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Updated 1/20/2014 SAN DIEGO STATE UNIVERSITY CHARLES W. LAMDEN SCHOOL OF ACCOUNTANCY Integrative Accounting Topics II (ACCOUNTING 322) Section 01: Monday 9:00 ~11:40 EBA 345 Section 02: Monday 13:00 ~15:40 EBA 345 Section 03: Monday 19:00 ~21:40 EBA 345 SPRING 2014 PROFESSOR: Gun Joh, Ph.D. GRADUATE ASST: OFFICE: TELEPHONE: E-MAIL: Lydia Wu SS 2437 (619) 594-2716 [email protected] OFFICE HOURS: Tuesdays, 13:00 to 14:00 and by appointment REQUIRED TEXT: Dr. Gun Joh (Course Note Packet) ISBN 978-0-7442-4499-1 available at the Bookstore Spiceland, Sepe, Nelson and Nelson, Intermediate Accounting, 7th edition (McGraw Hill Irwin, 2011) Hoyle, Schaefer and Doupnik, Advanced Accounting, (Course Reader ONLY) based on 10th edition (McGraw-Hill, 2013) Gleim CPA Review (Financial Accounting) Blackboard: Please check Blackboard regularly for recent posting and/or assignments and to download any required course documents because I will use Blackboard extensively. Student Learning Objectives (SLOs) At the end of this course students should be able to: 1. Assess how financial accounting standards (GAAP and IFRS) affect both reporting decisionmaking and financial information users’ evaluation using critical thinking and analytical tools. 2. Evaluate equity capital distribution decisions utilizing financial statements such as analyzing the impact of stock dividends and stock splits on paid-in capital and earned capital (ASC Codification Topic 505). 3. Discuss complex equity financing structure and calculate primary and diluted earnings per share (ASC Codification Topic 260). 1 Updated 1/20/2014 4. Explain reporting and evaluating incentive stock options and stock compensation including two popular models: Black-Scholes and Binomial models. (ASC Codification Topics: 505, 718 and IFRS 2) 5. Describe accounting rules, method, and reports for deferred taxes including calculation of taxable temporary differences including tax loss carry-forwards and general business credits and review of deferred tax assets for valuation account. (ASC Codification Topics 740-10 and 740-30). 6. Explain balance sheet and income statement implications of pension and post-retirement benefit rules and prepare formal journal entries for pension activity (ASC Codification Topic 715-30). 7. Explain and differentiate the accounting and reporting for debt and equity investments (ASC Codification Topics: 320, 323 and 325). 8. Prepare and analyze consolidated financial statements on acquisitions and after the date of acquisition using consolidation worksheet (ASC Codification Topic 805). 9. Execute formal impairment test and explain the accounting for in-process-research-anddevelopment (ASC Codification Topics: 350, 810 and IFRS 3). PRACTICE PROBLEMS AND EXERCISES AND GLEIM MULTIPLE-CHOICE: The exercises and problems at the end of each chapter provide you with the opportunity to test your understanding of the topic. I strongly suggest that you attempt to do the homework problems before we discuss the material in class and then re-do the homework again after class. Keeping up with the assignments is critical to your success in this course. Working problems together in groups is an excellent way to reinforce the concepts too. Work each question without relying on the answer and attempt to understand every step required to derive the correct answer. Failure to work the Gleim problems may result in sub-optimal performance on the multiple-choice portion of the exams. TWO MID-TERM EXAMS AND FINAL EXAM: Two full period midterm exams and one final exam will be given. Examinations will consist of multiple choice questions, exercises, problems, and short-answer essay questions. Generally, all examinations are “closed book.” There will be no make-up examinations for all examinations. Students who cannot take an examination due to illness or other approved reasons will have the weight for that examination added to the weight given to the final examination. A make-up final examination will be administered in accordance with University policies. * Programmable calculators or smart phones cannot be used during examinations. If in doubt, please check with the professor before the examination. The dates for the examinations are indicated in the course outline. All students are responsible for verifying the time, date and location of the final exam. QUIZZES 2 Updated 1/20/2014 Three quizzes will be given on the designated dates. Each quiz consists of multiple-choice