Syllabus Acct 592 Spring 2010 _1_ by xiuliliaofz

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									                                              ACCOUNTING 592
                                   Financial Accounting & Reporting Seminar
                                                  Spring 2010

Instructor:                                  Office Hours (subject to adjustment):
       Teresa Gordon                         Office Hours: W 8:30–11:00 AM
       Albertsons Bldg. 118                  and T,W,Th 1:15 - 3:00 PM
       885-8960                              or by appointment
       Course web page:

                                    MASTER OF ACCOUNTANCY – LEARNING GOALS

Goal #1. Professional Accounting Knowledge - The MACCT students will acquire advanced accounting knowledge to prepare
         them for the accounting profession or further graduate work.
Goal #2a Critical Thinking and Ethical Problem Solving. MACCT students will demonstrate critical thinking skills necessary for
         identifying and addressing complex situations in accounting-related areas including ethical dilemmas.
Goal #2b Research Skills. MACCT students will be able to locate appropriate information, apply the rules or standards to a set
         of facts, and make an appropriate recommendation regarding a course of action.
Goal #3. Communication – MACCT students will enhance their ability to effectively communicate through oral presentations and
         professional writing assignments.
Goal #4. Clarify purpose and perspective – MACCT students will have opportunities for experiential learning, relationship
         development and appreciation of global perspectives.
Goal #5 Teamwork and Collaboration –MACCT students will have opportunities to enhance their ability to interact in teams.

Financial and management accounting are more closely linked in practice than one might expect from
reading traditional textbooks and the problems to be resolved often have income tax and auditing
consequences as well. This seminar is designed to provide you with opportunities to apply general
concepts and principles learned in intermediate and advanced financial accounting courses to new
economic transactions and business decisions. Cases will be used to permit you to practice the skills you
will need as a professional accountant whether in public accounting or private industry. In particular, this
course is intended to refine your skills in researching the professional accounting literature to solve
particular accounting problems, to arrive at defensible solutions where GAAP is vague or nonexistent,
and to present your research conclusions in a professional manner. You will have opportunities to present
your work orally and in writing.

A recent Intermediate Accounting text (Kieso used in Acct 315 & 414 would be fine)

A recent Advanced Accounting text (whatever was used in for Acct 415-515 would be fine)

On-line access to FASB’s ASC (accounting standards codification). The Department has purchase
academic license so you can use the $850 “professional” version rather than the free version which has
fewer bells and whistles. You can log on from but it will take you to where you enter User ID and Password:

User ID _____________________
Password _____________________

Other Course Materials are provided on the course webpage and you will probably want to print some or
       all of those files but the cost will just be paper or your UI student print allowance. More pages
       can be purchased when you run out. See the Help Desk.

        Miller's Comprehensive GAAP Guide (or similar GAAP guide) may be helpful and easier to interpret (e.g.,
        more examples).

        Financial Accounting Objective Questions and Explanations, by Irvin N. Gleim and William A. Collins
        (Accounting Publications, Inc.) is a low cost means of reviewing and learning financial accounting in
        preparation for professional exams

This course will be taught as a seminar. A seminar is a group of advanced students, each doing original
research, and all exchanging results through reports and discussions. To make seminar and case courses
successful, each student must be committed to the "4 Ps" of student involvement:

1.      Preparation. If the student does not read the cases and associated materials and does not
        analyze the case, and formulate an action plan, the case discussion will mean little.

2.      Presence. If the student is not present, she or he cannot learn and, more important,
        cannot add her or his unique thoughts and insights to the group discussion.

3.      Promptness. Students who enter the classroom late disrupt the discussion and deprecate
        the decorum of the process.

4.      Participation. Each student's learning is best facilitated by regular participation. More
        important, the case student has the responsibility to share his or her understanding and
        judgment with the class to advance the group's collective skills and knowledge.

Problem solving techniques, rules and facts related to the practice of accounting, and a familiarity with
pervasive concepts are just the background for graduate study in accounting. The cases in this course will
ask you to apply knowledge and skills to unfamiliar topics and situations. Some cases will be quantitative
in nature and may require preparation of spreadsheets or other analysis tools. Other cases will require
research of accounting standards but little number crunching. You will prepare most cases for classroom
discussion rather than formal submission. This means you should come to class with computations in
hand, notes on key points, and notes that will help you respond to the discussion questions provided in the
case. If I find that students are not adequately prepared for class discussion, written solutions to the cases
will be required.

