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