Acct 414 - Syllabus - Fall 2007

Accounting 414Corporate Accounting and Reporting II

Course Description and Syllabus

Spring 2010

Teresa Gordon

Location: ALB 335 per schedule

Office: ALB 118

Time: 8:00 9:15 AM TTh

Office Phone: 885-8960

Office Hours: W 8:3011:30 AM

E-mail: tgordon@uidaho.edu

and TWTh 1:15-3:00 PM

or by appointment

Homepage: http://www.cbe.uidaho.edu/Acct414

If my office door is open, feel free to stop in.

Catalog Description: Acct 414 Corporate Accounting and Reporting II (3 cr). Continuation of Acct 315. Covers more advanced topics in the preparation of general purpose financial statements for external users according to US GAAP. Includes accounting database research. May include evening exams. Prereq: Acct 315. (Please note that you may be concurrently enrolled in Acct 415/515.)COURSE OBJECTIVES

In this course, we will concentrate primarily on CBE Goals #1, 2 and 3 (see list on page 6). Intermediate accounting is the "heart & soul" of financial accounting and reporting. In this course we will complete the topics not covered in Acct 315 and you will have multiple opportunities to research accounting topics using the ASC (FASBs on-line accounting standards codification). You will also have opportunities to apply your knowledge of accounting concepts to complex transactions. Income tax implications and international comparisons will be included in the coverage of relevant issues. An important pedagogical objective in this course is to challenge you with problems and situations that help you to develop professional skills and to enhance your critical thinking abilities. Todays accounting professional must be prepared to resolve unstructured problems in an uncertain environment. The skills emphasized in this course are intended to assist you in preparing for this business environment. The specific objectives include:

1. Become familiar with selected theoretical issues and existing GAAP and obtain a thorough comprehension of selected topics in external financial reporting (e.g., leases).

1. Become familiar with differences between US GAAP and IFRS on the topics covered

1. Sharpen your problem solving abilities for situations where there is a single correct answer because of the articulation of financial statements inherent the accounting equation (e.g., statement of cash flows).

1. Enhance your ability to conduct research in the authoritative literature using the FASB accounting standards codification (ASC).

1. Provide you with experience in resolving complex financial accounting and reporting issues through a research process that requires critical thinking and results in a well-supported position based on appropriate accounting standards.

Prerequisites, Competencies and Responsibilities:

It is assumed that you have satisfied the following minimum requirements:

1. Students enrolled in this course must have completed Accounting 315. This course cannot be taken concurrently with Accounting 315. You may take Acct 414 and Acct 415 at the same time.

1. Students should have proficiency with PC or compatible word-processing and spreadsheet software, email and file transfer ability and Internet/WWW research skills. Students lacking these personal computer competencies will need to seek help from other students, helpdesk, accounting lab, etc.

1. Student should have a UI email account and have basic competency in sending and receiving email. Student should be able to access the course web page.

1. Many students find that having a laptop during class is useful since I often work problems in Excel and use PowerPoint lecture slides. However, printing the blank files before coming to class is an alternate strategy that may even enhance your learning depending on individual learning styles.

You have other professional responsibilities which include attending class on-time and being prepared [having read all assigned material, completed (or at least attempted) all assignments], participating in class discussion of cases, raising questions about matters of interest or issues that you do not understand, and bringing all necessary materials with you to class (generally your laptop or printouts, calculator, etc. but not necessarily textbook).

Our accomplishments will be function of your enthusiasm and your efforts.

Course Materials

Required:

Access to internet (preferably with laptop available during class for at least some topics). On your computer, you will need Microsoft Word, Excel, & PowerPoint. Im generally posting files in Office 2007 now so if you are using Office 2003 you will need to install the conversion program that is probably still available free from Microsoft.

Intermediate Accounting, 13th Edition by Kieso, Weygandt & Warfield (Wiley, 2010).

Financial calculator. HP12C is a good one and the one Im most familiar with. However, there are other less expensive calculators that would be fine too. Im just not as familiar with them and youll need to study your instruction manual to figure out how to do everything.

