...HomeClassroomLibraryProgramAccountPhoenixConnect ACC/545 MaterialsDiscussionAssignmentsGrades ACC/545 FINANCIAL REPORTING Start Date: 03/15/2011 PrintCOURSE DESCRIPTION This course prepares students to address concepts of financial reporting for roles as CPAs. Students learn important criteria for calculating capital changes, applying concepts of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income. Week 1 - Topic 1: Reporting Issues Objectives Differentiate among the services provided by auditors. Explain procedures for reporting accounting changes and error corrections. Describe the professional responsibilities of accountants in financial reporting. Compare and contrast the forms of business structure. Explain the methodology used to determine deferred taxes. Materials SUPPLEMENT: Week One Content Outline SUPPLEMENT: Week One Mind Map SUPPLEMENT: Week One Student Road Map SUPPLEMENT: Sample Final Exam EBOOK COLLECTION: Auditing and Assurance Services, Ch. 1 EBOOK COLLECTION: Intermediate Accounting, Ch. 19 EBOOK COLLECTION: Intermediate Accounting, Ch. 22 EBOOK COLLECTION: Advanced Accounting, Ch. 7 EBOOK COLLECTION: Financial Accounting Theory and Analysis, Ch. 17 Assessment Individual Assignment: CPA Report As the CPA...
Words: 1034 - Pages: 5
...The procedures for reporting accounting changes and error corrections • The rationale behind establishing the subsidiary as a corporation Prepare your response to the three questions. Before submitting your response, your manager would like to know a little bit more about the request. She has asked you to tell her what your professional responsibilities are as a CPA, and the difference between a review and an audit. Provide draft responses to the above questions. Additionally, provide your manager with a summary of your responsibilities in an internal memo (no more than 1,050 words). 1. The methodology used to determine deferred taxes Because tax reporting and financial reporting are based on two sets of assumptions, they create temporary differences between the amounts reported on the financial statements and income tax statements. A modified cash basis is used for tax reporting and accrual basis is used for financial reporting (Intermediate book, 966). A company will recognized deferred tax assets and liabilities on their balance sheet based on the differences between the financial statement carrying values and the tax basis (Book1,166). Deferred tax asset and deferred tax liability are two different types that result from taxable temporary differences. “A deferred tax liability represents the increase in taxes payable in future years as a result of taxable temporary differences existing at the end of the current year”( Intermediate book, 967). “A deferred...
Words: 1627 - Pages: 7
...Deloitte United States Services Audit & Enterprise Risk Services Consulting Financial Advisory Services Tax Deloitte Growth Enterprise Services Featured Services Industries 2014 Industry Outlook Aerospace & Defense Automotive Banking & Securities Consumer Products Federal Government Health Care Providers Health Plans Insurance Investment Management Life Sciences Media & Entertainment Oil & Gas Power & Utilities Process & Industrial Products Real Estate Retail & Distribution State Government Technology Telecom Travel, Hospitality & Leisure Insights Deloitte University Press Browse by Content Type Browse by Role Innovation Centers Email Subscriptions Careers About Press Events Alumni Clients Contact Global > United States > About > University Relations > Deloitte Foundation Global site selector Go Search Search Top searches Top searchesBookmark Email Print this page Increase font Alliances Catalyst for Innovation Community Involvement Corporate Responsibility Deloitte’s sponsorship of the U.S. Olympic Committee Inclusion Deloitte University Ethics & Independence Deloitte Life Growth Through Acquisition History Investor Confidence Leadership University Relations Deloitte Foundation Faculty Resources Faculty and Ph.D. Support Life, Inc. Student Events The Trueblood Case Studies DOWNLOAD For a complete index of Cases and Addendum summary please click the download button above. The Trueblood Series cases...
