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                      SPRING 2011 SEMESTER
     ACCOUNTING 572: CORPORATE ACCOUNTING AND REPORTING
           CLASS NUMBER 14256D; MW 1230-150; JKP 112

Teacher:              Robert Trezevant
Office:               Leventhal School of Accounting Building ACC 106
Telephone:            213-740-5013 (office number and voicemail number)
Email:                trezeva@marshall.usc.edu
Office Hours:         to be announced

IMPORTANT RULE: NO COMPUTERS ETC. CAN BE RUNNING DURING
CLASS. STRICTLY ENFORCED RULE.

Can’t Miss Dates: For scheduling your job interviews etc., please note that these are the
dates of exams that should not be scheduled for trips out of town etc.: Feb. 9 (Quiz),
March 9 (Quiz), April 6 (Quiz), and May 6 (final exam). Please note these dates as
there are no make-ups for exams.

Prerequisite: GSBA 510. Corequisite: none. Restriction: course is not open to
students with credits in equivalent subjects.

Course Description and Objectives

       This course focuses on problems and issues related to the collection, reporting,
       and disclosure of financial accounting information. The objectives and expected
       learning outcomes of the course include the following:

          develop an understanding of financial accounting information, including the
           rules used to prepare and report this information. Note that achieving this
           objective requires understanding-by-doing for many of the nuts-and-bolts
           procedures of accounting. This learning outcome includes the development of
           critical thinking and problem solving skills, as well as an understanding of the
           strategic role of accounting in business organizations and society.;

          develop an appreciation of the usefulness and limitations of financial
           accounting information and disclosures.;

          develop an understanding as to why accounting issues are so important in
           today’s business environment.;

          develop the ability to apply ethical principles and professional standards in
           analyzing situations and making informed decisions.
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Attachment

      Day-by-day Class Schedule and Assignments

Grading

       Three Quizzes                                             180 points maximum
       Final Examination                                         270 points maximum
       Peer Evaluations                                           40 points maximum
       Wall Street Journal assignments, collected homework,
               case write-ups                                     80 points maximum
         Total points possible                                   570 points maximum


       General descriptions on how the components of your grade (exams, team project,
       etc.) are determined are given below. Due dates for assignments, exams, etc. are
       listed on the attached day-by-day class schedule. No late work will be accepted.
       There are no make-ups for exams.

Required Course Materials

             The text is Intermediate Accounting 13th Edition, volumes I and II (by
              Donald E. Kieso, Jerry J. Weydandt, and Terry D. Warfield; John Wiley &
              Sons, Inc.; 2009). Problem Solving Survival Guides volume 1 (Chs. 1-
              14) and volume 2 (Chs. 15-28), which are bundled with the text in the
              USC bookstore, are also required materials. The survival guides contain
              additional problems that you can do to help you understand course
              material; excellent descriptions of how to solve each problem are offered
              in the survival guides. If the bookstore runs out of these bundles, please
              contact the instructor.

             Course reading packet available in the bookstore. The packet contains
              additional readings from the Wall Street Journal etc. and the non-textbook
              cases that we will cover in class.
                                                                                       3

General Description of Teams

      Team size can be four, five, or six members. I will allow you to choose your own
      teammates. If you do not have a preference for teammates, I will assign you to a
      team. Regarding working on team assignments, I expect that team members will
      talk among themselves. I also expect that members of one team will not discuss
      the details of their team’s “answer’ with members of another team.

General Description of Final Exam

      The final exam will include all material covered in the course. Many of the
      questions will be problems based on an annual report distributed near the end of
      the semester. The final exam time is listed at the end of the syllabus.

General Description of Wall Street Journal and homework assignments

         Some homework problems will be assigned to turn in on an individual basis.

         As the semester moves along, there are several times that your professor will
          specify a case or specify a problem in a homework assignment that will be
          turned in. These cases and problems will be discussed among team members
          and then discussed in class.

         Wall Street Journal assignments: on the dates specified in the attached day-
          by-day class and assignments schedule, the following assignment is due at the
          start of class (each team will prepare a written team answer on each of the
          dates shown). Written portion: To get a good job placement, it is quite
          important that you be well informed about the business world. With this in
          mind, your assignment is to turn in a summary (in your own words and
          writing style) of two articles from the Wall Street Journal or a similar outlet
          (e.g., BusinessWeek, Forbes, etc.). The issues from which you get your
          articles must fall within approximately the three weeks preceding an
          assignment due date. The articles should fall into two categories: 1) one
          article concerning accounting; 2) one article concerning business strategy.
          Each article summary should not exceed one-half page, typed, single-spaced
          (or equivalently one-page double spaced for each article summary).
          Presentation portion: Each team will be assigned one presentation date
          from the dates specified in the attached day-by-day class and assignments
          schedule. Your team is to do a five-to-eight minute presentation as follows:
          first, summarize your accounting-issue article. Second, for your accounting-
          issue article, discuss in detail with examples the effect of the accounting
          issues involved on a company’s financial statements. Use a PowerPoint
          presentation and please adhere to the five-to-eight minute presentation limit.
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General Description of Peer Evaluation

   Near the end of the course, you will complete peer evaluations of the other members
   of your team.