Incorporating International Financial Reporting Standards (IFRS) into Intermediate Accounting, by Rebecca G. Fay, John A. Brozovsky, Jennifer E. Edmonds, Patricia G. Lobingier, and Sam A. Hicks at VirginiaTech University. An electronic copy will be available on the course webpage.

Access to FASB website for the ASC (Accounting Standards Codification). This is the only official source of level 1 GAAP as Sept. 15, 2009 (FASB Statement No. 168). The Department has purchase professional access license. Use ID = AAA51700 on the academic access link which takes you to the American Accounting Assn webpage. The password to use this semester is suoi500 (also on a sticky note on my office door).

Recommended:

Financial Accounting: Exam Questions and Explanations, by Irvin N. Gleim and William A. Collins (Accounting Publications, Inc.) is a low cost means of reviewing and learning financial accounting in preparation for professional exams. You can get it with a CD that will remember which questions youve missed or marked for additional review.

Examinations & Quiz Scores

You are expected to learn problem solving techniques, rules and facts related to the practice of accounting, and become familiar with pervasive concepts. Accordingly, exams will consist of multiple choice or other objective questions, plus short problems and/or essays. I often provide "free misses" on objective questions so you do not have to get them 100% correct to receive full credit. No make-up exams are given. An unexcused absence from an exam will result in a grade of ZERO. If you know you will need to miss an exam, you may be able to take the exam early.

Occasional quizzes may be administered. A missed quiz cannot be made up but I will drop at least the lowest fourth of the scores. Quiz scores will be combined with other homework assignments as shown in the grading table below.

Homework

Solutions to all exercises and problems for suggested homework out of the textbook will be made available through the accounting lab which is generally open Sunday-Thursday evenings. The solution manual can facilitate the learning process by allowing feedback for the assignments attempted. You should work through all of the homework assignments to gain mastery over the topics we will cover even though I dont take up every assignment for grading. It is a simple fact that your success in this course is highly correlated with your problem solving ability, your familiarity with the terminology, and your ability to communicate both effectively. If you don't work the problems when it doesn't count, you can't work them when it does! To encourage you to keep up, I collect homework as noted on the syllabus and count the best two-thirds (sequentially) as part of the 10% of your course grade related to quizzes and homework.

Major assignments (projects) will include research cases using the ASC, spreadsheet assignments and complex problems not included in textbook. Generally, the assignments will be posted on the schedule page on the course web site with a due date clearly indicated. You will be able to download (and print) the assignments. In some cases, part of the grade will be based on an evaluation of your writing ability.

ATTENDANCE and CLASSROOM DECORUM

Attending all classes will enhance your final score (unless you sleep through the lectures or play or surf the net, of course!). I will circulate an attendance sheet for you to initial. I occasionally administer an Attendance Quiz scored 100 for those present or provide bonus points to those present. At the end of the semester, I will also assign bonus points for good attendance, based on the attendance sheet passed around the room each class period. You may also earn additional bonus points by attending Beta Alpha Psi (accounting club) meetings whether or not you are a member. Just be sure to sign in and indicate that you are enrolled in Acct 414.

You are expected to arrive on time and to bring with you the necessary materials (calculator, laptop or printouts of assignments, etc.). I have worked hard to prepare the materials to enhance your learning and I expect you to pay courteous attention to the lectures. Talking with your neighbors is acceptable only when we are doing in-class exercises. Visiting with your neighbors is distracting to me and to the other students in class. Turn off your cell phone before class begins. If you need to leave class early, please let me know ahead of time. Students walking in and out of class during lectures distract me as well as the other students.

PREPARATION FOR CLASS

You should always read the assigned material before the class day that it is scheduled so that the lectures will be more meaningful. Occasionally, there may be a quiz at the beginning of the class designed to test whether or not you are keeping up with the reading assignments. In certain instances, I will ask you to complete an in-class exercise for the following class period. Please check the on-line schedule for changes in due dates.

