Intermediate Accounting
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This course provides an in-depth examination of critical issues in financial accounting, focusing on the application of international accounting standards and their impact on financial reporting practices. Students will gain a robust understanding of key accounting concepts and standards, covering topics such as the classification and measurement of financial instruments, the assessment of control in consolidated financial statements, and the revenue recognition framework.
The course also examines the accounting treatment of leases, employee benefits, borrowing costs, and the presentation and calculation of earnings per share. Additionally, students will explore the recognition and measurement of intangible assets, along with the presentation requirements for key financial statements.
Through rigorous analysis and practical application of accounting standards, participants will enhance their ability to navigate complex financial reporting challenges, equipping them with the skills to make informed decisions and contribute effectively to the field of accounting.
Course Details
Instructor
Course Catagory
Accounting Courses
Duration
48 Hours
Type
Self Guided
Course Plan
Course Objectives
1. To provide a comprehensive understanding of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), focusing on the roles of the IASB and FASB in standard-setting and their conceptual frameworks.
2. Analyze the presentation and disclosure requirements of financial statements in accordance with international accounting standards and reporting frameworks.
3. Develop the ability to apply consistent accounting policies and estimates to ensure transparency and compliance with financial reporting standards.
4. Examine real-world financial reporting issues by applying accounting standards to case studies and practical scenarios.
5. Critically assess the impact of changes in accounting standards on financial statements and organizational decision-making.
Program Learning Outcomes (PLO)
Upon successful completion of the Accounting Teacher program, graduates will be able to:
1. Understand Core Accounting and Finance Principles
Develop a comprehensive understanding of foundational and advanced principles in accounting and finance, enabling effective analysis and resolution of diverse financial and managerial challenges.
2. Apply Analytical and Quantitative Skills
Enhance the ability to employ analytical tools and quantitative techniques for problem-solving, decision-making, and performance evaluation across various accounting and finance contexts.
3. Integrate Ethical and Professional Standards
Promote the application of ethical principles, professional standards, and accountability in all accounting and finance practices, fostering trust and responsibility in organizational and societal contexts.
4. Foster Lifelong Learning and Adaptability
Cultivate a commitment to lifelong learning by encouraging curiosity, self-reflection, and the ability to adapt to evolving accounting standards, financial regulations, and technological advancements in the field.
5. Communicate Financial and Managerial Information Effectively
Develop the skills to prepare, interpret, and effectively communicate financial and managerial information to diverse stakeholders, supporting informed decision-making in dynamic business environments.
Course Learning Outcomes (CLO)
After successfully completing this course, the students will be able to:
CLO #1: Develop a comprehensive understanding of IAS/IFRS and GAAP principles, including the roles of IASB and FASB in standard-setting and the conceptual frameworks guiding their standards.
CLO #2: Demonstrate proficiency in preparing and presenting key financial statements in compliance with IAS 1 & IAS 7, ensuring clarity, transparency, and adherence to established accounting.
CLO #3: Develop the ability to apply IAS 16 and IAS 36 to evaluate the recognition, measurement, and disclosure of tangible assets, ensuring accurate reporting of acquisition, depreciation, and impairment.
CLO #4: Apply IAS 2, IAS 8, IAS 37, and IAS 38 to ensure accurate recognition, measurement, and disclosure of inventories, intangible assets, provisions, and accounting policy changes in compliance with international standards.
CLO #5: Understand the recognition and measurement of employee benefits (IAS 19), borrowing costs (IAS 23), and earnings per share (IAS 33), assessing their effects on the financial position and performance of entities.
CLO #6: Apply IFRS 1 to understand the requirements and procedures for transitioning to IFRS, ensuring accurate and compliant financial reporting during the first-time adoption process.
CLO #7: Analyze and implement IFRS 9, IFRS 10, IFRS 15, and IFRS 16 to evaluate the classification, measurement, and disclosure of financial instruments, consolidated statements, revenue recognition, and lease accounting.
Course Schedule
| Lesson 1: Intermediate Accounting Orientation |
| Lesson 2: Financial Accounting and Accounting Standards |
| Lesson 3: Generally Accepted Accounting Principles GAAP |
| Lesson 4: IASB and Conceptual Framework |
| Lesson 5: FASB and Conceptual Framework |
| Lesson 6: IAS 1 – Presentation of Financial Statements |
| Lesson 7: Statement of Comprehensive Income |
| Lesson 8: Statement of Changes in Equity |
| Lesson 9: IAS 7 - Statement of Cash Flows (I) |
| Lesson 10: IAS 7 - Statement of Cash Flows (II) |
| Lesson 11: IAS 2 – Inventories |
| Lesson 12: IAS 16 Property Plant and Equipment |
| Lesson 13: IAS 16 – Property, Plant, and Equipment (II) |
| Lesson 14: IAS 36 – Impairment of Assets (I) |
| Lesson 15: IAS 36 – Impairment of Assets (II) |
| Lesson 16: IAS 23 – Borrowing Costs |
| Leeeon 17: IAS 19 – Employee Benefits |
| Lesson 18: IAS 26 Accounting and Reporting by Retirement Benefit Plans |
| Lesson 19: IAS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors |
| Leeson 20: IAS 37 – Provisions, Contingent Liabilities, and Contingent Assets |
| Lesson 21: IAS 33 – Earnings per Share |
| Lesson 22: IAS 33 – Diluted Earnings per Share |
| Leeson 23: IAS 41 - Agriculture |
| Lesson 24: IAS 38 – Intangible Assets |
| Lesson 25: IAS 24 -Related Party Disclosures |
| Lesson 26: IAS 34 - Interim Financial Reporting |
| Lesson 27: IAS 10 - Events After the Reporting Period |
| Lesson 28: Review and Discussion |
Recommended Books
Bold, R., & McEwen, R. A. (2019). Intermediate accounting principles and practices. Pearson.
Dyckman, T. R., Hanlon, M., Magee, R. P., & Pfeiffer, G. M. (2020). Intermediate accounting. Cambridge Business Publishers.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2022). Intermediate accounting (18th ed.). Wiley.
Spiceland, J. D., Nelson, M. W., & Thomas, W. B. (2021). Intermediate accounting (11th ed.). McGraw-Hill Education.
Stice, J. D., & Stice, E. K. (2021). Intermediate accounting. South-Western Cengage Learning.
Wahlen, J. M., Baginski, S. P., & Bradshaw, M. T. (2021). Intermediate accounting: Reporting and analysis. Cengage Learning.
Pre-requisite
The Intermediate Accounting course requires Financial Accounting as a prerequisite, ensuring foundational knowledge of basic accounting principles, financial statements, and the accounting cycle for advanced topics.
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