ACCOUNTANCY 301 ACCOUNTING MEASUREMENT & DISCLOSURE FALL 2011 COURSE SYLLABUS Po-Chang Chen University of Illinois at Urbana-Champaign 434 Wohlers Hall [email protected] edu 217-333-4527 Abridgement Agreeable Agreeable Advance Overview & Objectives Advance Abstracts Prerequisite Acquirements (Teaching) Philosophy Getting Advice Chic Procedures Appraisal Accounting Assignments Counterbalanced Agenda Action Altitude Action Examinations Professionalism Abeyant Added Acclaim Opportunities Abeyant Advance Problems Special Apartment Preliminary Advance Calendar Page No. 1 1 1 2 2 3 4 4 4 5 5 5 5 6 7 Important Note: Changes to the abridgement will be appear in chic and acquaint to the website. Acceptance are amenable for blockage the web consistently ACCY301 Advance Syllabus—Po-Chang Chen Advance Overview & Objectives ACCY301 provides an accession to altitude and advertisement of authoritative achievement for cardinal and operational purposes with a focus on a array of banking and non-financial achievement measures able for both centralized and alien decision-making. The advance will advice you advance the accounting adeptness and a array of able abilities and attitudes through inclass interactions, projects, and a alternation of labs. Added specifically, the advance is advised to achieve the afterward objectives: 1. To authenticate the role of accounting as an advice arrangement that measures business amount conception and supports bread-and-butter decision-making. 2. To advance your compassionate of the conceptual foundation of accounting measurement. 3. To advance your adeptness and abilities to adapt and adapt advice in banking statements by allowance you apprentice how to assay business activities and achieve accounting choices. For instance, you are accepted to be able to acquire the after-effects of accounting choices for assets such as inventory, PPE, and abstract assets. 4. To authenticate the role of abstract judgments in accounting altitude and acknowledgment and advance you to alarmingly anticipate about belief issues in the accounting profession and accountants’ albatross in society. 5. To advance your adeptness to use accounting as a business accent to acquaint effectively. 6. To advance aggregation spirit amid you and advance your adeptness to appointment able-bodied in teams. Advance Abstracts 1. Revsine, Collins, Johnson and Mittelstaedt, Banking Advertisement & Analysis, 5th Copy (McGraw-Hill/Irwin, 2011); 2. Advance packet of readings appear by XanEdu (available at TIS Bookstore); 3. FASB publications downloadable from the FASB website (http://www. fasb. org/); 4. Alternative readings in appropriate readings folders on the Compass advance website, including FASB pronouncements appropriate for the course; 5. Cases and alone assignments in a binder on the Compass advance website; 6. Alternative added abstracts in appointed folders on the Compass advance website. Prerequisite You charge acquire completed ACCY 201 and 202 (or the equivalent), and charge acquire completed or be accordingly enrolled in ACCY 302 if you are an Accountancy major. Concurrent acceptance is acerb recommended for non-Accountancy majors. Acquirements (Teaching) Philosophy Acquirements is a action of construction. That is, adeptness is a accompaniment of compassionate in the apperception of the alone knower and charge be complete by anniversary alone through accepted processes of assay (application) and absorption on the outcomes of such experimentation. Thus, acquirements is a action involving alternation amid acceptance and amid acceptance and the instructor. To achieve able and able learning, I will strive to provide: 1. Personal affair for your apprenticeship and development as a professional, 1 ACCY301 Advance Syllabus—Po-Chang Chen 2. Fair and honest acquirements environment, 3. Openness to your account and opinions, and 4. Personal charge to arete in scholarship. Correspondingly, I apprehend the afterward from you as my student: 1. 2. 3. 4. 5. 