Some Important University Dates

Jan. 10          Spring semester classes begin
Jan. 17          Martin Luther King’s Birthday, university holiday
Feb. 21          President’s Day, university holiday
Mar. 14-19       Spring Recess
Apr. 29          Spring semester classes end
Apr. 30-May 3    Study days
May 4-11         Final examinations
May 13           Commencement

Grading Policy

This course adheres to the USC Leventhal School of Accounting and Marshall School of
Business grading standards for graduate programs. In general, final course grades at the
graduate level in a core course average approximately B+ (3.3), but may vary based on
class performance. For elective courses, the class average is usually higher--
approximating 3.5, which is between a B+ and an A-. You must receive a C or better to
pass a required class, and you must have an overall B average (3.0 minimum) in order to
graduate from USC.

Statement from Disability Office

Any student requesting academic accommodations based on a disability is required to
register with Disability Services and Programs (DSP) each semester. A letter of
verification for approved accommodations can be obtained from DSP. Please be sure the
letter is delivered to me or the TA as early in the semester as possible. DSP is located in
STU 301 and is open 8:30 a.m. – 5:00 p.m., Monday through Friday. The phone number
for DSP is (213) 740-0776.

Emergency Information

       USC Emergencies 740-4321
       USC Emergency Information Line 740-9233
       USC Information Line 740-2311
       KUSC Radio 91.5
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Statement on Retention of Papers from the Curriculum Office

According to the Guidelines on Documents Retention, University policy requires that
final exams and all other grade work which affected the course grade be kept for one
year. Other papers or work that instructors hand back but that students fail to pick up can
be held for one month. In this course, I do discard “other papers or work that instructors
hand back but that students fail to pick up” after one month

Academic Integrity

This course follows the academic integrity guidelines as described in SCAMPUS, Section
11.10, Academic Integrity Violations, and Appendix A, Academic Dishonesty Sanction
Guidelines.
  Session     Topic                                       Text Readings                             Homework (at the end of each chapter
                                                                                                    in the text are Exercises (marked E),
                                                                                                    Problems (marked P), and Cases (marked
                                                                                                    CA). YOU DO NOT TURN IN ASSIGNED
                                                                                                    E, P, and CA. HOWEVER, YOU SHOULD
                                                                                                    WORK THEM TO BE PREPARED FOR
                                                                                                    EXAMS ETC.
Mon Jan 10    Accounting Rules (GAAP) & Enforcement       pp. 2-19; pp. 1335-1340
              Accounting Conventions                      pp. 32-50 (optional reading)
              Characteristics of Accounting Information   Handout of Basic Conventions
              Sarbanes-Oxley Act                          pp. 17-18
              Convergence of GAAP and IFRS                pp. 1356-1360

Wed Jan 12    Accounting (Bookkeeping) Cycle (review)     pp. 68-95 (omit trial balances)           handout problem (to be turned in Jan. 19)
 *******      ********************************            ****************************              *****************************
Mon. Jan 17   HOLIDAY

Wed. Jan 19   Revenue and Expense Recognition             pp. 43-45; pp. 932-937                    CA 18-4
              Exposure Draft on (radical) change in                                                 Prepare to discuss Reading Packet articles
              Revenue Recognition (Reading Packet has                                               on “Apple Gets A Bruise…” and
              excerpts)                                                                             “Nightmare Mortgages”
 *******      ********************************            ****************************              *****************************
Mon Jan 24    Revenue Recognition Case                                                              Prepare “Kendall Square Research” Case

Wed Jan 26    Balance Sheet
                 Elements & Interpretation                pp. 178-197
                 Contingencies; Warranty Expense          pp. 651-658 (omit “Premiums & Coupons”)   E 13-11; E 13-13
 *******      ********************************            ****************************              *****************************
Mon Jan 31    Off Balance Sheet Financing                 pp. 709-711; Appendix 17B pp. 902-904     Prepare “The Enron Collapse” Case
              Enron Case
 Session     Topic                                         Readings                                     Homework

Wed Feb 2    Income Statement
                Elements                                   pp. 132-139
                Irregular Items: Special, Extraordinary,   pp. 139-145
                Discontinued Operations
                Analyzing Errors                           pp. 1204-1211; pp. 389-391                   E 22-18 (a,c)
                                                                                                        Wall Street Journal assignment due
*******      ********************************              ****************************                 *****************************
Mon Feb 7    Accounting Changes, Errors                    pp. 145-148; pp. 1182-1202 (omit             E 4-1; Rufino Tamayo Corp. (handout)
                                                           “Reporting A Change in Entity” on p. 1197)