Words: 2280 - Pages: 10
...Accounting Changes and Error Analysis ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Differences between change in principle, change in estimate, change in entity, errors. Accounting changes: a. b. Comprehensive. Changes in estimate, changes in depreciation methods. Changes in accounting for long-term construction contracts. Change from FIFO to average cost. Change from FIFO to LIFO. Change from LIFO. Miscellaneous. 2, 11 8 1, 3, 4, 5, 8, 24 8, 14, 15, 17, 19 2, 18, 21 9, 16, 20 10 3 8, 9, 10 8, 9 4, 5, 9 3, 4, 6, 7, 8, 9, 10, 11, 12, 16, 17 1, 8, 13 3, 6, 7 1, 2, 4, 6, 7 1, 2, 4, 5 1, 2, 3, 4, 5, 6 Questions 2, 4, 6, 7, 8, 9, 12, 13, 15, 21, 22, 23 Brief Exercises Exercises 8 Concepts Problems for Analysis 3 1, 2, 3, 4 2. c. 2, 10 1, 2, 10 3 1, 2 d. e. f. g. 3. 2, 8, 14 9 2, 3, 5, 8, 14 2, 5 3 1, 2 1, 5 Correction of an error. a. Comprehensive. 8, 9, 10 8, 15, 16, 18, 19, 20, 21 9, 15, 17, 18 7, 17, 18 22, 23 3, 6, 7, 8, 9, 10 1, 6, 8 2, 10 11, 12 1, 2 2, 3, 4 b. c. *4. Depreciation. Inventory. 6, 7 10 11, 12 Changes between fair value and equity methods. *This material is dealt with in an Appendix to the chapter. Copyright © 2010 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 13/e, Solutions Manual (For Instructor Use Only) 22-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives 1. Identify the types of accounting changes. 2. Describe the accounting for changes in accounting...
Words: 17623 - Pages: 71
...Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may approach assessment and its documentation differently, one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor, we have labeled each question, exercise and problem in Intermediate Accounting, 7e with the following AACSB learning skills: Questions 1–1 1–2 1–3 1–4 1–5 1–6 1–7 1–8 1–9 1–10 1–11 1–12 1–13 1–14 1–15 1–16 1–17 1–18 1–19 1–20 1–21 1–22 1–23 1–24 1–25 1–26 1–27 1–28 1–29 AACSB Tags Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking 1–30 1–31 1–32 Reflective thinking Reflective thinking Reflective thinking Brief Exercises 1–1 1–2 1–3 1–4 1–5 1–6 AACSB Tags Analytic Reflective thinking Reflective thinking Reflective thinking...
Words: 7572 - Pages: 31
...FAMILY UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION AND EXTENDED LEARNING INTERMEDIATE ACCOUNTING I Semester: Fall 2014 August 27, 2014 – December 17, 2014 Course: ACCT 307 Intermediate Accounting I Credits: (3) Credit Hours Prerequisites: ACCT 206 Location: Woodhaven, Room 4 Days/Times T/TH (8:00am–9:30am) Instructor: Stephen B. Bates MBA, CPA, CGMA Office: Aquinas Hall, Rm. 17 Office Hours: T (1:30-4:30 p.m.)NE / TH (1:00-2:30 p.m.)WH Telephone: (267) 341-3522 E-mail: sbates@holyfamily.edu Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th Edition, 2013. John Wiley & Sons, Inc. Hoboken, N.J. ISBN – 978-1-118-14729-0 Other Required Resources Students will be required to access portions of selected financial statements of publicly held corporations via the internet. Additionally, three financial statements, Tootsie Roll, Hershey, and DuPont will be handed out. These statements...
Words: 1319 - Pages: 6
...Assignment 1 –FAC501 | Challenges facing the accounting profession and how I see them affecting me in the future with regards to IFRS companies submitting IFRS on US stock exchanges? Macdonald Felix Rusoto Muchemedzi Student Kaplan University As the Stock exchange affords different investors the opportunity to actively trade in the non-US companies and also provide an avenue for non-US companies to raise capital will the investment and accounting community be able to fully understand the information and make rational and informed decisions. In this discussion paper I will discuss the key requirement that participants should be financial bilingual to fully understand both sets of financial reports (IFRS and USGAAP) in order to be able to compare them, thus comparability is the main challenge facing the accounting profession and harmonization/convergence is a current and future requirement to ensure comparability, other factors will come into play as will be discussed later. My future has already started to be affected as I work in a US subsidiary in South Africa and we are required to provide USGAAP reconciliation from our IFRS financial reports and with greater convergence I strongly believe my work will be less as there will be no longer a need to be financially bilingual as there will be one set of financial reports. Literature review Both IFRS and USGAAP financial reporting standards are developed from the conceptual framework, hereafter IFRS conceptual framework...
