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Online classes

Effective: Late Fall 8-Week, 2018/2019

BUSI 588: Advanced Financial Accounting

Course Description

Policies and procedures used in preparing financial statements of consolidated corporations and partnerships, including foreign currency transactions.

Prerequisite: ACCT 384 or BUSI 584

Proctored Exams: None



Syllabus Contents

Textbooks

Required

  • Hoyle et al.. Fundamentals of Advanced Accounting (with Connect). 7th. Richard D. Irwin, Inc., 2018.
    • ISBN-978-1-260-29903-8

Connect

Passcode to CONNECT is included with the purchase of new textbook from MBS Direct. 

CAUTION: Do not purchase USED passcodes to CONNECT; they are not valid. Passcodes to CONNECT can also be purchased online directly from the Publisher during the first week of class.

Students will be provided with a link to the course Connect website on the first day of class. Do not try to register for Connect prior to the first day. You must register for the website associated with this session and section only. Registration cannot be changed or reversed.

MBS Information

Textbooks for the course may be ordered from MBS Direct. You can order

For additional information about the bookstore, visit http://www.mbsbooks.com.


Course Overview

Throughout this course, we will learn about the accounting and reporting principles and procedures used in a variety of business entities. This course will focus on development and refinement of technical, analytical, research and communication skills necessary to be successful as an accounting professional.


Technology Requirements

Participation in this course will require the basic technology for all online classes at Columbia College:
  • A computer with reliable Internet access
  • A web browser
  • Acrobat Reader
  • Microsoft Office or another word processor such as Open Office

You can find more details about standard technical requirements for our courses on our site.

In addition to the above, for this course, you must have access to:

  • McGraw-Hill Connect, per the textbook information above,
  • Microsoft Excel.

Course Learning Outcomes

  1. Account for Investments using the Equity Method.
  2. Consolidate Financial Information at Time of, and Subsequent to Acquisition.
  3. Prepare Consolidated Financial Statements with Outside Ownership and Intra-Entity Transactions.
  4. Account for Variable Interest Entities, Intra-Entity Debt, and Consolidated Cash Flows.
  5. Account for Foreign Currency Transactions, Translate Foreign Currency Financial Statements, and Describe the Hedging of Foreign Exchange Risk.
  6. Describe IFRS regulations in relation to equity investments/consolidations and foreign currency transactions.
  7. Account for Partnerships: Formation, Operation, Termination, and Liquidation.

Grading

Grading Scale
Grade Points Percent
A 900-1000 90-100%
B 800-899 80-89%
C 700-799 70-79%
F 0-699 0-69%
Grade Weights
Assignment Category Points Percent
Discussion Questions (9) 100 10%
Dropbox Assignments (8) 200 20%
Connect Homework (8) 200 20%
Exams (4) 500 50%
Total 1000 100%


Schedule of Due Dates

Week 1
Assignment Points Due
Introductions 4 Wednesday
Discussion 1 12 Thursday/Sunday
Connect Homework 1 40 Sunday
Dropbox Assignment 1 25
Practice Quiz 1
Week 2
Assignment Points Due
Discussion 2 12 Thursday/Sunday
Connect Homework 2 20 Sunday
Dropbox Assignment 2 25
Practice Quiz 2
Exam 1 125
Week 3
Assignment Points Due
Discussion 3 12 Thursday/Sunday
Connect Homework 3 40 Sunday
Dropbox Assignment 3 25
Practice Quiz 3
Week 4
Assignment Points Due
Discussion 4 12 Thursday/Sunday
Connect Homework 4 20 Sunday
Dropbox Assignment 4 25
Practice Quiz 4
Exam 2 125
Week 5
Assignment Points Due
Discussion 5 12 Thursday/Sunday
Connect Homework 5 20 Sunday
Dropbox Assignment 5 25
Practice Quiz 5
Week 6
Assignment Points Due
Discussion 6 12 Thursday/Sunday
Connect Homework 6 20 Sunday
Dropbox Assignment 6 25
Practice Quiz 6
Exam 3 125
Week 7
Assignment Points Due
Discussion 7 12 Thursday/Sunday
Connect Homework 7 20 Sunday
Dropbox Assignment 7 25
Practice Quiz 7
Week 8
Assignment Points Due
Discussion 8 12 Thursday/Saturday
Connect Homework 8 20 Saturday
Dropbox Assignment 8 25
Practice Quiz 8
Exam 4 125
Total Points 1000