Wed Feb 9    Rules for R&D                                 pp. 604-606; pp. 614-617
             QUIZ ONE
 *******     ********************************              ****************************                 *****************************
Mon Feb 14   Earnings and Reporting Management             pp. 133-134; pp. 1203-1204; pp. 1344-1346    Prepare “Sierra On-Line” Case
             Expense vs. Capitalize

Wed Feb 16   Overview: Invest in Other Firm’s Equity
             Detailed Rules on 0%-20% Equity Stake         pp.. 866-870                                 E 17-15; Union Planters (pp. 927-928)
             Comprehensive Income                          pp. 152-154
             Statement of Stockholder Equity               p. 766
 *******     ********************************              ****************************                 *****************************
Mon Feb 21   HOLIDAY

Wed Feb 23   Statement of Cash Flows                       pp. 1244-1266; pp. 197-205                   E 23-5; E 23-6
 *******     ********************************              ****************************                 *****************************
Mon Feb 28   Statement of Cash Flows (con’t)               pp. 1269-1273 (only “Other Working Capital   Vermont Teddy Bear Co. (part a; p. 1309);
                                                              Changes”; “Net Losses”; “Gains”;          P 23-2
                                                              “Extraordinary Items”; “Significant
                                                              Noncash Transactions”)
 Session     Topic                                        Readings                                   Homework

Wed Mar 2    Managing CFO                                                                            Prepare to discuss Reading Packet articles
             Interview Question                           handout                                    on Tyco’s accounting and “Fuzzy”
             Quarterly Reporting                          pp. 1330-1335                              Accounting (regarding how firms can
                                                                                                     manage CFO)
                                                                                                     Wall Street Journal assignment due
 *******     ********************************             ****************************               *****************************
Mon Mar 7    Fair Value Accounting                        pp. 193-194; p. 880; p. 886 (note 14);     Prepare to discuss Reading Packet articles
                                                          Appendix 17C pp. 905-908                   on Fair Value Accounting
                                                          Appendix 7B pp. 352-356

Wed Mar 9    Tax Code Accounting for PP&E                 MACRS tables handout
             QUIZ TWO
 *******     ********************************             ****************************               *****************************
Mar 14-18    SPRING BREAK
 *******     ********************************             ****************************               *****************************
Mon Mar 21   Accounting for Inventory: Example of how     pp. 398-400; pp. 406-411 (beg. at “Major   CA 8-11; TJ International (p. 431-432)
             choice of method affects financial reports   Advantages of LIFO”)

Wed Mar 23   Earnings Per Share                           pp. 992-1000                               E 16-22 (a); E 16-26 (a)

             Accounting for Stock-based Compensation
             (background)

 *******     ********************************             ****************************               *****************************
 Session     Topic                                     Readings                                 Homework

Mon Mar 28   Accounting for Stock-based Compensation   pp. 803-811; pp. 1270-1271 (subsection   E 16-11; P 16-4
             (continued)                               “Stock Options”)                         Prepare to discuss Reading Packet articles
                                                                                                on Stock Options
             Accounting for Income Taxes
              Permanent and Temporary Differences      pp. 816-824


Wed Mar 30   Accounting for Income Taxes (con’t)
               Deferred Taxes: Examples                pp. 1001-1003                            P 19-4
               Unequal Future Tax Rates                pp. 1004-1005                            Wall Street Journal assignment due
 *******     ********************************          ****************************             *****************************
Mon Apr 4    Accounting for Income Taxes (con’t)
               NOLs and Valuation Allowance            pp. 1006-1011                            E 19-23 (a,c)
               Financial Statement Presentation        pp. 1011-1016

Wed Apr 6    Accounting for Income Taxes (con’t)
               Uncertain Tax Positions                 pp. 1016-1017
             QUIZ THREE
 *******     ********************************          ****************************             *****************************
  Session    Topic                                      Readings                          Homework

Mon Apr 11   Case on Taxes                                                                Prepare Valuation Allowance at IBM

             Accounting for Pensions (background)

Wed Apr 13   Accounting for Pensions                    pp. 1050-1079 (omit work sheet)
 *******     ********************************           ****************************      *****************************
Mon Apr 18   Accounting for Pensions (con’t)                                              E 20-1; E 20-2

             Potential change in Lease Rules (Reading
             Packet has examples)

Wed Apr 20   Bad Debt Allowances                        pp. 326-331                       P 7-4; prepare to discuss Reading Packet
             HealthSouth                                                                  article on HealthSouth’s Accounting

                                                                                          Wall Street Journal assignment due
 *******     ********************************           ****************************      *****************************
Mon Apr 25   Investments of > 20%:
                Equity Method                           pp. 870-872                       E 17-16; in-class handout
                Consolidation Overview                  pp. 597-600; in-class lecture     in-class examples

Wed Apr 27   Impairments
               PP&E                                     pp. 551-554                       P 11-9
               Goodwill                                 pp. 602-603                       In-class example
 *******     ********************************           ****************************      *****************************
 Fri May 6   FINAL EXAM 11 AM-1 PM

				
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