GRADING

A letter grade will be determined based on the following:

Points

Percentage

2 mid-term exams - in class (beginning at 7:30 AM to allow more time to complete problems)

400

40%

Spreadsheet and research projects, cases & other major assignments

200

20%

Other homework (generally in textbook) and pop quizzes

100

10%

Bonus points for attendance, etc.

Comprehensive Final Exam

300

30%

Total

1000

100%

The specific letter grade assigned will be based upon relative point standing at the end of the semester. The following represents a general guideline to the minimum required grade for the indicated level of performance regardless of relative standing. Instructor discretion, as always, governs determination of your final grade. For example, improving performance over the semester will be taken into consideration. Likewise, a failing score on every exam would result in an F even if homework and project grades were satisfactory to good.

Letter Grade

Percentage

A

90% or higher

B

80 to 89%

C

70 to 79%

D

60 to 69%

F

less than 60%

Individual vs. Group Projects

If not otherwise indicated, assume all assignments are individual work. However, for some assignments, you will be expected to work outside of class in small groups of two to four students. Such projects will receive a group grade. Each person on the team will receive the same grade for the project. For individual assignments, evidence of group work will be penalized -- the overall grade for the assignment will be divided equally among group members or, at my discretion, a zero score will be assigned to all individuals involved. If group work is required but causes severe hardship for you, please come by and discuss with me during office hours. Plagiarism and other cheating is not acceptable behavior and will earn a ZERO on the assignment or an F for the course.

Group Work Acceptable for Fall 2009:For Project #1, you MUST work in a group of 2 to 3 students.For Projects #2, #4 & #6 and for homework assignments #2 and #3, you MAY work in groups of 2-3 students.All other assignments this semester are INDIVIDUAL assignments.

CHANGES IN SCHEDULE

Check out the Acct414 homepage announcements page for changes in assignments, schedule and so forth. If your e-mail address is in the UI computer system, you should also receive periodic announcements from me about scheduled events, job interviews, and assignment changes or clarifications.

GENERAL OVERVIEW OF COURSE CONTENT

Present value topicsGeneral reviewSerial bondsFair value & fair value optionLoan impairmentLeases Pensions

Other TopicsRevenue recognition Accounting for income taxesEarnings per shareStatement of Cash Flows

Course overview diagram is available on the web-page version of the syllabus

Key for abbreviations on schedule

CN = Course Notes generally Microsoft Word files

HO = handout (indicates homework provided by way of e-mail, web-site, or hard copy rather than something from the textbook)

TBA = to be announced and sent by email or posted on web page

XLS = Excel file or XLSX if later versionPPT = PowerPoint file or PPTX if later versionDOC = Microsoft Word file or DOCX if later version

CBE LEARNING GOALS:

Goal #1: Business Knowledge & Environment - CBE students will acquire an integrated understanding of business, accounting, and economic principles and specialized knowledge in their chosen majors.

Goal #2: Critical Thinking and Ethical Problem-Solving CBE students will be able to use appropriate tools of analysis to identify and address problems or opportunities.

Goal #3: Communication CBE students will develop the ability to effectively obtain, organize, and communicate information.

Goal #4: Clarify Purpose and Perspective CBE students will develop an understanding of self and their place in the world.

Goal #5: Teamwork and Collaboration CBE students will acquire the ability to interact effectively and professionally with people of varied backgrounds, abilities, and values.

Disability Support Services Reasonable Accommodations Statement:

Reasonable accommodations are available for students who have documented temporary or permanent disabilities. All accommodations must be approved through Disability Support Services located in the Idaho Commons Building, Room 306 in order to notify your instructor(s) as soon as possible regarding accommodation(s) needed for the course.

1. 885-6307

1. email at

1. website at

Students should present a completed and signed Accommodation Checklist for the current semester, from our office when requesting accommodations. Students should not present the checklist before or after class, if they do, request that they see you during your office hours. If they do not have a current checklist both completed and signed, please refer them to the Disability Support Services office (Idaho Commons, Room 306) to obtain one. If you have any questions regarding a student(s) with a disability(s), or how to best work with a particular student in class, please contact our office.