Assignment Overview

Connect Homework Assignments

Homework assignments will consist of an average of five problems for each assigned chapter. These problems will be completed using McGraw-Hill Connect, the online resource associated with your text. This program allows you to work the end-of-chapter material online and submit it for immediate grading and feedback. Each chapter assignment is worth a total of 20 points. You are allowed three attempts at each problem, and the highest score will be recorded in the grade book.

The deadline for each assignment block is 11:59 p.m. each Sunday evening (Saturday in week 8). Late homework is not accepted without prior approval from the instructor. I recommend that you work on the homework well ahead of the due date, so questions are addressed before assignments are due.


Discussion Postings

There will be an Introduction Discussion, worth 4 points, due on Wednesday (by 11:59 p.m. CT) of Week 1. There will be one required, graded discussion topic each week. The instructor will post a question, problem, or issue related to the week’s topic. Your initial weekly posting, worth a maximum of 10 points, is due each Thursday (by 11:59 p.m. CT); it may require analysis, research, or critical thinking.

Responses to at least two classmates’ original postings are due by Sunday (11:59 p.m. CT) (Saturday in Week 8) and are worth 2 points total. Your response should provide added value. You are expected more than “I agree,” or “Good job”; provide a response that indicates you read the student’s post and can offer a substantial comment.

The instructor expects that each week you respond to different students and that you respond to a student that doesn’t have a response yet. The introductory and weekly discussion questions combined are worth a total of 100 points, 10% of the final grade. Refer to the grading rubric in the course for guidance in how the discussion question postings will be assessed. No late postings will be accepted. You are also expected to read all weekly postings.


Dropbox Assignments

Research Cases: You will be assigned four research cases in the textbook, which you will be asked to read and analyze. After reading the assigned case, answer the assigned questions. Be sure to provide solid, in-depth and well researched responses.

Usage of the FASB Codification for all US GAAP references is required on all research cases for this class. Additional research beyond the textbook is strongly encouraged. Use APA formatting for your responses.

Submit completed cases to the appropriate Dropbox folder. These cases are worth 25 points each, for a total of 100 points, 10% of the final grade. Refer to the grading rubric in the course for guidance in how the research cases will be assessed. The deadline for each case is 11:59 p.m. CT each Sunday evening (Saturday in Week 8).

Excel Cases: You will be assigned a total of four Excel-based analysis cases from the textbook. After reading the assigned case, prepare the Excel analysis as directed. Make sure to properly label and format the worksheet. Utilize formulas for all computation-based cells. Excel cases should be professional-looking. Research beyond the textbook in the use of Excel may be required.

Submit completed cases to the appropriate Dropbox folder. These will be worth 25 points each, for a total of 100 points, 10% of the final grade. Refer to the grading rubric in the course for guidance in how the Excel cases will be assessed. The deadline for each case is 11:59 p.m. CT each Sunday evening (Saturday in Week 8).


Practice Quizzes

There will be 8 practice quizzes, one every week, for you to test your knowledge of the week’s materials. You will get immediate feedback so you can monitor your progress. Each practice quiz will contain 5-10 multiple choice questions per chapter covered in that week. The questions will address theory and computation-based materials.

Practice quizzes do not have open nor close dates, so they are available at any time. There is no time limit per practice quiz attempt. There is a limit of three attempts per practice quiz. Practice quizzes are located under the Practice Quizzes section on the course’s McGraw-Hill Connect website. Practice quizzes are open book and open notes.

These practice quizzes will not be counted as part of your grade and are strictly voluntary. However, diligently using them will help you to improve your exam scores.