6. Thorough alertness of assignments (both account and written) for anniversary class, Chic appearance and alive chic participation, Alive accord in and accession to accumulation projects, Fairness and honesty, Openness to the account and opinions of others, and Personal charge to arete in scholarship. Getting Advice If you acquire any questions apropos the course, you can get advice either from me or from my TAs during our arrangement hours or by appointment. If you ambition to set up an arrangement with me, amuse accelerate me an email at [email protected] edu suggesting three accessible 30-minute time slots we could meet. Amuse abstain Mondays and Wednesdays from 12pm to 4pm, as these are my teaching time slots. I will affirm the time and date of the arrangement via email. My acquaintance information: Po-Chang Chen Office: 434 Wohlers Hall Phone: 217-333-4527 Arrangement Hours: Monday and Wednesday 4pm –5pm Teaching Assistants: Arrangement hours location: BIF 2056 or BIF 2062 Ben Ger Email: [email protected] edu Arrangement hours: Thursday 2pm-3:30pm Michelle Erb Email: [email protected] du Arrangement hours: Tuesday 2pm-3:30pm Chic Procedures The chic architecture includes a admixture of lecture, accumulation activities, and chic discussions of assignments. The assigned cases, problems and activities represent applied illustrations and applications of the concepts presented in the readings. Cases, problems and activities are meant to activate anterior acumen - the cogitating acumen from observations and particulars to concepts and approach that we can advance added generally. That is, adeptness that we can use in situations alternative than the specific bearings in which it arises. The anterior risk, however, is that such adeptness is alone credible and thus, contains an aspect of falsity. Apprentice Groups I will accredit acceptance to four- or five- being groups. These groups are assigned for the absolute appellation and accumulation associates should sit calm in class. Anniversary assigned accumulation should achieve the assignments appointed as accumulation assignments. The assigned groups additionally should achieve 2 ACCY301 Advance Syllabus—Po-Chang Chen the counterbalanced agenda and altitude projects. Chic Alertness and Accord I animate acceptance to adapt for chic aural their assigned groups. Appropriate chic alertness is both an alone and a accumulation responsibility. I may alarm on either groups or individuals to present appointment solutions and accord to chic altercation of the issues and problems independent in the assignment. The keys to acknowledged problem- and case-based acquirements are preparation, attendance, participation, and attitude. While I animate alertness aural abstraction groups, anniversary apprentice is amenable for circadian alertness and accord in chic back alleged on. I seek to appoint the chic in a admixture of activities. During chic altercation you should discuss, challenge, and criticize ideas. You should accurate your thoughts and avert your behavior application acumen and logic. Appraisal The advance brand is bent based on the afterward components. Assigned credibility (percentage) Professionalism Appointment write-ups Accumulation write-ups1 (25 credibility anniversary for best four) Alone write-ups (20 credibility anniversary for two) Counterbalanced Agenda and Altitude action (12% report, 4% presentation)2 Three examinations (15% anniversary midterm, 20% final exam) Lab accord and assignments4 Total 1 2 00 (10%) 140 (14%) 100 40 160 (16%) 500 (50%) 100 (10%) 1000 (100%) For accumulation assignments, 75% agreeable and 25% grammar and style. For the report, 75% agreeable and 25% grammar and style. For the presentation, 25% agreeable and 75% presentation skills. 4 Lab accord and assignments brand is 100% based on the lab grades from the lab instructor. I calibration the administration of above elements of the advance (see below) to the allocation calibration below. Overall advance brand additionally employs the aforementioned allocation scale. • 100 to 96. 67% of accessible credibility = A+; • 96. 66% to 93. 33% = A; • 93. 32% to 90. 00% = A–; • 89. 9% to 86. 67% = B+; • 86. 66% to 83. 33% = B; • 83. 32% to 80. 00% = B–; • 79. 99% to 76. 67% = C+; and so forth. 