Acct 414 Syllabus for Spring 2010Page

1

Spring 2010 Tentative Course Schedule

Note that changes may be made to this schedule. Please check the on-line schedule regularly on the course web page. Official due dates & assignments are those on the course webpage (not necessarily the ones listed here).

Date

Class

Topic

Reading Assignment

Homework Assignment

ThJan 14

1

Print a copy of PVExamples.doc. We will start working some of the problems so bring financial calculator with you.

Read syllabus.

Familiarize yourself with course web page and read submission protocol

If you need a review of discounted cash flow analysis, read Ch 6 and/or The Time Value of Money by Jeff Harkins

PVExamples.doc Problem sets 1 to 3 - attempt all parts. Check figures are provided at the end of file. Due Thurs Aug. 27

Sets 4 and 5 will be turned in for grading on Th. Jan 21

TJan 19

2

Time Value of Money

Time Value of Money Examples & Assignment

Time Value of Money Tables & Template (Excel) to get interest factors for other n & i combinations

See also Chapter 6 in text

Go over Problem sets 1, 2 & 3 Bring copy to class with you (paper or on laptop) with your attempted solutions

ThJan 21

3

The Fair Value Option (pptx) -- includes comparison to IFRS

With Fair Value Measurement (FAS157) -ppt

Begin review of bond accouhting: Bond Amortization with FV option Example (xls)- if you are not bringing laptop, "print all" to get the core of the example we'll be doing in class today

Excel Demo - Time Value of Money Functions

Starter Blanks - Bond Amortization Tables

Ch 17, pp. 873-874, 880

Link to K. Stices material on fair value option and fair value disclosures

FAS 158 & Fair Value Option (2007 update Spiceland) - material that goes with another intermediate accounting text - has numeric examples of computing fair values and shows how to do journal entries if the fair value option is elected. But if you print, just print pages 5 through 12 since we won't do the exercises

For more advanced coverage: see BDO Seidman 23-page summary or read the actual standard at fasb.org or on your FARS CD- reference materials for more details

Turn in HW #1 - PV problem sets 4-5 (individual assignment)

Good practice problems on fair value from text: E17-16 & E17-21

HW #2 Fair Value & FV Option Assignment (docx) Note that this is 3 "handout" problems (in file) plus 3 exercises from textbook: E17-19, E17-20 & E17-21

Go to course website for all later dates

Not part of paper handout to students but for the official records (pasted from website so formatting isnt perfect)

Date

Class

Topic

Reading Assignment

Homework Assignment

T1/26

4

PROFESSOR OUT OF TOWN, substitute teacher

Fair values, continued

Serial Bonds - Notes & Example with Solution (doc) BRING PAPER COPY TO CLASS

Starter Blanks - Serial Bond Amortization Tables (xls)

Get serial bond examples from web page and bring laptop or paper copy to class

NOTE THAT SOLUTION TO SERIAL BOND EXAMPLE IS IN THE DOC FILE to left

HW #3 Serial bonds with fair values (docx) Note that we will go over Serial Bond Problems 1 and 2 (briefly) on Th Jan 28 (the same day that HW #2 is due) and you will have time to fix any errors before turning in the assignment

Th1/28

5

Go over PP#1 & PP#2 Serial Bond homework

Troubled Debt Lecture ppt ("economics" with flowcharts - I just used the first one in lecture - remember, we are pnly doing the CREDITOR side of transaction)

Impairment of Loans - examples (troubled debt accounting for creditors) docx BRING COPY TO CLASS or the excel file : Loan Impairment examples - blanks (xls)

Ch 14 Appendix A (pp. 697-706)Ch 14A troubled debt appendix (KWW-13e pptx) and Unit 6 of IFRS material, p. 23

If you are interested in the "debtor side" of troubled debt restructuring, got to "links" page for "old" notes that covered both creditors and debtors. Solutions are included for the example we did for creditors.