This semester you will study numerous cases that examine recent accounting standards and at least one
case with international dimensions (for example, the impact of IFRS ), and you will prepare financial
statement disclosures. Cases will cover, among other issues, many of the following recent accounting
topics (I haven’t translated the older material to the ASC topics yet – it is on my to-do-list!):
      ASC Updates 2009-14 (Software); 2009-13 (revenue recognition – multiple deliverables); 2009-04
      (redeemable equity instruments); 2009-06 (income taxes); 2009-12 (fair value disclosures); etc,
      FASB No. 162 The Hierarchy of Generally Accepted Accounting Principles
      FASB No. 123 (revised 2004) - Share-Based Payment
      FASB No. 129 - Disclosure of Information about Capital Structure
      FASB No. 128 - Earnings per Share
      FASB No. 160 - Noncontrolling Interests in Consolidated Financial Statements— amends ARB No. 51
      FIN 46(R) - Consolidation of Variable Interest Entities (revised Dec 2003)—an interpretation of ARB No. 51
      FASB No. 141 (revised 2007) - Business Combinations
      FASB No. 142 - Goodwill and Other Intangible Assets
      FASB No. 158 - Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans—an
      amendment of FASB Statements No. 87, 88, 106, and 132(R)
      FASB No. 132 (revised 2003) - Employers' Disclosures about Pensions and Other Postretirement Benefits—
      an amendment of FASB Statements No. 87, 88, and 106
      FIN 48 - Accounting for Uncertainty in Income Taxes—an interpretation of FAS 109
      FASB No. 159 - The Fair Value Option for Financial Assets and Financial Liabilities
      FASB No. 157 - Fair Value Measurements
      FASB No. 163 Accounting for Financial Guarantee Insurance Contracts
      FIN 45 - Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees
      of Indebtedness of Others
      FASB No. 156 - Accounting for Servicing of Financial Assets—an amendment of FAS 140
      FASB No. 140 - Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
      FASB No. 161 Disclosures about Derivative Instruments and Hedging Activities
      FASB No. 155 - Accounting for Certain Hybrid Financial Instruments— amends FASB 133 and 140
      FASB No. 138 - Accounting for Certain Derivative Instruments and Certain Hedging Activities
      FASB No. 149 - Amendment of Statement 133 on Derivative Instruments and Hedging Activities
      FASB No. 133 - Accounting for Derivative Instruments and Hedging Activities
      FASB No. 154 - Accounting Changes and Error Corrections—replaces APB Opinion No. 20 and FASB No. 3
      FASB No. 153 - Exchanges of Nonmonetary Assets—an amendment of APB Opinion No. 29
      FASB No. 151 - Inventory Costs—an amendment of ARB No. 43, Chapter 4
      FASB No. 150 - Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity
      FASB No. 146 - Accounting for Costs Associated with Exit or Disposal Activities
      FASB No. 144 - Accounting for the Impairment or Disposal of Long-Lived Assets
      FASB No. 143 - Accounting for Asset Retirement Obligations
      FIN 47 - Accounting for Conditional Asset Retirement Obligations—an interpretation of FAS 143
      FASB No. 131 - Disclosures about Segments of an Enterprise and Related Information
      FASB No. 130 - Reporting Comprehensive Income

A letter grade will be determined based on the following:                                Points                   %
Contribution to class learning (attendance , participation and presentations)             150                   15%
Homework and other minor assignments                                                      100                   10%
Financial statement disclosure project                                                    350                   35%
Other projects, cases and major assignments (may include an in-class                      400                   40%
simulation of comprehensive exam question) and other exams
                                                                                          1000                 100%

                           How to Write-up a Case for Acct 592
How to start: Cases generally have questions at the end. Use these as GUIDES to the issues
presented in the case. For example, you may not answer each question in the exact order presented if
they are related and one paragraph would do for several answers. Or maybe the alternative you choose
makes one or more issues irrelevant. Your task is to understand the FACTS of the case and then do your
research. But the goal isn’t to find citations – the goal is to APPLY the accounting standards to the facts
of the particular case. I don’t want long quotations – especially when all or part is not relevant to the case
at hand. Your letter or memo is not an academic report intended to cover all issues. You want to
concisely identify the most important issues and reach a well-supported decision. It is also important that
you practice “business communications.” Pretend you are writing to a client or supervisor – not a
professor. This is not like homework which is simply numbered answers. You need to describe the
relevant issues as well as “the answer” and all answers/decisions must be justified based on facts and
on accounting standards. In some cases, a decision may not be possible without additional information.
In that case, spell out the additional information that will be required to reach a definitive conclusion. In
the real world, your letter or memo is likely to become important EVIDENCE in the audit working papers,
a court trial, etc. Therefore, you want to strive for a balance between brevity and breadth!

Format: Generally, when we correspond with the client, we would write a LETTER. If we are
corresponding internally (junior to senior on the audit team), we would use a MEMO format. The third
common style is a MEMO TO FILE which is intended to document research findings and conclusions
reached as part of the audit working papers.