Exams

There will be 4 exams, one every two weeks. Each exam will contain 25 multiple-choice questions and will be worth a total of 125 points. Exams are located in the Quizzes area of the course. Exams will be available on Thursday at 12:01 a.m. CT of exam week until Sunday at 11:59 p.m. (Saturday in Week 8).

The first two exams will cover three chapters each. The remaining two exams will cover two chapters each. You can take the test at any time after it is posted, but once you begin, you have two (2) hours to complete it.  Under no circumstances can it be worked on or submitted after the due date, unless the instructor has approved a different time or date prior to the test deadline.

Note on Exams: Collaboration with anyone (other students, colleagues, professors, your accountant, etc.) is not permitted. The tests are of course, open-book, but the work is to be exclusively your own. Discussion of test material with anyone is not allowed. Roommates, spouses, colleagues and friends taking the same course should be particularly careful. See the policies related to academic honesty below (especially “Plagiarism”).



Course Outline

Click on each week to view details about the activities scheduled for that week.

Week 1: Equity Method & Consolidations – Part 1
Readings

Hoyle et al.: Chapters 1 and 2

Ernst & Young Academic Resource Center resources (in course Content):

  • Business Combinations: Equity Method. Ernst & Young Foundation (U.S.), IFRS Curriculum. (2015).
  • Consolidations and Joint Ventures: Combined Business Model. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2016).
Introductions
Please post a brief description of yourself, including, at a minimum, where you live, work and play. Include where and in what you earned your undergraduate degree, how close you are to completion of the MBA program and what you want to do after you have your MBA and CPA, if you are pursuing it. Please post by Wednesday evening at 11:59 p.m.
Discussion 1

For your first posting, pick a major corporation and find its most recent 10K. Each student is to choose a different company. Answer the following questions:

  1. Identify the companies listed as significant equity investments.
  2. How do these investments help the investee company? What business purpose is filled?
  3. Summarize the criteria used in choosing to apply the equity method for these investments and the company’s description of its application.
  4. What surprised you the most in doing this exercise? Was it the companies invested in, why they were invested in, or why the investing company chose to use the equity method?

By Sunday night, respond to two other students in the class by comparing or contrasting your chosen company to theirs.

Discussion 1 - I reserve...

Prior to writing your Week 1 initial post, reply to this discussion topic using the following format: “I reserve [insert corporation].”

This will ensure that all of you have different corporations to compare and contrast in your discussions. 

Connect Homework 1

Chapter 1: Problems 12, 16, 18, 20 & 21

Chapter 2: Problems 22, 23, 26, 27 & 32

Dropbox Assignment 1
Research Case 1: Chapter 2 FASB ASC Research & Analysis Case – Consideration or Compensation, pg. 87.
Practice Quiz 1
Chapters 1 & 2: MCQs, similar to questions in the exam, available on the Connect website.
Week 2: Consolidations – Part 2
Readings

Hoyle et al: Chapter 3

Ernst & Young Academic Resource Center resources (in course Content):

  • Consolidations and Joint Ventures: Combined Business Model. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2016)
Discussion 2

Find an article in a recent newspaper or business publication that discusses an announced merger or acquisition that is completed as of today. You should use nationally recognized sources for this article such as The Wall Street Journal, The Financial Times, Business Week, CFO Magazine, etc. You must provide the URL of the article for full credit. Each student is to choose a different merger or acquisition. In your Thursday posting, identify and discuss the following:

  1. the parties involved;
  2. how the merger or acquisition is to be financed;
  3. what the post-merger or acquisition company will look like;
  4. expected benefits from the acquisition to shareholders, public or companies involved;
  5. your personal thoughts on the acquisition or merger.
Discussion 2 - I reserve...

Prior to writing your Week 2 initial post, reply to this discussion topic using the following format: “I reserve the [merger or acquisition].”

This will ensure that all of you have different mergers or acquisitions to compare and contrast in your discussions. 