Last chance to turn in HW#1 (with 10 point late fee)

HW#2 is due today

Make any corrections needed to your HW#3 and turn in on Thursday Sept 10

Begin work on Loan Impairment HW#4: E14-20, E14-22, E14-24, P14-13 + handout problem This is an individual assignment. Due date = Th Feb 4

T2/2

6

Loan Impairment (FASB vs IFRS) ppt file

Complete Impairment & debt restructuring (Ex 4,5 & 6) including IFRS related materials on loan impairment (if you are using file from Tuesday, there is an error on the interest rate for Ex. 4 - should be 11% not 12%)

Ch 21 read introduction to chapter before class (pp. 1088-1101)

CN Loan Impairment & Troubled Debt Restructuring

Impairment Example 6 under IFRS solution (xlsx) (pre-prepared version, more explanations than version from class - some of it just color-coding source of numbers)

Turn in HW #3 is due today(problems 3, 4 and 5)

Loan Impairment HW#4: E14-20, E14-22, E14-24, P14-13 + handout problem TBA (currently part of HW 3)

HW#4 is due on Tuesday of next week. This is an individual assignment.

Th2/4

7

Accounting for Leases

Introduction to Leases (ppt)Intro to Leases (includes flow charts)

Leases (in class journal entry examples) (doc file) Bring copy to class - you can print it out or type in solutions in the doc file

Leases 1E, 1F, 7, 9, 11, 12, 13 Excel You may prefer to use these instead of the "doc" versions since they require preparation of amortization tables

Ch 21, Textbook PPT - Ch 21 Leases (reference material, I may not use it)

Starter Blank for Lease.xls

Go to Materials & Links page for a listing of links to solutions for the lease example problems

HW#4 is due today (individual work) {E14-20, E14-22, E14-24, P14-13 + handout problem} JUST DO THE CREDITOR PART OF EACH PROBLEM

HW #3 can be turned in today - 10 point late penalty. It is not accepted after today since I will post the solution

Practice Problems on leases: BE21-9, BE21-11, E21-1, E21-2, E21-12 plus Exercises 1, 2 & 3 in Unit 20 of the VirginaTech materials (see Class 11 row for complete list of assignments that are to be turned in this is just some exercises that you should be ready to prepare based on lectures and examples so far doing them NOW should really help you master this material. You can check your answers in the accounting lab Sunday through Thursday evenings)

Date

Class

Topic

Reading Assignment

Homework Assignment

T2/9

8

Leases under IFRS

Leases - classification only examples (with IFRS) ppt

Leases: A quick look at IFRS (just the IFRS content for later study -slides are also included in the file with examples)

See also synopsis in the "in-class examples" doc file and other details in the "classification" ppt files

Read VirginaTech material on leases (Unit 20)

Project 1 - Spreadsheet Assignment on Leases You can start now if you wish although you may change journal entries after next Tues. class (if you did them wrong)

HW #4 Loan Impairment (including troubled debt) can still be turned in today - 10 point late fee.

Begin working on Exercise 4 through 6 in the Unit 20 of the VirginaTech materials as well as E21-8 and E21-9 in the text.

Th2/11

9

Accounting for Leases

Leases (in class journal entry examples) Continue to bring copies of examples - We will do Examples 5 and 7 today

We will continue to use the lease classification ppt file too

Ch 21

Click here to go to lease example solutions section of materials

Notes on Lease Accounting under US GAAP & IFRS (doc) - about 11 pages

Begin working on E21-6, E21-7, E21-10

Project 1 - Leases (amortization tables & JEs) is due no later than 5 PM Tues. Feb 16 see instructions). This assignment must be submitted via email and you MUST use Excel. You may work in groups of 2 or 3 students.

T2/16

10

Advanced topics in lease classification - bring Leases - classification only examples (with IFRS) ppt - we will continue doing those examples

Selected Lease Examples - Excel Blanks (xlsx) S10 Continue to bring copies of examples - you could start with file from Tues which has examples 5 & 7

Ch 21

Project 2 - Lease Research FACTS (docx) Proj 2 Answer sheet (xls) Read instructions! You may work in groups of 2 to 3 students on this assignment.

