AFM 491 Syllabus F2010_Aug27

AFM 491 Syllabus F2010_Aug27 - 1 1University of Waterloo...

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1University of Waterloo School of Accounting and Finance AFM 491 Advanced Financial Accounting Fall 2010 Course Outline Instructor and Class Information: Instructor Shari E Mann, CA Office HH 383J Phone Email preferred E-mail [email protected] Office hours Tuesday and Thursday 1:30 to 2:30 pm and by appointment Class Sec 001 HH1104 T, Th 2:30 – 3:50 Sec 002 HH1106 T, Th 11:30 – 12:50 Course Description The course will cover the following topics in some detail: long term intercorporate investments; business combina- tions; preparation of consolidated financial statements; accounting for foreign currency transactions; and the transla- tion of foreign currency financial statements. It will cover in less detail: the consolidated cash flow statement; seg- ment reporting; interim reporting; and financial reporting for not-for-profit organizations. In 2006, the Accounting Standards Board (AcSB) of the CICA announced a change in the strategic direction of accounting standards in Canada. The change in strategic direction has resulted in the following: Publicly accountable entities (PAEs) are required to adopt International Financial Reporting Standards (IFRSs) for fiscal periods beginning on or after January 1, 2011. Given that comparative numbers must also be presented, this has implications for 2010 financial reporting. Also, some PAEs have early adopted. (CICA Handbook – Accounting, Part I contains the IFRSs). Private enterprises (PEs) have a choice between IFRS and Accounting Standards for Private Enterprises (ASPE). The adoption date is for fiscal periods beginning on or after January 1, 2011 with early adoption available. (CICA Handbook – Accounting, Part II contains ASPE). Not-for-profit organization (NFPOs) will have a choice between IFRS and Accounting Standards for Not-for- Profit Organizations (ASNFPOs). (CICA Handbook – Accounting, Part III will contain ASNFPOs when approved). Pension plans are to adopt Accounting Standards for Pension Plans (ASPP) for fiscal periods beginning on or after January 1, 2011. (CICA Handbook – Accounting, Part IV contains ASPPs). For Canadian companies that have not yet transitioned to one of the above sets of accounting standards, the “pre- changeover” standards are to be followed until the transition. (CICA Handbook – Accounting, Part V contains the pre- changeover standards). There is also a Public Sector Accounting Handbook, which applies to some government organizations. The emphasis in this course will be on IFRS because knowledge of IFRS will be required for your qualification as a professional accountant as well as for preparing and understanding financial statements from January 1, 2011. In 1
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addition, the business combination standards for PAEs and PEs are mostly harmonized. In addition to covering the financial reporting requirements established by the CICA for the areas identified above, the
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This note was uploaded on 09/19/2010 for the course AFM 491 taught by Professor Richardson during the Fall '09 term at Waterloo.

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AFM 491 Syllabus F2010_Aug27 - 1 1University of Waterloo...

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