Connect Homework 2
Chapter 3 Problems 15, 16, 23 & 24
Dropbox Assignment 2
Excel Case 1: Chapter 3, Excel Case 2, pg. 150-51.
Practice Quiz 2
Chapter 3: MCQs, similar to questions in the exam, available on the Connect website.
Exam 1

Chapters 1 through 3. The exam comprises 25 MCQs, to be completed in 2 hours.

Week 3: Consolidations – Part 3
Readings

Hoyle et al: Chapters 4 and 5

Ernst & Young Academic Resource Center resources (in course Content):

Consolidations and Joint Ventures: Presentation of Financial Statements and Non-Controlling Interest. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2016).

Discussion 3

Using the same companies from your Week 2 discussion question, locate the most recent SEC quarterly or annual report for the acquiring company. For Thursday’s posting, discuss the following:

  1. How is the company reporting the acquisition in the financial statements?
  2. What methods of accounting and valuation are being used?
  3. Summarize the status of the acquisition per the Management Discussion and Analysis disclosures.
  4. How does this information found in the SEC report tie to your Week 2 discussion? Any surprises?

Do not copy and paste from the SEC report. Respond to two classmates by Sunday 11:59pm.

Connect Homework 3

Chapter 4 Problems 22, 26, 31, 32 & 34

Chapter 5 Problems 16, 19, 24 & 36

Dropbox Assignment 3
Research Case 2: Chapter 4, Bardeen Electric FASB ASC and IFRS Research Case, pg. 209-210.
Practice Quiz 3
Chapters 4 & 5: MCQs, similar to questions in the exam, available on the Connect website.
Week 4: Consolidations – Part 4
Readings

Hoyle et al: Chapter 6

Ernst & Young Academic Resource Center resources (in course Content)

Consolidations and Joint Ventures: VIEs and Structured Entities. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2016).

Discussion 4

The FASB ASC Subtopic "Variable Interest Entities" affects thousands of business enterprises that now, as primary beneficiaries, consolidate entities that qualify as controlled variable interest entities.  Select one of the following companies (or any others you may find) and locate its most recent annual SEC report:

  • The Walt Disney Company
  • General Electric
  • First Energy

For your chosen company, answer the following:

  1. What are the reasons noted for the consolidation of the company’s VIEs?
  2. What are the effects of the consolidation of the VIEs on the company's financial statements?
  3. If the company used IFRS, would the treatment be the same or different? If different, how so?

Do not copy and paste from the SEC report. Respond to two classmates by Sunday 11:59pm.

Connect Homework 4
Chapter 6 Problems 25, 28, 33, 36, 37 & 43
Dropbox Assignment 4
Excel Case 2: Chapter 6 Excel Case – Intra-entity Bonds, pg. 317
Practice Quiz 4
Chapter 6: MCQs, similar to questions in the exam, available on the Connect website.
Exam 2

Chapters 4 through 6. The exam comprises 25 MCQs to be completed in 2 hours

Week 5: Foreign Currency Transactions
Readings

Hoyle et al: Chapter 7

Ernst & Young Academic Resource Center resources (in course Content)

Foreign Currency: Transactions. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2016).

Discussion 5

Select a company with international operations and locate its most recent SEC annual report. For your Thursday posting, answer the following:

  1. Summarize any comments within the MDA section of the report pertaining to the company’s exposure to foreign currency risk.
  2. What was the impact on profits from foreign currency rate fluctuations over each of the past three years? (Suggestion: discuss in terms of percentage of total revenue to gain perspective on impact.)
  3. Identify how the company is working to offset its foreign currency risks. Consider formal and informal practices and policies.
  4. If the company is required to use IFRS, how might treatment of foreign currency risks differ?

Do not copy and paste from the SEC report. Respond to two classmates’ posts by Sunday, 11:59pm.

Discussion

Prior to writing your Week 5 initial post, reply to this discussion topic using the following format: “I reserve [company].”

This will ensure that all of you have different companies to compare and contrast in your discussions.

