Each unit has practice problems (Let’s Practice), which should be completed before attempting any unit assignments. It is to your greatest advantage to review all practice problems before attempting the assignments. You can expect to see material on the examination of similar level of difficulty to that of the assignments and practice problems.
Assignment Submission:
Course assignments are submitted to the appropriate A2L Assignment folder by the specified due date
Late Coursework:
Late assignments will be subject to a 2% per day late penalty (includes weekends and holidays) for up to seven (7) days. After this date, no assignments will be accepted and a grade of zero (0) will be applied. Extensions for course work must be approved by the instructor before the due date (see Academic Regulations below), and will be granted for illness or emergencies only. Students may be asked to submit supporting documentation for an extension request.  NOTE:  This policy applies to assignments and other hand in type coursework only.  This policy does not apply to discussion board topics/postings which do not allow for late postings/contributions. 

Policy & Procedures:

Academic Regulations (Attendance, Coursework, Tests/Exams):
In accordance with McMaster University’s General Academic Regulations, “it is imperative that students make every effort to meet the originally scheduled course requirements and it is a student’s responsibility to write examinations as scheduled.” Therefore, all students are expected to attend and complete the specific course requirements (i.e. attendance, assignments, and tests/exams) listed in the course outline on or by the date specified. Students who need to arrange for coursework accommodation, as a result of medical, personal or family reasons, must contact the course instructor within 48 hours of the originally scheduled due date. It is the student’s responsibility to contact the Program Manager/Program Associate to discuss accommodations and procedures related to deferred tests and/or examinations within 48 hours of the originally scheduled test/exam, as per policy. Failure to contact the course instructor, in the case of missed coursework, or the Program Manager/Program Associate, in the case of a missed test/examination, within the specified 48 hour window will result in a grade of zero (0) on the coursework/exam and no further consideration will be granted.

*Note: Supporting documentation will be required but will not ensure approval of accommodation(s).
Academic Integrity
You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university.

It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy, located at

The following illustrates only three forms of academic dishonesty:
Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained.
Improper collaboration in-group work.
Copying or using unauthorized aids in tests and examinations.
Academic Accommodations:
Students with disabilities who require academic accommodations must contact the Student Accessibility Centre (SAS) to meet with an appropriate Disability Services Coordinator. To contact SAS, phone 905-525-9140 ext. 28652, or email For further information, consult McMaster University’s Policy for Academic Accommodation for Students with Disabilities.
On-line Elements:

In this course, we will be using on-line elements, which may include email, Avenue to Learn, WebEX, and external web sites.  Students should be aware that, when they access the electronic components of this course, private information such as first and last names, user names for the McMaster e-mail accounts, and program affiliation may become apparent to all other students in the same course. The available information is dependent on the technology used. Continuation in this course will be deemed consent to this disclosure. If you have any questions or concerns about such disclosure please discuss this with the course instructor.

The CPA Handbook:  The CPA Handbook is available through McMaster University's library system free of charge if you need it throughout your studies in this and other courses. 

Accessing the CPA Handbook:

CPA Handbook (available through the McMaster University Library System)

To access the CPA Handbook, please follow these steps:

  • Go to
  • Click on the URL for McMaster Users Only
  • Log in using your MacID and password
  • Under subscriptions find the CPA Standards and Guidance Collection and click to access this resource
Course Changes:
The instructor reserves the right to modify elements of the course and will notify students accordingly.
Course Withdrawal Policy:
Policies related to dropping a course and course withdrawals are posted to the Centre for Continuing Education’s program webpage, FAQs & Policies ( 
Storm Closure Policy:
In the event of inclement weather, the Centre for Continuing Education will abide by the University’s Storm Closure Policy:, and will only close if the University is closed. All in-class courses, exams and room bookings by internal and external clients will be cancelled if the Centre for Continuing Education is closed. On-line courses will take place as scheduled.
Grading Scale:
 Grade Equivalent
Grade Point
Equivalent Percentages
A+ 12 90-100
A 11 85-89
A- 10 80-84
B+ 9 77-79
B 8 73-76
B- 7 70-72
C+ 6 67-69
C 5 63-66
C- 4 60-62
D+ 3 57-59
D 2 53-56
D- 1 50-52
F 0 0-49
Course Schedule:

ACC 934 Course Unit Description and Assessment

Unit 1: Financial Reporting: International and Not-for-Profit Perspectives

This unit introduces you to the considerations underlying adoption of international financial reporting standards (IFRS) and the current standards of financial reporting for non-profit organizations.  Learners will describe and apply the not-for-profit accounting. 

Reading*:  Chapter 1: Conceptual and Case Analysis Framework for Financial Accounting

Chapter 12 – Accounting for Not-for-Profit and public Sector Organizations

Assessment:  Assignment #1 (5%); Discussion board #1 (3%)

Unit 2: Intercorporate Investments

This unit introduces learners to the equity method of accounting for significant; influence investments and compares it to the traditional cost method.  The basic forms of achieving a business combinations are described.  We introduce consolidated financial reporting of wholly and non-wholly owned subsidiaries and the key methods of preparing consolidated financial statements.

Reading*:  Chapter 2: 

Chapter 2: Investments in Equity Securities

Chapter 3:  Business Combinations

Chapter 4:  Consolidation of Non-Wholly-Owned Subsidiaries at Acquisition

Assessment:  Assignment #2 (6%); Discussion Board #2 (3%)

Unit 3: Consolidation Subsequent to Acquisition Date

This unit takes us beyond subsidiary acquisition so we introduce preparation of a consolidated income statement.  While our focus is on the cost method we do some equity method work as well.  The chapter demonstrates the preparation of consolidated statements using a scheduler approach to calculating balances and prepares the statement under the direct method.  Our course does not cover impairment testing.  Please refer to your Intermediate Accounting 1 course for a refresher.

Reading*:  Chapter 5:  Consolidation Subsequent to Acquisition Date

Assessment:  Assignment #3 (8%)

Unit 4: Intercompany Transactions: Inventory, Land and Depreciable Assets

This unit introduces learners to the impact of intercompany sales of land, inventory and depreciable assets on consolidated profit

Reading*:  Chapter 6:  Intercompany Land and Inventory Profits

Chapter 7A:  Intercompany Profits ibn Depreciable Assets

Assessment:  Assignment #4 (10%)

Unit 5: Foreign Currency Transactions and Translation

Foreign currency transactions give rise to currency risk. This unit identifies ways in which the financial professional can manage risk by hedging. The unit focuses primarily on hedging using a forward contract.

To facilitate the preparation of consolidated statements we translate foreign subsidiary statement into the domestic currency of the parent company.  You are introduced to the two key methods of translation:  the "functional currency method" and the "presentation currency method"


Chapter 10:  Foreign Currency Transactions

Chapter 11:  Foreign Currency Translation

Assessment:  Assignment #5 (5%)

Final Exam:  worth 60% of your final course grade. You must pass the exam to pass the course.

*see your online course for specific page references