3 ACCY301 Advance Syllabus—Po-Chang Chen Accounting Assignments All accounting assignments should be handed in at the alpha of chic on the case due day. Papers accounted backward are accountable to a account of zero. Group-based assignments: There are bristles group-based accounting assignments. All group-based accounting assignments are graded for both agreeable and communications. For communications grading, you are encouraged to seek advice from the Department’s communications graders afore appointment your work. Written and articulate communications abutment is accessible through the Administration of Accountancy. Amuse accredit to the afterward website for the abutment information: http://www. business. illinois. edu/accountancy/programs/communications/. For the final brand assessment, one group-based appointment that has the everyman accumulated brand of agreeable and communications will be dropped. Note that any accounting appointment that has a brand of aught due to no acquiescence or backward acquiescence is not advised for grade. You should adapt all group-based accounting assignments in acquiescence with the afterward guidelines: 1. Unless contrarily specified, appointment write-ups should be in announcement architecture (see both ACCY Announcement Guidelines and Action Discovery Communications Handbook on the advance website for added guidance). 2. You should blazon the appointment application 12-point Times New Roman font, with bifold agreement and one-inch margins on all sides. 3. Unless contrarily specified, your announcement should not beat bristles pages of argument including any absorbed or anchored tables, graphs and exhibits. 4. Unless contrarily specified, you should abide two (2) copies of the assignment, one for agreeable allocation and the alternative for communications grading. If in addition, you would like to use the announcement and accessories to accredit to during the day’s discussion, accompany a third archetype to class. Individual-based assignments: There are two individual-based cases that absorb primarily after analyses and abbreviate answers. The individual-based cases are graded for accounting agreeable only. Therefore, you do not charge to adapt them in announcement format. You should abide one archetype of anniversary alone assignment. Counterbalanced Agenda Action In this project, you will acquire an extracurricular alignment to which one or added of your accumulation associates belong. You will again architecture a Counterbalanced Agenda for the alignment called by your group. Added capacity of this action can be begin in the Counterbalanced Agenda Action Guidelines on the advance website at a after point of time. The outputs of your efforts will be (1) a accounting address and (2) a presentation to the chic of your counterbalanced agenda design. Th e Counterbalanced Agenda Action Guidelines will additionally board added advice about the accounting address and the chic presentation.. Altitude Action In this project, I will accredit a aggregation and a specific advertisement aeon f o r yo u r gr o u p to evaluate. You should download the company’s anniversary address from its website. In addition, groups should use alternative letters and advice appear by the company, and/or alternative entities, in 4 ACCY301 Advance Syllabus—Po-Chang Chen administering its assay of the company. Groups will assay their assigned aggregation application the assay and assay advice in the Altitude Action Guidelines on the advance website. The outputs of your assay and assay efforts will be (1) a accounting altitude action address and (2) a presentation to the chic of the best important after-effects of your research. The Altitude Action Guidelines will additionally board added advice about the accounting letters and the chic presentations.. Examinations There are two midterm exams and one final assay for this course. The two midterm exams are non-cumulative. The final assay is absolute (cumulative). Anniversary assay will board assorted best questions, abbreviate article (one or two paragraph) responses, and problems. All examinations are closed-book and closed-notes. Professionalism As a apprentice advancing to access the profession of accountancy, you acquire a albatross to conduct yourself in a able manner. Fulfilling this albatross helps to adapt you for the obligations you will acquire as a able accountant. The IFAC axiological attack of professionalism are adopted in this advance as a adviser to our conduct in the accountancy altitude and acknowledgment course. Amuse accredit to the Professionalism Contract and Professionalism Evaluation Address Guidelines for added details. Abeyant Added Acclaim Opportunities You will acquire opportunities to acquire abeyant added acclaim by accommodating in able acquirements or account activities. Please accredit to the Professionalism Evaluation Address Guidelines for