Words: 1981 - Pages: 8
... • Intermediate Financial Accounting (ACCT 3200) • M-W-F 2:30-4:20 in AE 208 • Important Dates – – – – – Intermediate Financial Accounting Friday May 13, 2016 – First Midterm (25% of grade) Monday May 23, 2016 – No class Friday May 27, 2016 – final date to withdraw Friday June 3, 2016 – Second Midterm (25% of grade) Friday June 17, 2016 – Final Exam (1:30-4:30) (45% of grade) • Quizzes will be announced the class prior Copyright © John Wiley & Sons Canada, Ltd. 1 Copyright © John Wiley & Sons Canada, Ltd. Welcome! Welcome! A little about me… 2 A little about YOU!… Copyright © John Wiley & Sons Canada, Ltd. 3 Copyright © John Wiley & Sons Canada, Ltd. 4 1 09/05/2016 INTERMEDIATE ACCOUNTING How to be successful in this class TENTH CANADIAN EDITION Kieso • Weygandt • Warfield • Young • Wiecek • McConomy • This is a summer session class = quick • This is a 3rd year class = challenging – Quick + challenging = be organized • Do the assigned homework (min. 1:1) • Read the chapter beforehand • Come to class CHAPTER 1 The Canadian Financial Reporting Environment • Exams will have – Multiple choice & matching questions – Short answer questions – Problems – mini cases Prepared by: Dragan Stojanovic, CA 5 Copyright © John Wiley & Sons Canada, Ltd. As edited by Jeff Kent, CPA,CA M.B.A. The Canadian Financial Reporting Environment CHAPTER 1 The Canadian Financial Reporting Environment ...
Words: 2123 - Pages: 9
...Reporting Practices and Ethics Yolanda Jones HCS/405 March 10, 2014 Darlene Tomlinson Page Break Reporting Practices and Ethics The healthcare industry is a rapidly growing segment of the U.S. economy, amounting to over $2.1 trillion annually. Healthcare focuses on diagnosis, treatment, and prevention among other things. Health care makes up one sixth of the U.S. GDP it is the largest source of the nation's public expenditures. With large amounts of revenue going in and out of hospitals and facilities and health care reform accounting can be challenging. To help ensure fair and accurate financial reporting, there are practices and ethical standards that must be followed when accounting for finances in health care. This paper will provide the four elements of financial management and standard accounting principles and ethics. Financial Reporting Practices The Financial Accounting Standards Board was established in 1073. It is the designated organization in the private sector that establishes standards of financial accounting for nongovernmental entities. The standards established are officially recognized as authoritative by the SEC and the American Institute of Certified Public Accountants. The FASB also has accounting standards for health care entities. "The AICPA Health Care Expert Panel developed technical guidance on the application in consolidated financial statements of a recent accounting standards update for health care entities"...
Words: 1309 - Pages: 6
...Memorandum- CPA Report Vincent Mokwenye ACCA 545- Financial Reporting Monday December 18, 2012 Memorandum- CPA Report MEMORANDUM Date: December10, 2012 To: Libby Grimes Re: CPA Report In response to your request for information, this memo will address the methodology used to determine deferred taxes, the various procedures used for reporting accounting changes and error corrections, and the rationale for establishing the subsidiary as a corporation. In addition it will address our professional responsibilities are as a Certified Public Accountants (CPA’s) and finally distinguish between a financial audit and a financial review. The Methodology used to Determine Deferred Taxes The accounting for tax liability is governed by the internal revenue service (IRS) code whereas income statement financial reporting is done according the generally accepted accounting principles (GAAP). The taxable income reported to the IRS is based on the cash basis accounting whereas the pre-tax profit reported in the income statement to the stockholders is prepared using the accrual accounting. As a result, there is a difference between the tax liability reported to the IRS and the tax expense reported in the income statement. This causes the book income reported to stockholders to be different from the tax income reported to the IRS. If certain revenues and/or expenses are reported in different years in income statements and on income tax returns, an asset or liability called...