       A letter is used to write to clients, their attorneys, audit committees, etc. and examples include
        engagement letters, opinion letters, etc. A letter generally has introduction, body and conclusion.
        Most business letters are one page and rarely more than 3 or 4 pages. Various styles exist but
        there would be (1) an “inside address” or letterhead, (2) date, (3) the external address that might
        be followed by a subject line, (4) the salutation (Dear Sam, etc.), (5) the body of the letter with
        single spaced paragraphs with a blank line between each paragraph, (6) the closing line
        (Sincerely, etc.) followed by a few blank lines for the signature, and then the typed name, often
        with his or her title on the row immediately below the name.
            o The opening paragraph will often refer to earlier correspondence should encompass the
                 main idea of the letter.
            o Some authorities suggest putting good news in the first paragraph and bad news later in
                 the letter after some buffer material.
            o The letter should answer all your correspondent’s questions fully and clearly at the
                 appropriate level of detail. Remember, you can attach some details or computations in a
                 separate document, spreadsheet, etc. Make the letter as concise as possible.
            o Always end with a courteous closing – create goodwill for yourself or your firm!
       The memorandum (memo) format is used for internal communications.
            o The word “Memo” is generally centered at the top of the page.
            o The heading has “fields” for to, from, subject and date. There is no closing/signature
                 section at the bottom of a memo.
            o There should generally be an introduction, body and conclusion.
            o Memos like letters should be as concise as possible, avoiding unnecessary repetition,
                 multiple citations that say the same thing, etc.
            o Headings and bullet lists can make communication more effective by adding clarity and
            o Some memos are “for the record” and may not be addressed to a particular person. In
                 this case, it would be “To: File” and the subject line would need to clearly indicate name
                 of client. In some cases, this type of memo might simply be a list of concerns,
                 observations, etc. but generally there should be some documentation of the DECISION
                 reached and the basis for the conclusion (for example, description and analysis of
                 evidence collected). This is NOT the style I would view as appropriate for our Acct 592
                 case write-ups. Instead, address a memo to your supervisor with the assumption that you
                 have been asked to research an issue and make a recommendation.

Style and Tone Issues: Whether it is a letter or a memo, consider the audience – your reader:
     Readers’ attitudes and biases – how much convincing will they need?
     Readers’ interests and needs – be sure you are address their needs, how they will benefit, etc.
     What is the level of their accounting knowledge? For example, the controller of a client may be
        quite knowledgeable but the audit committee members may not be as well informed about
        accounting and auditing standards. For a small business client, you would probably expect a
        very low level of knowledge and therefore take more care to explain things carefully – but not at
        so basic a level as to seem insulting. In other words, a letter on the same topic to different clients
        might be written quite differently.
     For a memo to file, one book suggests the use of third person (no “I” or “you”) because it sounds
        more objective and keeps the focus on the subject rather than the players.
     What is the appropriate tone and style? Will this reader welcome a folksy, informal voice? Or
        should the document be couched in formal terms and style to communicate the professionalism
        of the writer? In whatever case, always be courteous and respectful!

Length: Be concise but clear. Business people are busy – don’t bury the conclusions at the end of
several pages of narrative.
    A letter is often one page. If you require more than one page, there needs to be a heading on the
        later pages that identifies recipient, date and page number. If you have a long letter, think about
        whether some of the detail might be better placed as an appendix (for example, key citations with
        highlighted or underlined phrases and sentences).
    Memos can be any length but the second and later pages probably need some sort of heading so
        that the pages won’t be accidentally mixed up later. For example, a one line reminder about the
        “to,” “subject” and “date” lines. Again, consider whether an exhibit (flowchart, graph, table, etc.)
        might be helpful as an appendix referred to in the body of the memo.
    For my class assignments – I NEED YOUR REAL NAME on every assignment, even when you
        are pretending to be Sam Smith or another person mentioned in a case! It is helpful to have your
        name in the heading on every page.

Quality of writing: Your goal is to be error free! This is particularly important in writing letters to clients
and others outside the firm. But if your memos are full of errors, you may be fired before you are ever
entrusted with the task of writing letters to clients!
     The first time you use an abbreviation, spell it out. For example, the Securities and Exchange
        Commission (SEC) rules say ….” From then on, you’ll know that the reader knows what the
        abbreviation stands for. This rule can be relaxed to some extent in a memo but it never hurts to
        spell it out because we can forget our own abbreviations pretty quickly!
     I’ve attached an example “rubric” or checklist that I’ve used in the past. I will count typos and
        grammatical errors and they will reduce the portion of the grade related to “writing.”

                                  EVALUATION OF WRITTEN ESSAYS AND CASES
Format and Organization (20%)
___     Appropriate format for assignment (cases are generally memo or letter)
___     Well-organized with introduction/executive summary, body, conclusions/summary
___     Headings and subheadings to aid reader
___     Summarizes options, recommendations, etc. (often found in condensed version in introduction/executive
        summary as well as a lengthier explanation in conclusions section)
Quality of writing (20%)
Errors noted:
___     Spelling errors
___     Run-on sentences or sentence fragments
___     Missing or extra words that hinder understanding
___     Improper word choice (affect/effect, there/their, to/too, etc.)
___     Improper use of possessives and contractions (its/it's, company's/companies, etc.)
___     Acronyms and abbreviations not explained
___     Improper use of punctuation
___     Subject does not agree with verb
___     Proper and consistent reference style to literature quoted
___     Correct use of technical accounting/business terminology (as appropriate)
Content (60%) (Some items will be more relevant than others to a specific assignment)
___     Evidence that student was able to identify the key issues of the case or readings
___     Does not unnecessarily repeat background and facts of case but refers to specific facts as evidence for
        recommendations made. Does not make excessive use of direct quotations.
___     Discusses issues relevant to facts provided in the case or readings
___     Takes a position, clearly states an opinion
___     Makes logical arguments to defend position taken
___     Considers other possible opinions/solutions and explains why your position is superior
___     Recommendations are specific, sufficiently detailed, and to the point
___     Position taken is well supported with deductive and inductive evidence and seems consistent with
        available facts from case or readings
___     Authoritative literature identified and properly cited (20% for Lucent)
___     Authoritative literature interpreted and applied properly to facts (20% for Lucent)
___     Demonstrates understanding of important concepts and principles of accounting

                             Tentative Schedule for Spring 2010 – Acct 592
The official syllabus is maintained on the course web site – be sure to check regularly for changes!

