ACCT 611 - Financial Reporting and IFRS I

Units: 3
First course in a two-course sequence on Financial Reporting. Topics include: U.S. GAAP and IFRS on the conceptual framework for financial reporting, financial statements, revenue recognition, cash, receivables, inventories, and operating tangible and intangible assets.

Prerequisites: ACCT 210 with grade B- or better.
Equivalent Quarter Course: ACCT 6612.
Possible Instructional Methods: Entirely On-ground.
Grading: A-F grading only.
Student Learning Outcomes - Upon successful completion of this course students will be able to:

Explain the conceptual framework for financial reporting under both the U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS).
Prepare an income statement and describe issues dealing with its content, presentation, and disclosure.
Prepare and interpret a classified balance sheet and a statement of cash flows using the indirect method.
Identify, explain, and apply the five-step model for revenue from contracts with customers.
Specify the initial measurement and subsequent valuation and reporting issues and their effects on income statement from transactions involving cash, accounts receivable, inventories, operating tangible and intangible assets, including the key similarities and differences between GAAP and IFRS.