Connect Homework 5
Chapter 7 Problems 27, 30, 33, 38 & 41
Dropbox Assignment 5
Research Case 3: Chapter 7 Accounting Standards Case - Forecasted Transactions, pg. 382
Practice Quiz 5
Chapter 7: MCQs, similar to questions in the exam, available on the Connect website.
Week 6: Foreign Currency Translation
Readings

Hoyle et al: Chapter 8

Ernst & Young Academic Resource Center resources (in course Content)

Foreign Currency: Translation. Ernst & Young Foundation (U.S.). IFRS Curriculum. (2012).

Discussion 6

Select a U. S. based multinational company and locate its most recent SEC annual report. For your Thursday posting, answer the following:

  1. Determine whether the company’s foreign operations have a predominant functional currency.
  2. Determine the amount of re-measurement gain or loss, if any, reported in net income in each of the three most recent years.  Present in gross dollars and as a percentage of net operating income.
  3. Determine the amount of translation adjustment, if any, reported in other comprehensive income in each of the three most recent years. Explain the sign (positive or negative) of the translation adjustment in each of the three most recent years.
  4. Determine whether the company hedges net investments in foreign operations. If so, determine the type(s) of hedging instrument used.
  5. If the company is required to use IFRS, how might reporting of foreign subsidiaries differ?
Discussion

Prior to writing your Week 6 initial post, reply to this discussion topic using the following format: “I reserve [multinational company].”

This will ensure that all of you have different companies to compare and contrast in your discussions.

Connect Homework 6
Chapter 8 Problems 23, 24, 25 & 31
Dropbox Assignment 6
Excel Case 3: Chapter 8 Excel Case – Translating Foreign Currency Financial Statements, pg. 440-41
Practice Quiz 6
Chapter 8: MCQs, similar to questions in the exam, available on the Connect website.
Exam 3

Chapters 7 and 8: The exam comprises 25 MCQs to be completed in 2 hours.

Course Evaluation
Please evaluate the course. You will have an opportunity to evaluate the course near the end of the session. A link sent to your CougarMail will allow you to access the evaluation. Please note that these evaluations are provided so that I can improve the course, find out what students perceive to be its strengths and weaknesses, and in general assess the success of the course. Please do take the time to fill this out.
Week 7: Partnerships – Part 1
Readings

Hoyle et al: Chapter 9

Kamnikar. JA, Kamnikar EG, Burrowes A. (2012). "One size does not fit all: A look at private company financial reporting in the U. S. and tiered GAAP alternatives being considered abroad." Journal of Accountancy (in the course Content)

Discussion 7

For your Thursday posting, supplement the assigned article with other research on the current status of the U.S.’s FASB Private Company Council. Summarize your findings regarding the current status and bring into your discussion your thoughts on the need for public company versus private company financial reporting standards.

Do you agree that there should be separate standards? Why or why not? What impact do you see on private businesses from the standards already issued or pending approval?

Connect Homework 7
Chapter 9 Problems 6, 23, 26, & 27
Dropbox Assignment 7
Research Case 4: Chapter 9 Analysis Case, pg. 480-81
Practice Quiz 7
Chapter 9: MCQs, similar to questions in the exam, available on the Connect website.
Week 8: Partnerships – Part 2
Readings

Hoyle et al: Chapter 10

Kottasova, I. (2014). "Forget the Paltrow-Martin split, this is the juicy divorce of the day." CNN (in the course Content)

Discussion 8

For your Thursday posting, supplement the assigned article with other research on business partnership divorce. Based upon your research, comment on the following:

1. Why are partnership dissolutions similar to marriage divorces?

2. What are the best ways to protect the business in case of a personal divorce, when the partners are not married to each other and when the partners are married to each other? Feel free to include any personal experiences.

Connect Homework 8
Chapter 10 Problems 12, 20, 21 & 29
Dropbox Assignment 8
Excel Case 4: Chapter 10 Excel Case, pg. 515
Practice Quiz 8
Chapter 10: MCQs, similar to questions in the exam, available on the Connect website.
Exam 4

Chapters 9 and 10: The exam comprises 25 MCQs to be completed in 2 hours.