 Date 2010          Topic                                      Assignments
                                                               “Warm-up” research case:
                    Course Introduction                        98-9 Sour Grapes & Interest Costs
                                                               Please prepare BEFORE today's
                    Introduction: Research using the           class - so that my lecture will
                    ASC (pptx)                                 make a bit more sense - see
 Thurs                                                         email sent last week to all
 14-Jan                                                        registered students.
                    Quick FASB Codification Guide -
                    McGladry Pullen.pdf
                                                               For next class, prepare to
                    Discuss: 98-9 Sour Grapes & Interest
 Class 1                                                       discuss: 99-4 The Eye of the Potato
                                                               02-5 Sick of Debt - note additional
                                                               question for 02-5: Would your
                    FASB up-date: Lecture: Accounting          solution differ if Sick of Debt had
                    Changes (ppt)                              transferred US Treasuries instead of
                                                               More "warm-up" research cases:

                                                               I want you to write up the
                                                               solution to 07-2 Western
                                                               Aluminum to be turned in Th.
                    Discuss the following cases:               Jan. 28 - You will attach the
 Tues               99-4 The Eye of the Potato                 completed work papers to a
 19-Jan             02-5 Sick of Debt                          memo (I should have said
                                                               LETTER) to the Controller
                                                               explaining your decision
                    07-2 Western Aluminum This case is         regarding the last 3 bullet points
                    on a change in accounting principle. Do    under the requirements on page
                    some research but don't worry about        3 of the case.
 Class 2            the completing the work papers on
                    pages 4-6 yet)                             The write-up of Case 07-2 will be
                                                               due Thurs Jan 28 - we'll discuss
                                                               requirements. I want to be able
                                                               to give you feedback on how to
                                                               write up cases before you turn in
                                                               the Lucent case solution.
                    We will discuss the ASC research           Bring journal entries written up
 Thurs              parts of Western Aluminum briefly          for Part 1 of the Lucent case and
 Jan 21             (not the numeric part)                     also attempt to create the
                                                               Statement of Comprehensive
                    Read and prepare to discuss:               Income (part 3) in writing. This
                                                               may be the first time you have
 Class 3            Lucent Loses Its Luster (question 1 & 3)   ever tried to prepare one! We will
                                                               check numbers during class and you
          Here are the "term project" files:           will a chance to make corrections
                                                       before submission.
          JEM Inc. - Financial Stmt Disclosure
          Project (with Options & EPS
          assignments) (docx)

          JEM Inc. Data for Project (xlsx)
          Professor out-of-town
                                                       Turn in at least TWO versions of
          Work on the completion of                    Selden's Stmt of Comprehensive
          Cases: Lucent Loses Its Luster               Income (Lucent Case) on
          07-2 Western Aluminum                        Thursday Groups of 2-4 students
Tues                                                   acceptable for this part of the
          GROUP WORK DAY: I suggest you                case work.
          get together in groups to check
          your Parts 1 through 3 of Lucent             You will be turning in individual
          and discuss "research findings"              solutions to items 4-6 in the Lucent
Class 4                                                case, in the form of a professional
          from ASC. In addition, you may
                                                       memorandum (6) with supporting
          need to help each other out on
                                                       attachments (4, 5, research notes)
          making the LIFO to FIFO                      DUE DATE TUES Feb 9 (individual
          restatement of the financial                 work)
          statements for Western Aluminum
                                                       Western Aluminum case (7-02) is
                                                       due no later than Friday Jan 29.

                                                       Turn in at least two versions of
                                                       variation of Lucent's statement of
          Review: Accounting for Income                comprehensive income for me to
                                                       check (minor HW grade)
          Taxes including FIN48 and IFRS (ppt)
                                                        Slides from KWW13th Ch19
          Accounting for Income Taxes (doc)–
                                                       Deferred Taxes (pptx) If you haven't
Thurs     Notes & Examples – bring copy of
                                                       previously studied deferred taxes, I
28-Jan    EXAMPLE to class with you even if you
                                                       suggest you work several homework
          bring laptop
                                                       problems in an intermediate
                                                       accounting textbook and check
          Blank work paper for deferred tax            answers in the solution manual
          problems, Starr One Inc. - Deferred Tax
Class 5                                                (KWW 12th & 13th editions
          Example (xls)                                available)

          07-6 Graphic Inc.(read so you can ask        Lifting the Fog - Acctg for Uncertainty in Income
          questions about how to prep for discussion   Taxes (PriceWaterhouseCoopers) - on FIN 48.
          next class)                                  This new standard MAY be applicable to the
                                                       AxCess Unlimited case or the 07-6 Graphic Inc
                                                       case. Here is a comparable newsletter from
                                                       Deloitte & Touche: KPMG Defining Issues 2006
                                                       on FIN48

