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.
- The Canadian Financial Reporting Environment
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.
- Introduction to Financinal Standards
- Standard Setting Bodies
- Conceptual Framework Underlying Financial Reporting
Conceptual Framework Underlying Financial Reporting
Topics covered: Conceptual Framework, Elements of Financial Statements and Accounting Assumptions and Accounting Principles
- The Conceptual Framework
- The Elements of Financial Statements
- Accounting Assumptions and Principles
- The Accounting Information System
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.
- Basic Accounting Terms and Concepts
- Double Entry Accounting System: debits and credits
- Journalizing, Posting and Preparing Trial Balance
- Adjusting Entries
- Preparing Financial Statements
- Closing Entries
- Financial Statements of Merchandising Companies
- Appendix: Cash Basis vs Accrual Basis Accounting
- Appendix: Reversing Entries
- Reporting Financial Performance
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.
- Income Statement: Uses and Limitation
- Income Statement: Content and Format
- Income Statement: Discontinued Operation and Unusual Gains and Losses
- Basic Earnings Per Share
- Changes in Accounting Principles and Changes in Estimates
- Statement of Retained Earnings
- Example: Changes in Accounting Principles
- Statement of Other Comprehensive Income (OCI)
- Financial Position and Cash Flows
Financial Position and Cash Flows
Topics Covered: Balance Sheet and Statement of Cash Flows.
- The Balance Sheet
- The 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
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
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
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
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
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
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
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
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
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)
Earnings Per Share (EPS)
- Basic earnings per share (EPS)
- Calculating weighted-average number of shares outstanding
- Complex Capital Structure | Diluted EPS | Convertible Securities (What-if
- Complex Capital Structure | Diluted EPS | Convertible Securities (Treasury Method)
- EPS Presentation and Disclosure
- 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,
- Introduction to Income Taxes
- Deferred Tax Liability
- Deferred Tax Asset
- Purpose of Deferred Tax Asset Valuation Allowance
- Temporary Differences
- Net Operating Loss (NOL)
- Presentation in Financial Statements
- Pensions and Other Employee Future Benefits
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
- Introduction to Pension Expense
- Components of Pension Expense
- Accounting for Pension Gains and Losses
- Example: Pension Expense part 1 of 3
- Example: Pension Expense part 2 of 3
- Example: Pension Expense part 3 of 3
Helpful resources prepared by our team of instructors
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
- Introduction to Leasing
- Accounting for Finance Lease (Lessee)
- Accounting for Finance Lease (Lessor)
- Accounting of Operating Lease by Lessee and Lessor
- Residual Value for Leases Guaranteed and Unguaranteed for Lessor and Lessee
- Accounting for Leases Bargain Purchase Option Lease Prepayment
- Presentation, Disclosure and Analysis
- Example: Finance Lease (Lessee)
- Example: Finance Lease (Lessor)
- Example: Operating Lease (Lessee and Lessor)
Helpful material that you can use
- Accounting Changes and Error Analysis
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
- Introduction to Changes in Accounting
- Changes in Accounting Principles
- Changes in Accounting Estimates
- Changes in Reporting Entity
- Errors in Financial Statements
- Analyze the Effect of Errors (Examples)
- Statement of Cash Flows
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.
- Introduction to Cash Flow Statement
- Operating, investing, and financing Activities
- Format of the Cash Flow Statement
- Preparing a Cash Flow Statement (Indirect Method)
- Preparing a Cash Flow Statement (Direct Method)
- Special Issues in Preparing the Statement
- Significant Non-Cash Activities on Cash Flows
- Other Measurement and Disclosure 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.
- Introduction and the Full Disclosure Principle
- Examples of Note Disclosure
- Related Parties
- Subsequent Events
- Segment Reporting
- Interim Reports
- Auditor's Report
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