Project #1 due electronically by 5 PM FRIDAY Sept. 25. Be sure to email your co-authors when you send so we can reply all to return the graded assignment!

Th2/18

11

Coming Changes to Lease Accounting (pptx)

Researching the authoritative accounting literature: Researching the ASC (pptx)

There are also tutorials available at fasb.org to help you learn to use the ASC

BE SURE TO BRING YOUR LAPTOP TODAY!

Ch 21 + Accounting Codification

Another research project using the ASC = Project 3 Estonyshing - ASC Research Case (docx) due no later than Tues, March 23 (immediately after spring break) - see instructions on page

HW #5 (individual assignment) Part A: From Unit20 in the VirginaTech materials, exercises 4, 5 and 6.Part B. From textbook, do E21-1, E21-2, E21-6, E21-7, & E21-10 and E21-12

Project 2 - Lease Research FACTS (docx) Proj 2 Answer sheet (xls) Read instructions! You may work in groups of 2 to 3 students on this assignment.

Date

Class

Topic

Reading Assignment

Homework Assignment

T2/23

12

Go over lease research project during class as review for Exam

We may also finish up any remaining questions on construction accounting or installment accounting

Ch 21

Project 2 - Lease Research FACTS (docx) Proj 2 Answer sheet (xls) Read instructions! You may work in groups of 2 to 3 students on this assignment.

Lease research project #2 due at beginning of class (no late assignments accepted), You may work in groups of 2-3 students on this project.

Th2/25

7:30 AM

13

Exam 1

Covers present values, serial bonds, fair value option and disclosures, loan impairment & restructuring, leases & revenue recognition

You may begin taking exam at 7:30 AM you will probably NEED the extra 30 minutes! If Im ready, you might even be able to start a few minutes earlier.

T3/2

14

Revenue recognition long-term construction accounting

Garfield Construction Co. 3-year Example with solution I recommend bringing PAPER copy so you don't get distracted by Excel formulas. - Excel is NOT particularly useful for this problem

Installment Sales Examples (doc) I recommend bringing paper copy of doc file or laptop to use the excel version: Installment Sales Examples (excel) - for this one, Excel will be handy to create amortization table

Ch. 18 Text book 12th ed PPT slides

IMPORTANT: Accounting for LT Construction Contracts - Notes (.doc) - about 4 pages - includes IFRS

Also, read Unit 17 in the VirginaTech materials on revenue recognition

Begin work on E18-10, P18-2, P18-6 and P18-7 and the exercises in Unit 17 of the VirginaTech material

Turn in HW#5 (lease problems) today to avoid late penalty. Not accepted after next Tuesday (10 point late penalty) - We have done two projects on leases so if you are going to skip a HW out of #4 thru #6 - this is the one. Do part but not all for study purposes - that's my recommendation!

Revene Recognition HW - Extra Credit (docx) Submit this one to replace a low or missing homework grade. It is strictly optional and will be accepted through Oct. 15

Th3/4

15

Revenue Recognition under IFRS (ppt) [repaired link]

IFRS vs US GAAP: Revenue from sale of goods and services (one page doc)

5-yr example: Colfax Construction Co. - LT construction contract example I recommend bringing PAPER copy so you don't get distracted by Excel formulas. We will add the IFRS solution this semester

Ch 18

During the spring term, we spend an extra day on revenue recognition and do illustrative example for the zero profit method that is the IFRS version of the completed contract method

HW #6 (E18-10, P18-2, P18-6 and P18-7 in textbook - accepted through the beginning of the exam

Project 3 Estonyshing - ASC Research Case (docx) is Project 3, a research case in ASC, It can be turned in at any time but no later than the Tuesday after the Fall Recess it is better not to procrastinate but this "relaxed due date" will give you a chance to fit Project 3 into your schedule when it is most convenient.

T3/9

16

Continue working on revenue recognition topics

Ideally, you will have a draft of your Project 3 case to D'Wayne Hodgins before spring break - so he can help you improve your writing

Date

Class

Topic

Reading Assignment

Homework Assignment

Th3/11

17

Introduction to accounting for pensions

Pension Present Value Example (one-person defined benefit pension plan) BRING COPY TO CLASS!