                                                       Read case 07-06 which we will
                                                       discuss on next class so you can ask

                                                                       me questions regarding requirement
                                                                       for class discussion on Thursday.
        Date                          Topic                                          Assignments
                                                                       Read both cases and do some
                                                                       ASC research on the answers.
Tues           Deferred Income Taxes – continued
2 Feb                                                                  For Case 07-6 Graphic Inc. You will
               We'll grade Starr One quickly at the                    need to create a MATRIX that
               beginning of class (last 3 years) (We                   provides the positive and negative
               did 3 yrs during class and I did NOT record grade for   evidence regarding the decision.
               the remainder in S10)
                                                                       This needs to be in writing
                                                                       BEFORE you come to class.
               Cases to research for class discussion:
               07-6 Graphic Inc.
               Case: 09-9 Bricks & Mortar                              For Case 09-9, make an attempt
Class 6                                                                to fill in the numbers on the
                                                                       working paper included on page
               Read and prepare for class discussion
                                                                       Turn in completed worksheet for
               Questions 1-6 from Restricted Stock
                                                                       Case 09-9 - I wanted to see your
               versus Stock Options: The Case of Jones
               Apparel Group Inc.                                      "correct" answers! This is a
Thurs                                                                  minor HW grade. Doesn't need to
4-Feb                                                                  be fancy!
               Click here for an article by Mintzberg
               that says we should get rid of executive
               bonuses & options                                       Read about stock-based
                                                                       compensation in an intermediate
               Introduction to Stock Based                             textbook. There's usually only a
               compensation: ASC 718 Stock-based                       few pages of very superficial
               Compensation (pptx) including IFRS                      coverage.
Class 7                                                                Prepare to discuss questions 1-6
               Stock-based Employee Compensation -                     in the Restricted Stock versus Stock
               Examples(MSWord file) - BRING                           Options: The Case of Jones Apparel
               PRINTOUT OF EXAMPLES WITH YOU TO                        Group Inc. - this will be brief
               CLASS– includes HW assignments A, B
               & C (we will start with these examples
               if we have time)
               Stock-based Employee Compensation -                     Turn in Lucent Case Solution
               Examples(MSWord file) - BRING                           Today (see row for Jan 26 - this
               PRINTOUT OF EXAMPLES WITH YOU TO                        will be a memo answering
Tues           CLASS– includes HW assignments A, B                     questions 4-6. Take into account
9-Feb          & C - to be continued
                                                                       any feedback I provided on your
Class 8                                                                Western Aluminum case write-
               We completed the 3 variations of                        up.
               Example 1 as well as Example 2 These
               files have to solutions in case you wrote down
               something wrong
Thurs          Stock based compensation (con’t)
                                                                       Homework A (SFAS No. 123R) –
                                                                       "major" assignment due by next
               Prepare to discuss questions 7-10 in

 Class 9   Restricted Stock versus Stock Options:                Tuesday (Feb 16)
           The Case of Jones Apparel Group Inc.
                                                                 You should also be working on
           We will working through examples                      Homework B assignments in Stock
           (Examples 3 & Example 4 graded                        Based Compensation Examples must
           vesting) so bring printouts (from Feb 9               be can turned in no later than 3 PM
           line)                                                 on Feb 19 (Friday).

           ASC 178 Stock-based Employee                          Note case assignments for next
           Compensation NOTES (doc) (MSWord                      Thursday.
           notes - might be useful for you)

                                                                 Read something about the Black
           Stock based compensation - Option                     Scholes model – In addition to the
           Pricing Models                                        case at left, there is helpful material
                                                                 within SFAS No. 123 – esp. the
           Issues in Implementing BSOP by M.                     original version and there is plenty of
Tues       Reyes with Data/model in Excel (try it                good stuff on the internet, for
16-Feb     out for Jones Apparel)                                example:

           Bring the Jones Apparel Group case –
           we’ll be looking at question #11 today                The Black Scholes assignment is item
           and any other unfinished questions                    #1 in the JEM Corporation stock
Class 10                                                         compensation homework and it is
           Black Scholes Model with Boeing & JNY                 due Thurs Feb 25 (along with the
           data (JNY=Jones Apparel Group) You                    journal entries - item #2). You can
           can add the monthly, weekly and daily                 also use the excel file to do the Jones
           stock price information for JEM to the                Apparel estimate of the fair value of
           file from: JEM Inc. Data for Project                  their options.

           "Practice" Presentations - related to                 Read all 4 cases so you'll follow the
           stock based compensation                              presentations!