Words: 2119 - Pages: 9
...Gujarathi ABSTRACT: Diamond Foods is America’s largest walnut processor specializing in processing, marketing, and distributing nuts and snack products. This real-world case presents financial reporting issues around the commodities cost shifting strategy used by Diamond’s management to falsify earnings. By delaying the recognition of a portion of the cost of walnuts acquired into later accounting periods, Diamond Foods materially underreported the cost of sales and overstated earnings in fiscal 2010 and 2011. The primary learning goal of the case is to help students understand the anatomy and motivations of earnings manipulation. Specifically, students will have the opportunity to (1) apply the FASB’s Conceptual Framework to a real-world context, (2) determine the nature of errors and compute their numerical effects on financial statements, (3) understand motivations for earnings management and actions needed for managing earnings of future years, (4) explain the anatomy of financial reporting fraud by reconstructing journal entries, (5) prepare comparative financial statements for retroactive restatements, (6) explain the rationale for clawback provisions in compensation contracts, and (7) understand the difference between the real and accrual-based earnings management. Keywords: earnings management; financial statement fraud; restatements; error correction; clawback provision; Conceptual Framework. This company was on the verge of becoming a real global consumer-product company with...
Words: 9535 - Pages: 39
...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) ...
Words: 18528 - Pages: 75
...Case #1 Texas Instruments Chris Healey Chris Healey Intermediate Accounting Professor Henry 10/19/2014 This case study is inspired by the SEC issued Proposed Rule 33-8098, “Disclosure in Managements’ Discussion and Analysis about the Application of Critical Accounting Policies” and how current companies live up to the objectives of this rule. For this case, I selected Texas Instruments (NASDAQ: TXN), one of the leading designers and manufacturers of semiconductors. This case will evaluate the degree to which Texas Instrument’s financial reports give the investor relevant information and faithfully represent the company’s true financial standing. This is the primary objective of Proposed Rule 33-8098. In addition, I will address the importance of the disclosure of critical accounting policies, the critical accounting policies that TXN discussed, why they are critical, how these policies align or contradict with the conceptual framework of financial reporting and if I believe that TXN may have left out some critical accounting policies. It is important for a company to disclose its critical accounting policies because investors use financial reports in investing decisions. The purpose of financial reporting is to provide investors with relevant information that faithfully represents the company’s financial standing. Unfortunately, this purpose is difficult to deliver. Accounting is by nature influenced by the inexact science of estimation, the ever-changing business...
Words: 1327 - Pages: 6
...Submission) A comparative balance sheet for Shabbona Corporation is presented below. Exercise 5-18 (Part Level Submission) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. IFRS Practice Question 3 Companies that use IFRS: Entry field with correct answer A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: -------------------------------------------------------------------------------------- ACC 421 Chapter 23 wileyplus FOR MORE CLASSES VISIT www.acc421mart.com Exercise 23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below Problem 23-6 Comparative balance sheet accounts of Marcus Inc. are presented below. IFRS Multiple Choice Question 06...
Words: 1095 - Pages: 5
...labeled each question, exercise, and problem in Intermediate Accounting, 7e, with the following AACSB learning skills: Questions 16–1 16–2 16–3 16–4 16–5 16–6 16–7 16–8 16–9 16–10 16–11 16–12 16–13 16–14 16–15 AACSB Tags Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Reflective thinking Diversity, Reflective thinking Analytic Analytic Analytic Analytic Analytic Analytic Reflective thinking Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Analytic Exercises (cont.) 16–6 16–7 16–8 16–9 16–10 16–11 16–12 16–13 16–14 16–15 16–16 16–17 16–18 16–19 16–20 16–21 16–22 16–23 16–24 16–25 16–26 16–27 16–28 16–29 16–30 AACSB Tags Reflective thinking Analytic Analytic Analytic Analytic Analytic Communications Analytic Analytic Analytic Analytic, Reflective thinking Analytic Analytic Analytic Analytic Analytic Analytic Reflective thinking Analytic Analytic, Reflective thinking Analytic, Reflective thinking Reflective thinking Analytic Reflective thinking Communications Analytic Analytic Analytic Analytic Analytic Analytic Analytic Diversity, Reflective thinking Reflective thinking Reflective thinking Reflective thinking Brief Exercises 16–1 16–1 16–2 16–3 16–4 16–5 16–6 16–7 16–8 16–9 16–10...
Words: 17693 - Pages: 71
