Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice the skills you will need as a professional accountant whether in public accounting or private industry. In particular, this course is intended to refine your skills in researching the ...view middle of the document...
g., more examples).
Financial Accounting Objective 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
HOW THE COURSE WILL BE TAUGHT
This course will be taught as a seminar. A seminar is a group of advanced students, each doing original research, and all exchanging results through reports and discussions. To make seminar and case courses successful, each student must be committed to the "4 Ps" of student involvement:
1. Preparation. If the student does not read the cases and associated materials and does not analyze the case, and formulate an action plan, the case discussion will mean little.
2. Presence. If the student is not present, she or he cannot learn and, more important, cannot add her or his unique thoughts and insights to the group discussion.
3. Promptness. Students who enter the classroom late disrupt the discussion and deprecate the decorum of the process.
4. Participation. Each student's learning is best facilitated by regular participation. More important, the case student has the responsibility to share his or her understanding and judgment with the class to advance the group's collective skills and knowledge.
Problem solving techniques, rules and facts related to the practice of accounting, and a familiarity with pervasive concepts are just the background for graduate study in accounting. The cases in this course will ask you to apply knowledge and skills to unfamiliar topics and situations. Some cases will be quantitative in nature and may require preparation of spreadsheets or other analysis tools. Other cases will require research of accounting standards but little number crunching. You will prepare most cases for classroom discussion rather than formal submission. This means you should come to class with computations in hand, notes on key points, and notes that will help you respond to the discussion questions provided in the case. If I find that students are not adequately prepared for class discussion, written solutions to the cases will be required.
This semester you will study numerous cases that examine recent accounting standards and at least one case with international dimensions (for example, the impact of IFRS ), and you will prepare financial statement disclosures. Cases will cover, among other issues, many of the following recent accounting topics (I haven’t translated the older material to the ASC topics yet – it is on my to-do-list!):
ASC Updates 2010-17 Milestone Method (Revenue Recognition); 2010-20 Receivables; 2010-12 Income Taxes; 2010-13 Stock-based Compensation; 2010-11 Derivatives and Hedging; 2010, etc.
ASC Updates 2009-14 (Software); 2009-13 (revenue recognition – multiple deliverables); 2009-04 (redeemable equity instruments); 2009-06 (income taxes);...