Pension Accumulation & Payout Example (this is an excel file but without formulas - has a few extra columns as compared to the MSWord version)

Chapter 20

Bring to class with you: Pension Present Value Example I suggest that you bring a paper copy of page 1 & 4

This is the ONLY class period related to completing Project 4 so dont miss class just to extend your spring break!

Turn in HW #6 (E18-10, P18-2, P18-6 and P18-7 in textbook accepted through the beginning of the exam

Begin work on textbook problems: BE20-1, BE20-2, BE20-3, BE20-8, BE20-9 E20-2, E20-5, E20-6, E20-8, P20-5. It will help to begin working on at least some of these problems before you tackle the long pension problems I developed for Project #5. This is also the only practice youll get for certain features of pension accounting prior to Exam 2.

Pension PV Project 4

Tues3/16

Spring Break

A good time to complete Project 3 if you haven't already done so

Thurs3/18

Spring Break

You may also want to complete Project 4 before the last minute!

T3/23

18

Accounting for Retirement Benefits

Pensions & Other Post Employment Benefits After FASB No. 158 (ppt)

Pension WS Demo Example for students (xlsx) Bring copy with you to class today and Thursday

In Class Pension Examples Using Working paper approach

Distribute Project 5, pension problems using SFAS No. 158 (2 plans, 2 years each) The assignment is given in Excel but you may do it by hand - which would be good practice for the exam!

Reminder: Project 3 (Estonyshing revenue recognition case) is due soon! If you want writing help, D'Wayne needs it very soon. Due date: April 6

Pension PV Project 4 Turn in Pension accumulation & amortization schedules (you may work in groups of 2) - it will be accepted through Thurs Oct 22 (without late fee)

Begin work on Project #5. Also turn in solution to E20-5 & E20-9 THIS IS AN INDIVIDUAL PROJECT

TH3/25

19

Pensions & Other Post Employment Benefits after FASB No. 158 (ppt) and continuing with example in Excel

Employee Benefits: Comparing IFRS to FASB (ppt)

You should now have the knowledge necessary to complete Project #5 - Pension Workpapers (2 plans, 2 years each)

Glossary of Pension Terminology

Read Unit 19 on Pensions in VirgniaTech materials

KPMG IFRS to US Comparison for Pensions and Post-Retirement Benefits (pptx) - if you want more details on the differences

Last chance to turn in Pension PV Project (pension accumulation schedules)

Extra Credit Ch 16: E16-1, E16-6, P16-1, P16-2 (authors estimate 1 to 2 hours). This is material not covered in Acct 315 but it will be helpful (20 points max added to overall HW average or substitute for a missing HW assignment) Due no later than Th. April 1. Turn it in as a separate "submission" with your name clearly marked.

Date

Class

Topic

Reading Assignment

Homework Assignment

T3/30

20

Complete discussion of Pension Accounting if necessary

Accounting for Income Taxes (ppt) with comparison to IFRS

Deferred Tax Examples only - print yourself a copy - in this chapter, some of the ppt slides have Excel inserts but it will be easier to use if you have a copy of the problems on PAPER - this file contains just the facts from the problems we will be doing over the next 2 weeks

Ch 19

Accounting for Income Taxes (notes in MSWord-optional)

Reminder: Project 3 (Estonyshing revenue recognition case) is due on April 6

Begin work on E19-1, E19-2, E19-4, E19-6, E19-7

Project #5 is due today, (accepted through Thurs Oct 29 with 10 point late penalty)

TH4/1

21

Accounting for Income Taxes

2nd Best Example for students (xls) Print first 2 sheets (facts and workpaper)

Ch 19

Begin work on E19-5, E19-9, E19-10, E19-23 & P19-1, P19-2 {It helps to start with some easier exercises - some will be turned in as part of HW#7}

Last chance to turn in Project 5 (4 pension working papers)

