COURSE DESCRIPTION



ILLINOIS WESLEYAN UNIVERSITYDEPARTMENT OF BUSINESS ADMINISTRATIONFall 2011COURSE:Accounting 416 – Advanced Financial AccountingINSTRUCTOR:Gerald Olson, CPA and Professor of Accounting OFFICE: CLA 353OFFICE PHONE:5563170EMAIL:golson@.iwu.eduOFFICE HOURS: TR 1:30-4:00 and by appointmentCOURSE DESCRIPTIONA study of the systematic process of reporting financial information to external decision-makers, primarily related to business combinations and consolidations. Other topics include: accounting for partnerships, international operations, segment reporting, and interim financial reporting. The course is intended to help students develop critical and analytical abilities in regard to advanced financial accounting.COURSE OBJECTIVESTo review the evolution and present status of accounting theory including the move to IFRS.To treat financial information consistent with generally accepted accounting principles.To provide students with a working knowledge of the terminology used in financial accounting.To develop an ability to identify and analyze situations where accounting problems exist and to exercise judgment in the design and development of appropriate solutions.To gain improved precision in both written and oral expression of analyses, judgment, and opinion in financial reporting matters. To develop an ability to work effectively with other people to complete accounting related assignments.To develop a working familiarity with the professional literature in financial accounting.To provide basic preparation for the FARE section of the CPA Exam.CONDUCT OF THE COURSEAn organization is defined as a structured grouping of people working together to accomplish objectives. Employee interaction is a crucial element in all organizations. The success or failure of a Big Four accounting firm, a small retail business or a social service agency is determined in large part by the ability of its employees to work together as a team to achieve established organizational goals. In order to help you enhance and refine your interpersonal skills, this class will be structured to include small group-based instructional methods (also known as Team Learning). You will be assigned to a permanent team for the semester which will be responsible for the completion of a variety of group projects. These will include pretests, case studies, and writing assignments. Specific details about these assignments will be made during the semester.The professional accountant, regardless of his or her specialty, frequently becomes involved with the investigation and analysis of accounting or auditing issues. Resolving these issues requires a definition of the problem, gathering information, reviewing authoritative literature, evaluating alternatives, and drawing conclusions. Many times these issues are very complex and therefore, challenge the accountant's critical thinking abilities. That is, the professional accountant must understand the problem and related facts and render a professional judgment as to a solution when in some cases no single definitive answer or solution exist. This information must then be effectively communicated to appropriate stakeholders. The ability to conduct applied professional research and think critically is essential to your success as a lifelong learner. Assignments will be made in this course to help you enhance and develop these skills, including: case analysis, research projects involving authoritative pronouncements and literature. Classes will be conducted using a discussion-lecture format that includes emphasis on “team-learning". Your participation in class discussion is essential to the success of the course and to the learning process. You are expected to respond in class as questions are directed to you. Therefore, you must complete all reading assignments and homework assignments for the day. Further, as part of class discussion you should always feel free to question that which you do not understand.Use of technology is integral to decision making in all areas of business but especially in accounting. In this course we will make extensive use of technology in a variety of ways. As you already know, we will make extensive use of the World Wide Web; many of your writing and spreadsheet assignments will be submitted through email; and we will use various software packages.EVALUATION OF STUDENTSQuizzes. Quizzes will be given at the beginning of some of the major units of instruction. No formal presentation will be made by the professor until the students have studied the assigned material and taken a test consisting of 10 to 15 objective type questions. The test will be taken individually and then as a group test. Specific details of the process will be discussed in class. No make-up quizzes will be given, regardless of the reason for the absence.Exams Three unit exams will be administered during the semester. The exams will consist of a combination of some or all of the following types of questions: multiple choice, short answer, essay, and problems. Make-up exams will only be given with the prior approval of the instructor.Homework It should be evident to the student that in a course such as this the homework assigned is an integral part of preparation and learning. Timely preparation of assignments enables the student to test his/her ability to apply information read and discussed, to pinpoint areas of difficulty, and to keep up with the course. In addition, since exams are based principally on problems and questions of the same type as the assigned homework, students who make an effort to complete assignments before they are discussed in class will have a definite advantage over those who merely copy solutions presented in class. Select homework assignments from each unit will be collected and puter Applications Many of the problems assigned in this course can be solved by using electronic spreadsheets. Each student is expected to prepare homework assignments using the computer. GRADINGYour grade in this course will be determined through an accumulation of points earned. The following tentative plan will be used:Exams (3) 300 points Homework50 pointsQuizzes50 pointsTotal Points400 pointsGrading ScaleA94 - 100%C+77 - 79%A-90 - 93%?C73 - 76%B+87 - 89%?C-70 - 72%?B83 - 86%D60 - 69%?B-80 - 82%?? (This plan is tentative and subject to change.) ACADEMIC DISHONESTYAcademic dishonesty of any type will not be tolerated. Students found to be guilty of cheating on a quiz or an exam or removing an exam from the classroom will be given a grade of ZERO for the exam or quiz. Students who are found to be guilty of plagiarism will receive a grade of ZERO for the paper or project. It is essential that you complete your course work with the highest degree of integrity. ATTENDANCEYou can adequately learn the significant concepts in this course only if you attend class. Students should realize that classroom presentations often add to the material in the text and that the student will be responsible for all such material. Non-attendance is therefore at the student's own risk.INSTRUCTOR'S NOTEStudents in this course should exhibit the same degree of professionalism as would members of the accounting profession. Professionalism can be demonstrated by being prompt, attending all classes, participating in class discussion, being prepared, and through written performance on exams and assignments. TEXTBOOKSAdvanced Financial Accounting, 9e, Baker, Christensen, & Cottrell, McGraw Hill, 2011. ................
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