IAF410 - Intermediate Financial Accounting II

Outline information
Semester
Schools offering this subject
Last revision date 2024-01-29 00:06:30.017
Last review date 2024-02-05 00:15:03.357

Subject Title
Intermediate Financial Accounting II

Subject Description
This course includes an in-depth analysis of accounting for specific items in liabilities and shareholders' equity. Coverage includes a review of generally accepted accounting principles (GAAP), as codified in the CPA Canada Handbook, that apply to the following topics: current and long-term liabilities, shareholders' equity, complex financial instruments, pensions and other post-employment benefits, corporate income taxes and leases. The calculation of earnings per share and the preparation of cash flow statements for more complex situations, in accordance with GAAP, are also covered in this course. The statement user perspective is reinforced through a review of financial statement analysis techniques at a more advanced level. Relationships between accountants, reporting corporations and statement readers receive close attention in this course, with a view to making decisions that establish a viable and ethical approach to fulfilling the accountant's role in the financial reporting process.A global perspective is maintained in this course through a comparison of Canadian and international accounting standards for the specific topics covered.

Credit Status
One degree-level credit

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

1. Explain the accounting issues related to the recognition, measurement, valuation and reporting of liabilities in accordance with GAAP
2. Identify the concepts involved in measuring, recording and reporting shareholders' equity and apply these concepts to the recording and reporting of changes in retained earnings, including accounting changes and correction of errors.
3. Differentiate between and account for various types of complex debt and equity instruments in accordance with GAAP.
4. Define dilutive securities and explain the theoretical foundation for earnings per share (EPS). Relate EPS to the information needs of capital markets. Calculate basic and diluted EPS for complex capital structures in accordance with GAAP.
5. Explain the tax allocation concepts involved in accounting for current and future corporate income taxes. Calculate corporate income taxes, taking into account timing and permanent differences and business losses, in accordance with GAAP.
6. Describe the types of pension plans and differentiate between funding and accounting. Apply the basic principles of accounting and reporting for pension plans.
7. Differentiate between various types of leases. Calculate liability and expense amounts related to leases in accordance with GAAP.
8. Examine the impact of contingencies and provisions, permanent and temporary tax differences, pensions and leases on the cash flow statement. 

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Show respect for diverse opinions, values, belief systems, and contributions of others.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.