Acct 414 - Intermediate Financial Accounting II

 This is the official course syllabus and will be changed as necessary throughout the semester. Links to files (assignments, lectures, notes, etc) will be added as the course progresses. Please check frequently as due dates may be modified!

For a printer-friendly copy of the entire original syllabus, click on: Syllabus for Acct 414 Fall 2009 (docx)

Fall 2009 – Tentative Course Schedule

 

Date	Class	Topic		Reading Assignment	Homework Assignment
TH 10/1	12	Revenue recognition – long-term construction accounting Scott Hurlbert will go over problem (below)  and also discuss common errors on Project 1 (professor out of town ) 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 Even if you are taking the Acct 430 exam later today, you need to attend and pay attention because we only have 2 days on this topic and you’ll want to do well on Exam 1!	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
T 10/6	13/14	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 Colfax Construction Co. - solution including IFRS		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  Case 06-08c Sell Soon, Inc. (pdf) is Project 3, a research case in ASC or FARS, 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.
Th 10/8	15	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. Lease Project 2 solution (.xls)
T 10/13 7:30 AM	16	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 I’m ready, you might even be able to start a few minutes earlier.	Turn in HW #6 (E18-10, P18-2, P18-6 and P18-7 in textbook accepted through the beginning of the exam Fall 2009 – Exam 1 – Study Guide for Acct 414
Date	Class		Topic	Reading Assignment	Homework Assignment
Th 10/15	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) This is the ONLY class period related to completing Project 4 so don’t take a “day off” just because we had an exam on Tuesday!	Ch 20 may be obsolete if your text doesn’t have the “2007 update” banner on the cover. Don’ use the wrong material! If your book is one of the older versions, use this chapter instead: Revised Ch 20 Pensions (Kieso 12th ed) (pdf)  Bring to class with you:  Pension Present Value Example  I suggest that you bring a paper copy of page 1 & 4	Begin work on textbook problems (from revised chapter!):  BE20-1, BE20-2, BE20-3,  BE20-8, BE20-10 E20-2, E20-5, E20-6, E20-8, E20-18.  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 you’ll get for certain features of pension accounting prior to Exam 2.  Pension PV Project 4 Have you started Case 06-08c Sell Soon, Inc. (pdf) ([Project #3) yet? Don't wait too long!
T 10/20	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!	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) Solution - Project 4 (Pension PV) Begin work on Project #5 THIS IS AN INDIVIDUAL PROJECT
Th 10/22	19		Pensions & Other Post Employment Benefits after FASB No. 158 (ppt) and continuing with example in Excel Employee Benefits: Comparing IFRS to FASB (ppt) Solutions to Pension Examples (xlsx no formulas) 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: E16-8, P16-1, CA16-1, CA 16-3 (authors estimate 1 to 2 hours). This is material not covered in Acct 315 that will be helpful (20 points max or substitute for a missing HW assignment) Due no later than Th. Oct. 29.  Turn it in as a separate "submission" with your name clearly marked.

Date	Class	Topic	Reading Assignment	Homework Assignment
T 10/27	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)    Don't forget about  Project 3 Case 06-08 Sell Soon, Inc. (pdf) due no later than Tues, Dec. 1 - see instructions on <assignment> page	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)   Reminder – don’t forget about Project 3, the research case on revenue recognition. Due no later than Dec. 1, Tuesday after Fall Recess
Th 10/29	21	Accounting for Income Taxes 2nd Best Example for students (xls) Print first 2 sheets (facts and workpaper)    Second Best - solution (xls) 2ndBest Solution only (with comments)	Ch 19 Don't forget about  Project 3 Case 06-08 Sell Soon, Inc. (pdf) due no later than Tues, Dec. 1 - see instructions on <assignment> page	Begin work on E19-5, E19-9, E19-10, E19-23,  P19-1, P19-2, and CA19-6  Last chance to turn in Project 5 (4 pension working papers)
T 11/3	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 Ideally, you will have already given the draft of your Project 3 case to D'Wayne Hodgins by now - so he can help you improve your writing	Income Taxes - HW #7 due no later than Tues 11/10 (Textbook: P19-1, P19-2,  P19-3, P19-4, P19-9)  {Due 11/5 but accepted with late fee through 11/10}
Th 11/5	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. 785-792 only)  and Unit 15 in IFRS material from VirTch 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, E16‑28 & E16-29 HW #7 due today but accepted with 10 point late fee if received by 5 PM Tuesday Nov. 10