                                                                 Each group will prepare a 10-15
                                                                 minute presentation. At least 2
Thurs       07-4 Murray Corporation                              people from the team should
18-Feb      Deng, Yunfei; Scott, Nichole; Myers, Ryan; Sycks,    "speak." Provide a handout for
            Adam; Benson, Zach                                   the rest of the class. One page
                                                                 would be fine (saves paper) but
            Case 07-5 Springboc Corporation                      some groups prefer to distribute
            Boizelle, Jon; Yang, Fan; Mitchell, Joshua; Scott,
Class 11    Kimber; Lively, Nicole                               ppt slides. Your object is to teach
                                                                 the rest of the class how to
            Case 05-9 Spend-More                                 research the question and what
            Chen, Fang Fang; Juratovac, Adam;                    you believe to be the best
            Shown, Heather; Taylor, Michelle;
            Weber, Michaela                                      answer.

            Case 08-2 Sooner or Later                            Reminder: HW #B (FAS 123R) due no
            Hurlbert, Scott; Isbell, Landon                      later than end of this week (minor
             Lin, Fangxin; Meine, Russ;                           assignment)
             Wynn, Chris; Xie, Dan

                                                                  Stock-based compensation
                                                                  homework HW C due Tues Mar 2.
                                                                  This one is a major assignment and
                                                                  will take quite a bit of time to
                                                                  complete so don’t leave it to the last
                                                                  minute! Remember, individual work
                                                                  only and I want to see T-accounts!
            Finish any stock option material
Tues                                                              Reminder: HW-C (revised 2009)
23-Feb      A quick review of earnings per share                  (major assignment - individual work
            Earnings per share for Acct 592 (ppt)                 only) is due in one week on Tuesday
            including IFRS comparison                             Mar 2. Parts 1 & 2 of the JEM
                                                                  Corporation Incentive Stock Option
            Earnings per share – bring copy of                    Plan is due Thursday.
Class 12    examples EPS Notes and Examples
            (docx)                                                Review earnings per share in an
                                                                  intermediate accounting textbook.

            Complete EPS Example #3 if necessary.
                                                                  Read, research and prepare to
                                                                  discuss assigned case.
            Earnings management and
            multiple deliverables (a change of
 Thurs                                                            JEM Corporation Incentive Stock
            topic for variety's sake!)                            Option Plan (parts 1 & 2) is due
                                                                  today. (Counts as 2 minor
            Case for discussion:                                  assignments, individual work).
            07-3 Columbia On-Line Networks (Part 1)
            and (Part 2) You'll be discussing Part 3 as
                                                                  EPS - HW (basic algorithm) (Example
 Class 13   part of your auditing class. There are two
            handouts related to the case (HO 1) (HO2). Marla      4 is homework in an excel file with
            Kraut will let you know when the auditing part will   suggested supporting working
            be discussed.                                         papers). Due Thurs Mar 4 ("minor"
                                                                  homework problem).

            It looks like we need to talk about
            FAIR VALUE (FAS157) before doing
            pensions: Fair value measurements                     Due today: SFAS123R HW C (major
 Tues       (FAS157) pptx                                         assignment – individual work only)
 Mar 2                                                            Turn in your T-Accounts with the
            A quick review of pension                             journal entries-- prove to yourself
            accounting: FASB Update - SFAS No.                    and to me that your journal entries
            158 Postretirement Benefits (ppt)                     "worked out" and arrived at the
            Includes New FSP FAS137(R)-1 (I                       correct ending amounts!
 Class 14
            haven't updated this file yet for
            changes in 2009 and early 2010)

 Date       Topic                                                               Assignments
 Thurs      WE WILL GRADE EPS HW (#4) TODAY                       Due Today: EPS - HW (basic
Mar 4      DURING CLASS                              algorithm) (The link is an excel file
                                                     with suggested supporting working
           We'll finish reviewing pension            papers). (This is a "minor"
           accounting (as needed) and work           homework problem - individual work
                                                     only). BRING TO CLASS ON PAPER
Class 15   through at least one year of Pension
           Plan 1 from JEM Corporation
                                                     The JEM EPS project will be due AFTER spring
                                                     break but you are now ready to work the first
                                                     couple of problems

                                                     Pension Example & HW - under SFAS
                                                     No. 158 (xls) bring printout of Pen1
                                                     problem and two copies of work
                                                     paper OR problem on your laptop to
                                                     class today.

           Back to Earnings Per Share: Dealing
           with Stock Based Compensation.
                                                     JEM - Example & HW on Pension &
           This will be from Earnings per share      OPEB (xlsx) This assignment has two
           Examples (#5 EPS with share-based         pension plans for 2 years each plus
Mar 9
           compensation)                             an other post-retirement pension
                                                     plan for 2 years, with Excel
           Note from S09: This took all period -     worksheets. We will have completed
           make the FS Disclosure project EPS        part of it during class as an example.
Class 16   research project due SOONER next          You are to turn in all 6 worksheets
           time since students had forgotten         no later than Th. March 11
           how to do this in S09 before they
           turned that assignment in.
           Ethics Discussion

