Intermediate Financial Accounting II

What you'll learn

• Apply the definition of a liability and classify liabilities as current or non-current under IAS 1 and ASPE, and measure trade payables, short-term notes, GST/HST, payroll withholdings, employer contributions and accrued compensated absences.
• Recognize and measure provisions under IAS 37, including warranties, onerous contracts, restructurings and decommissioning obligations, distinguish contingent liabilities and contingent assets, and contrast the ASPE and US GAAP thresholds.
• Price bonds at issue, account for discounts, premiums and transaction costs using the effective interest method, and record issues between interest dates, zero-coupon bonds and long-term notes.
• Account for instalment notes, extinguishments, modifications using the 10 per cent test, the fair value option and convertible bonds as compound instruments, and classify debt affected by covenant breaches.
• Identify leases and measure lessee right-of-use assets and lease liabilities under IFRS 16's single model, apply the short-term and low-value exemptions, and contrast ASPE capital and operating leases.
• Remeasure and modify lease liabilities, account for sale-and-leaseback transactions and subleases, and account for leases as a lessor, including manufacturer or dealer selling profit.
• Distinguish permanent and temporary differences, compute current and deferred tax using the balance sheet approach, and account for tax rate changes.
• Account for tax losses carried back and forward, recognize deferred tax assets when probable, measure uncertain tax treatments under IFRIC 23, prepare a rate reconciliation and apply the ASPE taxes payable method.
• Account for defined contribution and defined benefit plans under IAS 19, including service cost, net interest, remeasurements in OCI and past service cost, and contrast ASPE Section 3462.
• Account for share issues, cancellations, cash, property and stock dividends, stock splits and preferred shares, and prepare a statement of changes in equity.
• Measure and recognize equity- and cash-settled share-based payment, and compute basic and diluted earnings per share using the treasury stock and if-converted methods.
• Account for changes in accounting policies and estimates and correct prior period errors, and analyse how framework differences in liabilities and equity affect profit, classification and ratios in an integrated case.