Course Lecturer Name(s): Ronald A Peters
Course Lecturer(s) Contact Information: rapeters@sgu.edu
Course Lecturer(s) Office Hours: Monday, Wednesday, Friday 2.30PM to 4.30PM
Course Lecturer(s) Office Location: Winward Hall (Building C)
Course Support: Tracy Fortune, tfortune@sgu.edu
Course Management tool: To learn to use Sakai, the Course management tool, access the link https://apps.sgu.edu/members.nsf/mycoursesintro.pdf
Course Description:
This course introduces students to a more detailed study of Financial Accounting and Financial Reporting than that covered in earlier accounting courses. It is based on financial reporting using the provisions of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB). It helps students understand what IFRS is and how the provisions in the standards are applied in practice. It covers the conceptual framework used as the basis for developing the international standards. It covers the format of the financial statements required by IFRS. Students learn about the accounting and financial reporting requirements of some of the elements reported in financial statements. Students also get an appreciation of the challenges and limitations of financial reporting.
Course Objectives:
- Discuss the differences between Financial Statements and Financial Reporting
- Introduce standard setting organisations looking at their role and activities in setting standards for Financial Reporting.
- Discuss Financial Reporting challenges
- Examine the conceptual framework for Financial Reporting developed by the International Accounting Standards Board (IASB).
- Review the steps in accounting cycle.
- Discuss the usefulness, the limitations and the format of Financial Statements
- Explain the recognition, measurement and disclosure principles of the items included as Cash and Receivables in the current Assets section of the Statement of Financial Position
- Discuss the valuation and disclosure principles of items included as inventory in the current assets section of the Statement of Financial Position
- Discuss the accounting and financial reporting principles governing the acquisition and disposal of Property Plant and Equipment
- Explain the accounting for depreciation, Impairment and depletion
- Explain the accounting and reporting principles for items included in the Current Liabilities section of the Statement of Financial Position
- Discuss the accounting and reporting concepts for the items included in the Equity section of the Statement of Financial Position.
Student Learning Outcomes:
- Identify and explain the elements comprising the accounting cycle
- Prepare journal entries to record accounting transactions
- Explain the steps followed by the International Accounting Standards Board when developing an accounting standard
- Identify and explain the elements comprising the conceptual framework developed by the International Accounting Standards Board to guide the development of accounting theory and practice.
- Explain the uses and limitations of Financial Statements
- Prepare Financial Statements in accordance with International Financial Reporting Standards (IFRS)
- Prepare account reconciliations
- Compute the value of inventory
- Compute the value of property plant and equipment
- Compute the value of items in the Equity section of the Financial Statement
Program Outcomes Met By This Course:
ISLO-4: Students will be able to critically think, motivate and collaborate to solve business problems.
ISLO-5: Students will be able to analyze financial and non-financial reports to assist local and global internal managers and external users in making decisions.
SAS Grading Scale: Grades will be assigned as follows:
A = 89.5% or better
B+ = 84.5 - 89.4%
B = 79.5 - 84.4%
C+ = 74.5 - 79.4%
C = 69.5 - 74.4%
D = 64.5 - 69.4%
F = 64.4% or less
Course Materials:
- Text: Intermediate Accounting: IFRS edition Volume 1 by Kieso, Weygandt & Warfield, published by Wiley.
- Supplementary Readings/Resources: Available on the ACCT 305 Mycourses course management website (Sakai): These include the syllabus, power point slides, and selected solutions to problems.
Course Grading Requirement:
Grades will be earned as follows:
|
1. Class participation |
10% |
|
2. In class quiz |
30% |
|
3. Mid-term exam |
30% |
|
4. Final exam |
30% |
Course Requirements:
- Participation in class discussions.
- Satisfactory completion of all written assignments
- Successful completion of both in class quizzes.
- Successful completion of mid-term examination and of final examination.