           Caravan International: stock
           repurchase plan with impact on EPS
                                                     Turn in solution for JEM -
Thurs      – (don't print last 4 pages of file)
                                                     Example & HW on Pension &
Mar 11     Caravan International: stock
                                                     OPEB (xlsx) (minor assignment)
           repurchase plan with impact on EPS
           (a partially completed excel file we'll   You may have until AFTER spring
           use)                                      break to turn in the complete
Class 17                                             Earnings per Share Research
           New GAAP – lecture (need to cover         assignment due Due MAR 23
           FAS150 and FIN45 in preparation for
           cases on Thursday) FASB Update -
           FIN45, FAS150 (not updated for ASC
Tues                                                 Work on PROJECT assignments! For
           Spring Break
16-Mar                                               example, you could draft the pension
Thurs                                                footnote based on the pension
           Spring Break                              assignment. Obviously, the most crucial
                                                              one is the EPS assignment which is due
                                                              Tuesday after spring break
                 Read, research and prepare to discuss        JEM - Earnings Per Share assignment
                 the following cases.                         (docx) is due today, accepted
 Tues                                                         through Thursday without a late
 23-Mar                                                       penalty. I may provide some check
                 05-5 Guarantees-R-Us (FIN45)
                 05-2 Minority Inc (FAS150)                   figures today.

                                                              If you are not prepared to discuss
                 It wouldn't hurt to BRING LAPTOP to do
 Class 18        additional research on the cases as we
                                                              these cases, I will have to make them
                                                              a written assignment - so please do
                 do group discussions/presentations           your research and bring NOTES!

   Date                         Topic                                       Assignments
              Consolidation Issues

              Case: 06-4 Fast Car Inc.                   Read, research and prepare to discuss
                                                         assigned case.
              Supporting materials: Variable Interest
              Entities (FIN46R) FASB Up-Date – FIN       Read about FIN46: for example, here are
  Thurs                                                  some reading materials on VIEs that might be
  25-Mar      46R - VIEs (doc)
                                                         helpful:KPMG Defining Issues on Fin 46R
              Variable Interest Entities (FIN46) ppt
              (content similar to doc file - probably
              no need to print both)                     A CPA firm "working paper" on VIEs that
  Class 19
                                                         might be useful FIN 46R template -
              PWC: Substance of control (IFRS SIC12      documentation of decision (Excel)
              vs FIN46R) Pdf file has useful flow
              chart plus comparison to IFRS


                                                         Review chapter on Statement of Cash Flows
             Statement of Cash Flow – Review             in intermediate accounting text (if necessary)
             - I'll bring handouts (very elementary
Tues         example)                                    Assignment: SCF HW (minor) - Driskoll - due
30-Mar                                                   at beginning of next class (Th April 1)
             Procedures for Direct Method
Class 20     SCF.docx Students who took Acct 414         If the example we did in class seems
             at UI should be familiar with my            insufficient, I strongly recommend that you
             working paper format but others may         work Wenatchee Whirlpool World problem
             find this helpful.                          which has the most detailed solution - before
                                                         attempting the "Orofino Outfitters."
                                                         takehome quiz
             Group Presentations (Set 2 - Day 1)
Thurs                                                    Everyone should read all cases to be
1-Apr                                                    presented. A handout for the audience
             07-7 Porky's Revenge                        should be distributed. I also need copy of ppt
             Myers, Ryan

Class 21   Weber, Michaela                              presentation slides (electronic)

           04-6 Power Station                           Plan for 15 to 20 minute presentations
           Taylor, Michelle
           Wynn, Chris                                  About half the class will be turning in the
           Mitchell, Joshua                             formal write-ups of these cases.
                                                        Remember, the cases will not be
           Absence counts double today                  accepted after the beginning of class!

                                                        JEM Stock Options Assignment, Part 3
                                                        (earnings per shared for 2008) is due today,
                                                        individual work, accepted through Friday at 3
           Statement of Cash Flows – more               SCF - Storage Options Corp. (we'll actually
Tues                                                    use the "partially completed" version during
           advanced examples
6-Apr                                                   class but file includes blank working paper. I
                                                        will bring printout of partially completed.
           Grade SCF HW (minor) - Driskoll during
                                                        Bring the file if you want to use your laptop
           class so bring copy with you
                                                        instead. This example will teach you how to
Class 22                                                handle share-based employee compensation
                                                        on the SCF (CHECK FIGURE CFO=$440,000)

                                                        Everyone should read all cases to be
           Group Presentations (Set 2 - Day 2)          presented. A handout for the audience
                                                        should be distributed. I also need copy of ppt
Thurs                                                   presentation slides (electronic)
           08-6 The Rump Organization
           Deng, Yunfei
           Hurlbert, Scott                              Plan for 15 to 20 minute presentations

           09-4 Needs Space                             About half the class will be turning in the
Class 23                                                formal write-ups of these cases.
           Juratovac, Adam
           Chen, Fang Fang                              Remember, the cases will not be
                                                        accepted after the beginning of class!
           Absence counts double today

                                                        Take-home SCF Quiz: Due April 20 (Tuesday
Tues       Stmt of Cash Flows - dealing with AOCI -     by 5 pm) Orofino Oufitters Inc. - SCF - Take
13-Apr     Portland Pens - SCF with after-tax AOCI &    home Quiz (doc file has the additional
           FAS158 pension (doc) Print this facts file   information facts). Orofino Outfitters Inc. -
           even if you plan to use laptop in class.     blank xls SCF working paper CHECK FIGURE:
           Working Paper for Portland Pens SCF          CFO=$555,000 Getting help from other
Class 24   Example (xls) CK FIGURE CFO=2,282,000        students is NOT ACCEPTABLE for this take-
                                                        home exam