Date	Class	Topic		Reading Assignment		Homework Assignment
T 11/10	24	Introduction to earnings per share - with comparison to IFRS Earnings per share for Acct 414 - with IFRS comparison -  the introductory ppt lecture  EPS Notes and Examples (doc) - I suggest bringing paper copy of the 8 examples Solutions to EPS Examples #1 to #7		Ch 16 (pp. 788-803) Unit 15 in IFRS material (VirTech)  Note that check figures are at the end of the MSWord file for the EPS examples - for fuller explanations see EPS Examples - excel blanks (xlsx) - the same problems as in the doc file to the left		HW #7 due TODAY if not already submitted (10 point late fee, not accepted after 5 PM) Begin work on E16-17, E16-18 and E16-19 and Unit 15 #1,2,3 & 4
Th 11/12	25	Earnings per share Complete examples from Tuesday and maybe start those listed for to the right (ppt file)  EPS Example 8 EPS Example 8 - solution		Ch 16 (pp. 788-803) Additional EPS Examples (ppt)  This file includes Excel templates within PowerPoint.  However, it would be nice to have copies of problems: Print Facts (suggest "notes view" if you are not brining laptop so you'll have room to work problems		Begin work on  E16-21, E16-22, E16-26, P16-4 and P16-5 Project 6 EPS Research (docx)  Groups of 2-3 people are okay on this assignment HW #8 (E16-28, P16-3, P16-4, P16-6 and P16-8 is due no later than the beginning of Exam 2
T 11/17	26	Go over earnings per share project as review for exam. There will be a “guest lecturer” since I’ll be out-of-town		Ch 16 Review - exam-type Pension problem (xls) bring copy of facts and a paper worksheet		Project 6 EPS Research (docx)  is due today. You may work in groups of 2-3 people. NOT ACCEPTED AFTER CLASS BEGINS!
Th 11/19	27	EXAM 2 Study Guide for Exam 2 Exam will be proctored by my TA since I’ll be out-of-town		Covers material since Exam 1 (pensions, deferred taxes, employee options, earnings per share, & construction accounting)		Turn in HW #8 (E16-28, P16-3, P16-4, P16-6 and P16-8) no later than the beginning of Exam 2
11/24,11/26			Fall Recess			Complete Project 3 – research case, if you have not already turned it in. Not accepted after 5 PM Tues Dec. 1

Date	Class	Topic	Reading Assignment	Homework Assignment
T 12/1	28	Introduction/Review of Statement of Cash Flows Palouse Pottery and Moscow Moving & Storage examples	Ch 23  and Unit 5 in VirginaTech IFRS materials  The Statement of Cash Flows (NOTES FILE) Palouse Pottery Example 1 (with direct method wp solution) xlxs Moscow Moving & Storage - SCF for class (excel) has solution but not in working paper format	Begin work on BE23-3, E23-1, E23-8, E23-9, E23-13 and/or the Ulliman and Driskoll practice problems  For up to 10 points extra credit on HW portion of grade, turn in Exercise#8 (SCF under IFRS & FASB) no later than 5 PM Monday, Dec 14 Last Chance to Turn In Project 3
Th 12/3	29	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)
T 12/8	30	Statement of cash flows with IFRS comparison We'll probably continue with Avery Arrowheads example 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	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  Dec. 11 because I will post the solution on Friday.
Th 12/10	31	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  today since solution will be posted.    Project#7  (SCF problem) is an individual assignment is due no later than 5:00 PM Monday Dec. 14.
Wed. Dec. 16 7:30  AM	32	Final Exam (comprehensive) includes some IFRS questions	Regular classroom at 7:30 – 9:30 AM, you may be able to start about 7:15

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 (Office 2003); xlsx (Office 2007)
PPT = PowerPoint file (Office 2003); pptx (Office 2007)
DOC = Microsoft Word file (Office 2003); docx (Office 2007)

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