Course Schedule:
|
Weekz |
Topic |
|
1 |
[Chapter 3] The Accounting Information System. Review of previous financial Accounting course material (Pre-requisite for this course) |
|
2 |
[Chapter 1] Financial Reporting and Accounting Standards |
|
3 |
[Chapter 2] Conceptual Framework Underlying Financial Accounting |
|
4 |
In class quiz |
|
5 |
[Chapter 4] Income Statement & Related Information |
|
6 |
[Chapter 4] Income Statement & Related Information |
|
7 |
[Chapter 5] Statement of Financial Position and Statement of Cash Flows |
|
8 |
MID TERM EXAM |
|
9 |
[Chapter 7] Cash & Receivables |
|
10 |
[Chapter 08] Valuation of Inventory |
|
11 |
[Chapter 10] Acquisition & Disposition of Property Plant & Equipment |
|
12 |
[Chapter 11] Depreciation, Impairment and Depletion |
|
13 |
[Chapter 12] Intangible Assets IN-Class QUIZ |
|
14 |
[Chapter 13] Current Liabilities, Provisions and Contingencies |
|
15 |
[Chapter 15] Equity |
|
16 |
Final Exams |
School of Arts and Sciences Master Syllabi — Info for All Sections
Academic Integrity
The St. George’s University Student Manual (2019/2020) states as follows:
“Plagiarism is regarded as a cardinal offense in academia because it constitutes theft of the work of someone else, which is then purported as the original work of the plagiarist. Plagiarism draws into disrepute the credibility of the Institution, its faculty, and students; therefore, it is not tolerated” (p. 48).
Plagiarism also includes the unintentional copying or false accreditation of work, so double check your assignments BEFORE you hand them in.
Be sure to do good, honest work, credit your sources and reference accordingly and adhere to the University’s Honor Code. Plagiarism and cheating will be dealt with very seriously following the university’s policies on Plagiarism as outlined in the Student Manual.
Your work may be subject to submission to plagiarism detection software, submission to this system means that your work automatically becomes part of that database and can be compared with the work of your classmates.
The St. George’s University Student Manual (2019/2020) states as follows:
“Students are expected to attend all classes and or clinical rotations for which they have registered. Although attendance may not be recorded at every academic activity, attendance may be taken randomly. Students’ absence may adversely affect their academic status as specified in the grading policy. If absence from individual classes, examinations, and activities, or from the University itself is anticipated, or occurs spontaneously due to illness or other extenuating circumstances, proper notification procedures must be followed. A particular course may define additional policies regarding specific attendance or participation” (p. 9).
The St. George’s University Student Manual (2019/2020) states as follows:
“All matriculated students are expected to attend all assigned academic activities for each course currently registered. Medical excuses will be based on self-reporting by students. Students who feel they are too sick to take an examination or other required activity on a specific day must submit the online SAS medical excuse, which is available on Carenage. Students are only allowed two such excuses a year. Upon consultation with the Director of University Health Service, the third excuse will result in a mandatory medical leave of absence. The policies regarding make-up examinations are at the option of the Course Director” (p.46).
For additional specific examination policies and procedures, refer to the St. George’s University Student Manual (2019/2020), pages 31 through 37.
The St. George’s University Student Manual (2019/2020) states as follows:
“A student with a disability or disabling condition that affects one or more major life activities, who would like to request an accommodation, must submit a completed application form and supporting documentation to the Student Accessibility and Accommodation Services (SAAS) located in the Dean of Students Office. It is highly recommended that students applying for accommodations do so at least one month before classes begin to allow for a more efficient and timely consideration of the request. If a fully completed application is not submitted in a timely fashion, an eligibility determination may not be made, and accommodations, where applicable, may not be granted prior to the commencement of classes and/or examinations” (p. 8).
It is the responsibility of the student to read and understand the policies, laws, rules and procedures that while they could affect your grade for a course, have not been specifically outlined in the course syllabus. These are contained in the St. George’s University Student Manual.