Intermediate Financial Accounting

This course develops thorough knowledge and understanding of generally accepted accounting principles and financial statement analytical skills by examining various technical areas of financial accounting. Topics covered include: reporting financial performance and financial position, cash flow, revenue recognition, inventory, cash and receivables, investment, property, plant, and equipment (PP&E), amortization, impairment, disposal, goodwill, and other intangible assets.

Topic outline

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  • The Canadian Financial Reporting Environment

    Topics discussed include: increased emphasis on standard setting in a global environment including the standard-setting process for the IASB, chart outlining GAAP responsibilties: who is respondible for setting which GAAP?, and new material on the GAAP hierarchy for both PE GAAP and IFRS.

  • Conceptual Framework Underlying Financial Reporting

    Topics covered: Conceptual Framework, Elements of Financial Statements and Accounting Assumptions and Accounting Principles

  • The Accounting Information System

    Topics covered: Basic Accounting Terms and Concepts, Adjusting entries, Journalizing, Posting to Trial Balance, Closing Entries, Preparing Financial Statements, Converting from Cash Basis Accounting to Accrual Basis.

  • Reporting Financial Performance

    Topics Covered: Uses and Limitation of Income Statement, Content and Format of Income Statement, Discontinued Operation and Unusual Gains and Losses, Basic Earnings, per Share, Change sin Accounting Principles, Changes in Accounting Estimates, Statement of Retained Earnings, Other Comprehensive Income.

  • Financial Position and Cash Flows

    Topics Covered:  Balance Sheet and Statement of Cash Flows.

  • Revenue Recognition

    Topics Covered: Time Value of Money, Present Value of a Single Amount, Future Value of a Single Amount, Present Value of Annuity, Future Value of Annuity, Present value of Annuity Dues, Compute the Price of Bond.

  • Cash and Receivables

    Topics Covered: Cash and cash equivalents, Trade Receivable, Notes Receivable, Non-Trade Receivable. Recognition of Receivable, Valuation of Receivable, Notes Receivables, Fair Value option of Notes Receivable, Pledging Receivable, Selling Receivable, Cash Internal Control, Bank Reconciliation

  • Inventory

    Topics Covered: Inventory and Cost of Goods Sold, Inventory Errors. product Cost and Period Cost, Cost Flow Assumptions, FIFO, LIFO, Weighted Average , Specific Identification, LIFO reserve, LIFO Liquidation, Dollar Value LIFO, Periodic Inventory

  • Investments

    Topics Covered: Lower of Cost or market, LCM, Lump Sum Purchase, Purchase Commitment, Estimating Inventory using Gross Profit Method, Retail Inventory Method.

  • Property, Plant, and Equipment

    Topics covered: Cost of Property, Plant and Equipment, Interest Capitalization, Cost Subsequent to acquisition, Valuation of Property Plant and Equipment, Exchange of Non Monetary asset, Disposition of Property and Equipment.

  • Depreciation, Impairment, and Disposition

    Topics covered: Depreciation Expense, Straight Line method, Activity Method, Sums of Years Digit, Double Declining Method, Impairment Losses, Depletion.

  • Intangible Assets and Goodwill

    Topics covered: Intangibles Assets, Goodwill Calculation, Goodwill Impairment, Accounting for Computer Software,Initial Operating Losses and Advertising Costs, Startup Cost, Research and Development.

  • Non-Financial and Current Liabilities

    Topics covered: Current Liabilities, Short-Term Obligation, Expected to be Refinanced, Loss Contingency and Estimated, Payroll Tax liabilities, Premium Liability, Asset Retirement Obligation, Warranty Expense.

  • Long-Term Financial Liabilities

    Topics covered: Introduction to Bonds, Bond Issue to Par, Bond Issue at Premium, Bond Issue at Discount, Bond Retirement and Debt Extinguishment, Bond Amortization using Straight Method, Bond Amortization using Effective Interest rate Method, long Term Notes Payable, Fair Value option for Financial Assets and Liabilities, Trouble Debt Restructuring Settlement of Debt.

  • Shareholder's Equity

    Topics Covered: Corporate Capital Structure, Characteristics of a Corporation, Accounting for preferred Stocks, Accounting of Treasury Stock, Cash and Property Dividend, Stock Dividend, Book Value Per Share, Equity Ratio, Dividend preference.

  • Complex Financial Instruments

    Topics covered: Convertible Securities, Controvertible Preferred Stock, Stock warrant Issue with Other Securities, Accounting for Stock Options, Basic Earnings Per Share (EPS), Complex Capital Structure What if Method, Complex Capital structure Treasury method.

  • Earnings Per Share (EPS)

  • Income Taxes

    Topics Covered: Accounting for Income Taxes, Deferred tax Liability (DTL), Deferred Tax Asset (DTA), Deferred tax assert Valuation Allowance, Deferred Tax Asset permanent  and Temporary Difference, Net Operating Losses NOL, NOL Carryback, NOL carryforward,

  • Pensions and Other Employee Future Benefits

    Topics Covered: Pension Expense, Component of Pension Expense, Pension Liability, pension Obligation, Accounting for Pensions Gains and Losses, PBO, Pension Benefit Obligation

  • Leases

    Topics covered: Introduction to leases, Accounting for Lessee Finance lease: Lessee and Lessor, Accounting for Operating leases, Residual value for Leases Guaranteed and Unguarnateed, Accounting for Leases bargain Purchase Option, Finance leases by Lessee

  • Accounting Changes and Error Analysis

    Topics Covered: Changes in Accounting principles, Change in Accounting Estimates, Change in Report Entity, Accounting for Correction of an Error

  • Statement of Cash Flows

    Topics Covered: Preparing Statement of cash Flows, Preparing Statement of cash Flows using Indirect Method, Preparing Statement of cash Flows using Indirect Method, Cash Flows Special issues.

  • Other Measurement and Disclosure Issues

    Topics covered:  Full Disclosure, Related Parties Disclosures, Post balance Events, Subsequent Events, Interim Financial Reporting, Audit Report, management Discussion and Analysis, MD & A.


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