and short-answer or one big problem. When a quiz is given at the beginning of class, late arrivals will not be given ANY extra time to complete the quiz and no makeup quiz will be offered. From time to time, unannounced quizzes may be administered (Pop-up Quizzes) if the majority of the class seem unprepared for weekly lectures at the professor’s decision. Any such pop-up quizzes, if any, will count towards your final quiz grade as indicated in the grading policy below. The format of all quizzes/exams is at the sole discretion of the instructor. Generally, there will be BOTH an individual and group quiz administered. Individual quizzes will be weighted double the group portion of the quiz. Students who MISS ONLY one quiz during the semester can take the LOWER of their average or the class average on the missed quiz, but only if you have just ONE missed quiz. Students who are absent for the individual quiz will automatically be assigned a zero on the group portion of the quiz regardless if they are present just for the group quiz. IN SUMMARY, YOU MUST BE PRESENT AND TAKE THE INDIVIDUAL QUIZ TO RECEIVE A GRADE ON THE GROUP PORTION. GROUP CASE/PROJECT GROUP EVALUATION: Each group member will evaluate the efforts of all other group members and the results of this performance review may result in a substantial grade reduction for any group member that doesn’t materially participate in the group project. Please carry your weight in your groups or risk having your grade reduced considerably. INDUSTRY PRACTICE PROBLEMS One Industry Cases will be assigned over the course of the semester. The IPP will contain a short fact pattern and will pose both qualitative and quantitative analyses. Qualitative may involve basic research or reviewing company disclosures, press releases etc. Quantitative may involve demonstrating knowledge and an understanding of the economic impact of management’s actions and/or inaction. Use of excel spreadsheets that are logical and useful are suggested. Homework Generally, one practice problem homework set will be assigned for each chapter covered throughout the course. Each student is responsible for accessing the homework via connect via the electronic link provided on blackboard. All students are encouraged to complete the homework assignment as soon possible, but in any event no later than 6am on our weekly lecture day. Failure to complete the homework by this time will result in zero on that assignment. All section’s homework are due by 9AM—NO EXCEPTIONS. Homework will be graded on a credit/no credit basis. If you receive 80% or higher from an assignment, you will get a credit for it. However, in instances when you do not submit more than or equal to 10% of all assignments, the professor MAY allocate a NO CREDIT grade. Students are encouraged to take their time completing ALL weekly homework assignments and to score as high as possible. Class and Grading Policy: You are expected to attend every class. Attendance and class participation DO NOT count towards your final grade but will ensure that you can pass my quizzes, exams and projects. Failure to attend class will result in your finding it very difficult to do well in the class. Use of laptops and mobile devices during class are strictly prohibited. You can 3 Updated 1/20/2014 use your laptop ONLY if you’re reviewing course material in word, excel or powerpoint that I posted online. Read each chapter before it is discussed in class. Clicking a chapter topic on syllabus can download lecture slides before each class session. Solutions for the select homework will be posted on blackboard. Please attempt all homework questions before the class in which the content will be covered. Class lecture time will be limited and interactive group work will serve as the primary learning tool. This requires students to work comprehensive problems in class and to think independently. Failure to take the class problems seriously will result in a difficult time passing quizzes and major exams. If you miss class for any reason, it is your responsibility to get the lecture notes from a fellow student. Generally, you cannot improve your grade through “extra credit”, but academic help is available by forming your own study groups, or by making an appointment to see the instructor before or after class. Finally, you can seek help via Beta Alpha Psi’s tutoring service. Please visit bay.sdsu.edu. There will be no make-up exams or quizzes without a doctor’s note. If your work is incomplete at