Intermediate Financial Accounting I

What you'll learn

• Explain the Canadian reporting environment, including the roles of the AcSB, IFRS for publicly accountable enterprises and ASPE for private enterprises, and apply the conceptual framework's objective, qualitative characteristics and element definitions.
• Measure fair value using the IFRS 13 hierarchy and valuation techniques, and present performance under IAS 1 and IFRS 18, including other comprehensive income and discontinued operations.
• Classify assets and liabilities as current or non-current, distinguish adjusting from non-adjusting events after the reporting period, and prepare and interpret a statement of cash flows using the indirect method.
• Apply the five-step revenue model to identify contracts and performance obligations, determine and allocate the transaction price, and recognize revenue at a point in time or over time.
• Account for variable consideration, returns, significant financing components, principal-versus-agent arrangements, licences, warranties, customer options and bill-and-hold arrangements.
• Account for cash, receivables and expected credit losses under IFRS 9 and ASPE, measure notes receivable at amortized cost with the effective interest method, and evaluate transfers of receivables.
• Determine which goods and costs belong in inventory, allocate production overhead at normal capacity, apply specific identification, FIFO and weighted-average formulas, and convert a US competitor's LIFO figures to FIFO.
• Apply the lower of cost and net realizable value rule, including reversals, account for purchase commitments, estimate inventory with the gross profit and retail methods, and analyse inventory errors.
• Measure the cost of property, plant and equipment, including lump-sum purchases, self-constructed assets, borrowing costs, exchanges, government grants and components.
• Compute depreciation under several methods, account for changes in estimates, apply the IAS 16 revaluation model, compute depletion and record derecognition and held-for-sale classification.
• Test long-lived assets for impairment under IAS 36 and ASPE, allocate losses within cash-generating units and determine permitted reversals.
• Recognize and amortize intangible assets, apply the research and development criteria, measure goodwill in a business combination, and integrate the course in a year-end asset-reporting case that identifies IFRS, ASPE and US GAAP differences.