    Date                     Topic                                      Assignments

                                                     Everyone should read all cases to be
           Group Presentations (Set 2 - Day 3)       presented. A handout for the audience
                                                     should be distributed. I also need copy of ppt
           09-2 Pharmgen Pharmaceuticals             presentation slides (electronic)
15-Apr     Meine, Russ
           Benson, Zach                              Plan for 15 to 20 minute presentations
           Yang, Fan
                                                     About half the class will be turning in the
           09-3 Venturing Into Consolidations        formal write-ups of these cases.
Class 25   Isbell, Landon                            Remember, the cases will not be
           Lin, Fangxin                              accepted after the beginning of class!
           Shown, Heather

           Absence counts double today               Continue work on take-home and/or WFF
                                                     statement of cash flows
           Read, research, and prepare to discuss
           the following case on statement of cash

Tues       08-1 Go with the Flow
20-Apr                                               Take-home SCF exam is due no later than 5
                                                     PM Tuesday, April 20 Orofino Oufitters Inc. -
           First Motors Corporation: A Class         SCF - Take home Quiz - be sure to have the "I
Class 26   room case on Impairments & fair           didn't cheat" signed statement attached to
           value measurement                         assignment.

                                                     Reminder: Financial Statements Disclosure
                                                     Project due by Friday 4:00 PM April 30
           Case Presentations (Set 2, Day 4)
                                                     Everyone should read all cases to be
            09-5 Pit Stop Closed                     presented. A handout for the audience
            Boizelle, Jon                            should be distributed. I also need copy of ppt
            Scott, Nichole                           presentation slides (electronic)
            Sycks, Adam
                                                     Plan for 15 to 20 minute presentations
            09-5(a) Pit Stop Sold
Class 27
            Lively, Nicole
                                                     About half the class will be turning in the
            Xie, Dan
            Scott, Kimber
                                                     formal write-ups of these cases.
                                                     Remember, the cases will not be
           Absence counts double today               accepted after the beginning of class!

Tues       Debt vs Equity Issue:
                                                     Read case and prepare for discussion. We
                                                     reviewed the related standards on March 23
           Preferred Stock Dilemma of Appllo

Class 28   Technology

           International Issues For Financial
           Reporting                                Read the case and prepare to discuss the first
                                                    question and maybe the 2nd question - we'll
Class 29                                            do some of the work in groups during class.
           Case: Making the Right Comparisons:
           Novartis AG (IFRS case)

                                                    Please remember to bring me an UNBOUND
Friday                                              copy for grading plus the "official" version to
           Official Due Date for JEM Project
April 30                                            be saved for posterity. No late penalty if
                                                    received by noon Monday May 3
           Case Presentations (Set 3)

           Case presentations about 15-20 minutes
                                                    Everyone should read all cases to be
            08-5 Sell-It Products    S3 C1          presented.
            Taylor, Michelle Theresa
            Weber, Michaela Vankova                 Case presentations about 18-20 minutes each
4-May                                               A handout for the audience should be
            04-10 Cashless Inc.          S3 C2      distributed (including professor).
            Boizelle, Jon P.
Class 30
            Sycks, Adam Dean                        Copy of ppt file should be sent electronically
                                                    to professor
            06-12 Outsourcing Services
            Inc.                    S3 C3
            Chen, Fang Fang
            Mitchell, Joshua Dylan

            Absence counts double today
            Case Presentations (Set 3)
                                                    Everyone should read all cases to be
             05-1 It's Close Enough                 presented.
             Inc.              S3 C4
             Scott, Nichole Delores                 Case presentations about 20-25 minutes each
Thurs        Meyers, Ryan
6-May                                               A handout for the audience should be
             09-8 Classified Information            distributed (including professor).
Class 31             S3 C5
             Neagoy, Dan                            Copy of ppt file should be sent electronically
             Wynn, Christopher Reed                 to professor
             Yang, Fan

            Absence counts double today
Tues        Case presentations (Set 3)               Final exam period – regular classroom –

May 11                                                10:00 AM to 12:00 PM
Final Exam       08-3 Hedge Documentation        S3
Period – note   C6                                    Everyone should read all cases to be
change in                                             presented.
                Isbell, Landon D
start time-
                Meine, Russell A
we begin at                                           Case presentations about 20-25 minutes
10 AM           Xie, Dan

                 05-3 CherryPop         S3 C7         A handout for the audience should be
                 Benson, Lloyd Zachary                distributed (including professor).
                 Hurlbert, Edward Scott
                                                      Copy of ppt file should be sent
                 06-2 Convertme Inc.     S3 C8        electronically to professor
                 Lively, Nicole Jean
                 Juratovac, Adam Stanislaus
                 Lin, Fangxin

                 05-7 Ace Company        S3 C9
                 Exhibit for 05-7
                 Scott, Kimberly Janelle
                 Deng, Yunfei
                 Shown, Heather Danelle

                Absence counts double today


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