the end of the semester, you will receive a grade of TF until you clear up the matter with the professor. Academic Integrity (URGENT PLEASE READ) The SDSU Standards for Student Conduct (http://www.sa.sdsu.edu/srr/conduct1.html) states that unacceptable student behavior includes “cheating, plagiarism, or other forms of academic dishonesty that are intended to gain unfair academic advantage.” Unprofessional conduct adversely impacts your fellow students, the accounting faculty, the School of Accountancy, SDSU, and the accounting profession. The School of Accountancy takes academic honesty very seriously and vigorously enforces university policy related to any such infractions. As such, any student suspected of academic dishonesty will be reported to the SDSU Center for Student Rights and Responsibilities; if found responsible for academic dishonesty, the student will receive an F in ACCTG 322. The answers to full-period tests will be briefly and selectively discussed in class. You can review your final exam by making an appointment with the instructor after the end of the semester. Your exams will be kept on file for one year. 4 Updated 1/20/2014 GRADING (ALL FINAL GRADES WILL BE STANDARDIZED TO A CONSISTENT MEAN AND STANDARD DEVIATION AT THE END OF THE SEMESTER): Your course grade will be determined as follows: Three Examinations: Two Midterms (20% each) Final Exam Quizzes (NO MAKEUPS) Industry Cases Assignments 40% 30% 15% 10% 5% Your final course grade will be a combined grade based on your performance in both financial accounting (FA) and accounting information systems (AIS). For FA, your score will be calculated as a weighted-average of all assignments (using the weights above). For FA, your final weighted average raw percentage will NOT be calculated based on points. I DO NOT USE POINTS. I will post an excel template from which you can enter all relevant grade information to estimate your final weighted average raw score for the FA portion of the course ONLY. Your weighted average raw scores will be combined for both sections of Accounting 322. This combined weighted average raw score will serve as the basis from which to determine your final letter grade for Accounting 322. YOU MUST PASS BOTH SECTIONS TO RECEIVE A PASSING GRADE FOR THE COURSE. Generally, depending on the performance of the class for the semester your final combined weighted average raw score will be converted to a standardized scale of (0-100%) using a consistent mean and standard deviation as determined appropriate and necessary for the semester. **Curving is not guaranteed and is at the sole discretion of the professors. So, please attempt to maximize all possible points.** BLACKBOARD IS NOT AN OFFICAL SOURCE FOR GRADES AND THE ONLY OFFICIAL SOURCE IS THE FINAL GRADE THAT APPEARS ON YOUR OFFICIAL STUDENT TRANSCRIPT. 5 Updated 1/20/2014 Monday Sections: Accounting 322 – Summary of Assignments (Spring 2014) Date Class Jan. 27 1 Feb. 3 2 Feb. 10 3 Feb. 12 4 Feb. 24 Chapter & Topic Readings Course Introduction/ Lecture Investments Investments (con’t) Stockholders’ Equity Stockholders’ Equity (con’t) SP: Ch. 12 SP: Ch. 18 5 Stockholders’ Equity (con’t) Quiz #1 (Ch. 12 and 18) Share-Based Compensation Mar. 7 6 Group Midterm (Chapters 12, 18 and 19) Mar. 10 7 Mar. 17 Exercises Problems Connect/ Learnsmart Connect SP: Ch. 18 SP: Ch. 18 Connect SP: Ch. 19 E4, E7, E28 P2, P3, P6 Learnsmart Earnings Per Share (EPS) SP: Ch. 16 E15, E17 Learnsmart 8 Deferred Taxes (con’t) SP: Ch. 16 (con’t.) E16, E22 P9, P14, P20 P3, P7, P10 Mar. 24 9 Deferred Taxes (con’t) SP: Ch. 16 (con’t.) E16, E22 P3, P7, P10 Apr. 11 10 Group Midterm (Chapters 12, 18 and 19) Apr. 14 11 Pensions & Postretirement Benefits SP: Ch. 17 Learnsmart Apr. 21 12 SP: Ch. 17 Connect Apr. 28 13 Pensions & Postretirement Benefits (Con’t) Quiz #2 (Chapters 16 and 17 of SP) Equity Method— (SKIP: Elimination of Unrealized Profits in Inventory) (Covered already Chapter 12: Spiceland, so we will move quickly) Consolidation on Acquisition HSD: Ch.3 May 5 14 Consolidation of Financial Information & Goodwill Quiz #3 (Chapters 1 and 2 of Hoyle) May 10 15 Group Final Exam Financial Accounting (3:30pm~5:30pm) –VERIFY LOCATION (SP: Ch.17, HSD: 1-3) HSD: chs. 1&2 Ch.1 Q1-9 Ch.2 Q1-6 6 Q1-6 Ch.1-9,18, 22,23,24,25, 26,27 Ch.2:1-8,12, 24 TBD Connect TBA TBA Updated 1/20/2014 SP-Spiceland et al. Intermediate Text Book Financial Does Not Meet on the following dates: Feb. 17 (replace with Feb. 12) HSD: Hoyle, Schaefer, Doupnik (course reader) 7