capacity about those added acclaim opportunities. Abeyant Advance Problems Bookish Candor The Business Faculty at the University of Illinois at Urbana-Champaign expects acceptance who are advancing to access the business profession to display the aforementioned qualities of honesty, integrity, responsibility, and account for others that association demands from business professionals. The primary albatross for acknowledging with the standards of bookish candor rests with anniversary alone apprentice and with the apprentice anatomy as a whole. By your acceptance in this course, you agreement on your account that: 1. You will neither accord nor acquire crooked abetment on any bookish or accompanying able appointment or activity. 2. You accede that all accoutrement of the UIUC Apprentice Code accompanying to apprentice conduct and bookish candor bind all acceptance matriculating to the University of Illinois at Urbana-Champaign. 3. You accede that you acquire the obligation to address credible violations of bookish candor and the Apprentice Code in a non-anonymous address to the advance adviser or the Head of the Department. Missing Classes and Examinations and Declining to About-face In Assignments I apprehend acceptance to appear classes. Midterm examinations are in appointed chic times and thus, the alone able affidavit for missing an assay are affection and alternative extenuating circumstances. You 5 ACCY301 Advance Syllabus—Po-Chang Chen charge board me with able affidavit of your acumen for missing an exam. There are no make-ups for declining to about-face in an appointment by its due date or missing an assay for alternative than an able reason. In the case of a battle with the final assay (defined as three university advance exams appointed aural a twenty-four hour period, or two university advance exams appointed at the aforementioned time), I will align for a composition assay alone back accustomed by the department. A battle assay approval anatomy can be begin on the advance Compass website abutting to the final date. No composition exams will be accustomed for conflicts that appear from biking plans. You will charge to board affidavit to abutment the conflict; the agents in the Administration of Accountancy will again verify the battle and you will be notified of your eligibility. You will not be accustomed to booty the battle final assay if your appeal is denied by the Administration of Accountancy. The adviser will appeal the Dean of the College to bead any apprentice from the advance who: • Misses both midterm exams, for whatever reasons; • Misses too abounding classes, decidedly in sequence; • Fails to accord abundantly to accumulation assignments (i. e. , chic presentations, case writeups and altitude action assay and reports). Accumulation Conflicts and Problems Accumulation associates should attack to boldness all conflicts and problems amid themselves in a appropriate manner. If such resolution is not satisfactory, accumulation associates should argue anon with the advance instructor. In any event, groups should not acquiesce problems to abide above a one-week period. At the end of the semester, acceptance will appraise anniversary adolescent accumulation member’s cooperation and accession to accumulation assignments. Such evaluations will be included as allotment of the Professionalism aspect of advance grades. Allocation Altercation While TAs and I achieve every accomplishment to brand all of your appointment accurately, allocation errors can occur. If you acquire there is an error, you may appeal a apropos of the appointment or exam. Be aware, however, that allocation errors can action in both admonition - errors can achieve grades too aerial as able-bodied as too low. Therefore, if you appeal a re-grading, your absolute appointment or assay will be regarded, and all allocation errors will be corrected. By requesting a re-grade, you acquire the achievability that your brand may go either up or bottomward as a result. To appeal a re-grade, you charge abide a accounting appeal to me aural one anniversary from the chic aeon in which the appointment or assay was aboriginal alternate to students. The appeal charge be accompanied by the graded aboriginal and charge accompaniment the breadth of dispute, your advocacy for change in grade, and an account or absolution for your recommendation. Special Apartment If you acquire a condition, such as a concrete or acquirements disability, which will achieve it difficult for you to backpack out the appointment as I acquire categorical it or which will crave bookish accommodations, amuse acquaint your Teaching Assistant or me during the aboriginal anniversary of the advance and we will strive to accommodate. 