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ACC 620-X5029 Financial Reporting II

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  • Average Rating (from 1 Student)

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  • Top Course Tags

    Always Do the Reading

    Lots of Writing

    Math-heavy

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    • Profile picture
    Nov 13, 2016
    | Would recommend.

    Not too easy. Not too difficult.

    Course Overview:

    This course was good. It focused mostly on corporations and their stocks. The main objectives of the first week were as follows: Demonstrate an understanding of financial reporting and ethical considerations related to stock option plans Apply accounting principles related to contributed capital Compare and contrast the different classes of stock Illustrate the accounting for the issuance of stock.

    Course highlights:

    In this course about financial reporting II, I learned two important concepts: Leases and Pension Plans. Leases can be divided up into two main parts: Capital leases and Operating leases: First, there are several situations that leases can be identified as capital: (1): The lease transfers ownership of the asset to the lessee by the end of the lease term (2): The lease term is for the major part of the economic life of the asset. (3): The lease must be noncancelable and transfers ownership of the property to the lessee. (4): The lease contains a Bargain-Purchase option that allows the lessee to purchase the property for a price that is significantly lower than the Property's expected FMV at the date the option becomes exercisable. (5): The lease term should be greater than or equal to the 75% of the property's estimated useful life and the PV of the future minimum lease payments should be equal or exceed 90% of the fair value of the asset. On the other hand, if the lease does not meet any of the four criteria above, the lease itself is classified as operating lease and the lessee's lease payments are accounted for the rent expense and also the lessee must disclose all noncancelable operating leases with lease terms greater than one year. Second is the Pension Plans. It can be divided up into two parts: Defined -Contribution Plans and Defined Benefit Plans. For the Defined-Benefit Plans, first, it is a trust and separate entity that all the assets and liabilities belong to the company. Second, all the information and measurements about PBO that based on the company's employee's future salary levels and fair value of pension plan assets and overfunded assets or underfunded liabilities can be accurately reflected on the company's balance sheet of pension obligation. If the total FV of pension assets is more than PBO, we will, get overfunded assets, but if it is less than PBO, we will get underfunded liabilities. For the Defined-Contribution Plans, it is a common form of a 401(K) plan. And contributions are made to a trust which is separate from the company. And the pension cost, a description of the plan including who is covered, the basis for determining contributions and the nature and effect of significant matters affecting comparability from period to period are the four main things that must be disclosed for the company that made Defined-Contribution Plans.

    Hours per week:

    9-11 hours

    Advice for students:

    Overall, this course was moderately difficult. My advice would be to stay on top of your work and prioritize assignments due in the same week. Do not wait until the last day to start an assignment.

    • Summer 2016
    • Eric Tchamabe
    • Yes
    • Math-heavy Lots of Writing Always Do the Reading

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