Course Policies

Student Conduct

All Columbia College students, whether enrolled in a land-based or online course, are responsible for behaving in a manner consistent with Columbia College's Student Conduct Code and Acceptable Use Policy. Students violating these policies will be referred to the office of Student Affairs and/or the office of Academic Affairs for possible disciplinary action. The Student Code of Conduct and the Computer Use Policy for students can be found in the Columbia College Student Handbook. The Handbook is available online; you can also obtain a copy by calling the Student Affairs office (Campus Life) at 573-875-7400. The teacher maintains the right to manage a positive learning environment, and all students must adhere to the conventions of online etiquette.

Plagiarism

Your grade will be based in large part on the originality of your ideas and your written presentation of these ideas. Presenting the words, ideas, or expression of another in any form as your own is plagiarism. Students who fail to properly give credit for information contained in their written work (papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For proper citation of the original authors, you should reference the appropriate publication manual for your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from the College.

Collaboration conducted between students without prior permission from the instructor is considered plagiarism and will be treated as such. Spouses and roommates taking the same course should be particularly careful.

All required papers may be submitted for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on the Turnitin.com site.

Non-Discrimination

There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation, religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.

Student Accessibility Resources

Students with documented disabilities who may need academic services for this course are required to register with the office of Student Accessibility Resources. Until the student has been cleared through this office, accommodations do not have to be granted. If you are a student who has a documented disability, it is important for you to read the entire syllabus as soon as possible. The structure or the content of the course may make an accommodation not feasible. Student Accessibility Resources is located in Student Affairs in AHSC 215 and can be reached by phone at (573) 875-7626 or email at sar@ccis.edu.

Online Participation

You are expected to read the assigned texts and participate in the discussions and other course activities each week. Assignments should be posted by the due dates stated on the grading schedule in your syllabus. If an emergency arises that prevents you from participating in class, please let your instructor know as soon as possible.

Attendance Policy

Attendance for a week will be counted as having submitted any assigned activity for which points are earned. Attendance for the week is based upon the date work is submitted. A class week is defined as the period of time between Monday and Sunday (except for week 8, when the work and the course will end on Saturday at midnight.) The course and system deadlines are based on the Central Time Zone.

Cougar Email

All students are provided a CougarMail account when they enroll in classes at Columbia College. You are responsible for monitoring email from that account for important messages from the College and from your instructor. You may forward your Cougar email account to another account; however, the College cannot be held responsible for breaches in security or service interruptions with other email providers.

Students should use email for private messages to the instructor and other students. The class discussions are for public messages so the class members can each see what others have to say about any given topic and respond.

Late Assignment Policy

An online class requires regular participation and a commitment to your instructor and your classmates to regularly engage in the reading, discussion and writing assignments. Although most of the online communication for this course is asynchronous, you must be able to commit to the schedule of work for the class for the next eight weeks. You must keep up with the schedule of reading and writing to successfully complete the class.

No late discussion posts will be accepted.

No late assignments will be accepted without extenuating circumstances beyond the control of the student and with instructor notification prior to the due date.

Course Evaluation

You will have an opportunity to evaluate the course near the end of the session. A link will be sent to your CougarMail that will allow you to access the evaluation. Be assured that the evaluations are anonymous and that your instructor will not be able to see them until after final grades are submitted.


Additional Resources

Orientation for New Students

This course is offered online, using course management software provided by Desire2Learn and Columbia College. The course user guide provides details about taking an online course at Columbia College. You may also want to visit the course demonstration to view a sample course before this one opens.

Technical Support

If you have problems accessing the course or posting your assignments, contact your instructor, the Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available within the online course environment.

Online Tutoring

Smarthinking is a free online tutoring service available to all Columbia College students. Smarthinking provides real-time online tutoring and homework help for Math, English, and Writing. Smarthinking also provides access to live tutorials in writing and math, as well as a full range of study resources, including writing manuals, sample problems, and study skills manuals. You can access the service from wherever you have a connection to the Internet. I encourage you to take advantage of this free service provided by the college.

Access Smarthinking through CougarTrack under Students -> Academics -> Academic Resources.


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