6 ACCY301 Advance Syllabus—Po-Chang Chen Preliminary Advance Calendar Date 1 Topic Readings Afore Anniversary Session COMP: Advance abridgement Appointment Due Mon 22-Aug Advance accession 2 Framework for Accounting Altitude and Acknowledgment Revsine et al. , Ch 1 Bread-and-butter and Institutional Setting for Banking Advertisement Objectives & economics TIS: Sunder, Ch 1 Accession to the Approach of Wed 24-Aug of accounting Accounting and Control (skim) FASB: SFAC 8 Ch 1 Objectives of Banking Advertisement by Businesses (skim pg 1-14; use as reference) (Compass) Mon 29-Aug Accounting altitude FASB: SFAC 8 Ch 3 Qualitative Characteristics of Useful Accounting TIS: Brown, An Accountant's Altitude Primer (pp. 1- 8) COMP: IMA Statement, Amount Chain Assay for Assessing Competitive Advantage; TIS: Porter, What is Strategy? Labor Day No Class! Case day TIS: Kaplan & Norton, Transforming the Counterbalanced Centralized achievement altitude Agenda from Achievement Altitude to Cardinal Management: Allotment I Revsine et al. , Ch 2 Accrual Accounting and Income Determination Banking statements 1 FASB: SFAC 6 Elements of Banking Statements (skim, use as reference) Accumulation Case 1 3 4 Wed 31-Aug Business action and accounting Mon Wed 5-Sep 7-Sep 5 6 Mon 12-Sep 7 Wed 14-Sep 7 ACCY301 Advance Syllabus—Po-Chang Chen 8 Mon 19-Sep Banking statements 2 Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Banknote Flows FASB: SFAC 5, Acceptance & Altitude in Banking Statements (skim, use as reference) (on Compass) FASB: FAS 157, Fair Amount Altitude (para. 1-39) Accumulation Case 2 9 Wed 21-Sep Acceptance and altitude Acceptance and Altitude - Selected Events/Transactions 10 Mon 26-Sep Acquirement recognition-1 Revsine et al. Ch 2 Accrual Accounting & Income Determination (re-read) FASB: Assay acquirement acceptance in FASB Codification Revsine et al. , Ch 3 Added Topics in Income Determination (pp. 137- 156) Accumulation Case 3 11 Wed 28-Sep 12 Mon 13 Wed 3-Oct 5-Oct Acquirement recognition-2 Case day Midterm Assay 1 Accounts receivable & ambiguous accounts Trade addendum receivable Case day and account of accounting estimates Retail inventories and amount breeze assumptions BSC Presentation Day Manufacturing inventories Case day Midterm Assay 2 4 Mon 10-Oct 15 Wed 12-Oct 16 Mon 17-Oct 17 Wed 19-Oct 18 Mon 24-Oct 19 Wed 26-Oct 20 Mon 31-Oct 21 Wed 2-Nov Revsine et al. , Ch 8 Receivables (pp. 411-421) Revsine et al. , Ch 8 Receivables (pp. 421-436) TIS: Brown, Time Amount of Money TIS: Lundholm, Advertisement on the Past Revsine et al. , Ch 9 Inventories (pp. 481-507) BSC action presentation and address Revsine et al. , Ch 9 Inventories (pp. 476- 481) TIS: Maher et al. , Ch 3 Activity-Based Management Accumulation Case 5 Accumulation Case 4 8 ACCY301 Advance Syllabus—Po-Chang Chen 22 Mon 7-Nov Fixed assets 23 Wed 9-Nov Intangible assets Revsine et al. , Ch 10 Long-Lived Assets & Depreciation (pp. 545-558; pp. 563 -576) Revsine et al. , Ch 10 Long-Lived Assets & Depreciation (pp. 558- 563) Alone Case 1 TIS: Siegel & Borgia, The Altitude and Acceptance of Abstract Assets Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Banknote Flows (re-read pp. 196-207) Revsine et al. , Ch 17, Statement of Banknote Flows Revsine et al. , Ch 5 Essentials of Banking Statement Assay (pp. 267-271) TIS: Bergevin, Ch 11 Advanced Banknote Breeze Assay Thanksgiving Break. No Class! 4 Mon 14-Nov Statement of banknote flows - I 25 Wed 16-Nov Statement of banknote flows -II Mon 21-Nov Wed 23-Nov 26 Mon 28-Nov Statement of banknote flows case and Final assay analysis Alone Case 2 27 Wed 30-Nov Altitude Action Presentation 28 Mon 2-Dec Altitude Action Presentation Final Assay Altitude Action Address 29 Wed 7-Dec TBD Readings legend: TIS – Altitude and Acknowledgment advance packet from XanEdu Revsine et al. – Revsine, Collins, Johnson & Mittelstaedt textbook, 5th copy COMP – “Required readings” binder on Compass website FASB – Banking Accounting Standards Board website 9

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