T4/6

22

Accounting for Income Taxes - and comparison to IFRS

Accounting for Income Taxes (added IFRS slides) (ppt)

First Place Inc. - Deferred Tax Example -with solution print first two sheets (facts and workpaper)

Unit 18 in VirginaTech IFRS materials

Last Chance to Turn In Project 3

Income Taxes - HW #7 due Tues 4/8 (Textbook: P19-1, P19-2, P19-3, P19-4, P19-9) {Due 4/8 but accepted with late fee through 4/13}

TH4/8

23

Finish up Deferred Tax if necessary (there may be a quiz)

Introduction to Employee Stock-based compensation & EPS

Stock Based Compensation - SFAS No. 123R with IFRS comparison (introductory level) (ppt)

Ch 16 (pp. 803-811 only) and Unit 15 in IFRS material from VirTech or see Share-based Payments: IFRS 2 - more details from KPMG (ppt)

Examples - Employee Stock Compensation (excel blanks & solutions)

Begin work on E16-10, E16-11, E16-12, E1629, E16-30, P16-3 & P16-4 related to stock-based compensation. (Some will be turned in as part of HW#8 but it is good to start with some of the easier ones!)

HW #7 due today but accepted with 10 point late fee if received by 5 PM Tuesday April 13

Date

Class

Topic

Reading Assignment

Homework Assignment

T4/27

28

Introduction/Review of Statement of Cash Flows

Palouse Pottery and Moscow Moving & Storage examples

Procedures for Direct Method SCF.docx using my style of working paper

Ch 23 and Unit 5 in VirginaTech IFRS materials

The Statement of Cash Flows (NOTES FILE)

Moscow Moving & Storage - SCF for class (excel) has solution but not in working paper format

Begin work on E23-1, E23-8, E23-9, E23-13 and/or the Ulliman and Driskoll practice problems. {It is important to get the mechanics down on a simply problem before starting the HW and Projects!}

Th4/29

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Statement of cash flows

Ex 3R - Avery Arrowheads Inc. Ex3-Avery Arrowheads for students - working paper (excel) (Bring paper copy or laptop. -- If you do work in excel, it will still be helpful to have a paper copy so you can see the additional information items easily.

Ch 23

The best way to make sure you can work the SCF problem on the final exam is to work SEVERAL problems. The easiest ones are listed on the 12/1/09 row. I strongly recommend that you do WWW before attempting the Endicott Engines homework problem or Project 7

Begin work on P23-2 and P23-4 and/or Wenatchee Whirlpool World example (the one with the most complete explanations in the solution included in doc file above)

T 5/4

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Statement of cash flows with IFRS comparison

We'll continue with Avery Arrowheads example - here is the partially completed file from Thurs

Statement of Cash Flows - US GAAP vs IFRS (ppt)

Ch 23

For extra practice for the exam (since there are no "old" final exams posted)

Gadgets Galore - SCF Problem here is an excel worksheet but it doesn't have any fancy formulas: Excel Working Paper (Gadgets Galore)

HW 9 - Endicott Engines is due Thursday Prepare it by hand on paper as practice for final exam. You may type SCF if you prefer but do the working paper by hand. That's the best way to practice for the final exam. Not accepted after 5 PM May 7 because I will post the solution on Monday for study purposes.

Th5/6

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Statement of cash flows

Problem will be handed out during class - a "practice exam" to get you ready for the final exam question.

Project 7 Kamiak Kanoos Korp SCF Problem (doc) This file has the facts but no working paper. Print working paper from excel file to do "by hand" or use the excel version with selected formulas provided: Blank Working Paper for Kamiak Kanoos SCF. Doing it by hand would be the best practice for the final exam.

Turn in HW#9 - Not accepted after 5 PM Friday May 7

Project#7 (SCF problem) is an individual assignment is due no later than the beginning of the final Exam - 7:30 AM May 13

Thurs. 5/13 at7:30 AM

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Final Exam (comprehensive) includes some IFRS questions

Regular classroom at 7:30 9:30 AM, you may be able to start about 7:15

Last chance to turn in Project #7