Accounting 495 – Integrated Accounting Issues Fall 2009 Section 002 CRN 10021 by tdt15243

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									Accounting 495 – Integrated Accounting Issues                                                                        Fall 2009 : Section 002 CRN 10021
                                                                                                                                Section 003 CRN 10022

 Class Hours Mon & Wed 10.15-12.05 Room TBA
             Weds      17.40 to 21.20 Room TBA


      David Layzell
      Office: 471 SBA 503-725-8377                                                                   Office hours – flexible by appointment
                                                                                                     Monday 3 to 5
                                                                                                     Monday & Wednesday 12.30 to 13.30


Email Layzelld@pdx.edu or use Blackboard

PLEASE NOTE THAT THERE IS A QUIZ/SURVEY AT THE END OF THIS SYLLABUS WHICH IS DUE BY THE BEGINNING OF THIRD
WEEK ( OCT 12th ) - IT WILL BE 10 % OF YOUR GRADE

Actg. 495 INTEGRATED ACCOUNTING ISSUES (4). The class integrates topics from various accounting areas. It provides students
with opportunities to see the accounting interactions and tradeoffs that result from realistic business situations. The course will enhance
students' understanding of accounting and its influence on a business, as well as the understanding of how business processes affect
accounting results, through a set of comprehensive case studies. Prerequisites: Actg. 360, 421, 492 and admission to the School of
Business Administration.

TIME COMMITMENT: This is a heavy time commitment class. In addition to in class discussion you will probably need and 6 – 8
hours outside of class before the next class period. If you make the time commitment, and if everyone arrives at class prepared, then we
will accomplish a great deal of learning and have fun.

TEAMWORK: I expect you to demonstrate your ability to work in teams. About half the cases will be done in teams of between 3 and 5
and marks will be awarded equally to all team members. You will be dependent on each other.

DESCRIPTION AND OBJECTIVES OF THE COURSE:
In practice, Accountants of all types must also be able to comprehend an unfocused set of facts, identify and anticipate problems, and find
acceptable solutions. This involves creative problem solving that infers from knowledge such as textbook and professional standards to
seek respectable answers. Answers are often not "clear cut!” Important Learning Objectives related to critical skill development for
Accounting 495 include:
     1. Develop and understanding of the role of ethics and the public interest as they apply to accounting issues.
     2. Develop comprehensive financial analysis skills and the ability to understand the underlying drivers of financial results.
     3. Understand the fundamentals of business valuation
     4. Be able to discuss difficult issues with clients
     5. Apply financial accounting, information system and internal controls, auditing, and tax knowledge in unstructured case settings.
     6. Deal effectively with imposed pressures
******************************************************************************************************************
REQUIRED READING MATERIALS:
   1. Stickney, Brown and Wahlen, Financial Reporting, Financial Statement Analysis, and Valuation, 6th Edition
   2. Power points and articles posted to the Blackboard site or at other locations made available by the professor




Accounting 495, Spring 2009 - David Layzell                                                                                                   page 1
GRADING PROCEDURES AND CRITERIA:

One of the main objectives of this course is to prepare each student for future employment and future contribution to society. Thus,
critical thinking skills (making decisions based on rational thought rather than rote memorization), ethical behavior, reliably completing
assignments, oral and written communication skills and following directions will all be important factors in successfully completing this
course.
 Your grades on the following projects will be weighted noted below in determining your final grade.

Actg 495 Pretest                          10%
Cases (4 @ 15% each)                       60%
Essay Submission                           10%
Learning Log                              20%
                                         100%



GRADING PROCEDURES AND CRITERIA (Cont)

The primary determinant of whether a borderline grade will be increased or decreased will be based on the professor’s evaluation of the
Learning Log and the Essay on Professionalism and the Role of the Accountant in the 21st Century .

Cases. You will be expected to write up answers to cases 2, 5, 6, and 8. Clear, concise writing is expected when answering each case.
You will be graded down for poor presentation and complexity of interpretation

Class Participation. Since classes will not be “straight lecture,” but will include your active participation in discussions and in-class
activities, your preparation is critical to success in this course.

Classroom           I expect that students should have completed the following prior to class.
Expectations        1. Read the assigned material prior to class
                    2. Complete the assigned cases prior to class.
                    3. Come to class with questions about assigned material that you do not understand and
                         prepared to discuss assigned material.

 During the middle of the course again at the end of this course you will be given an opportunity to self assess your own contribution to
both class participation and the team and comment on the performance of your team. Your self-evaluation is non-binding, but I will
consider it in determining your participation points for the class.




Students should understand that if you attend class every day and arrive on time, if you read all assignments prior to class, and
you complete assigned cases prior to class, and you are relatively silent during the course and do not contribute to our class
discussion, this is considered to be average at a B performance. Also, quality of contributions in questions and responses in class
discussion are considered more important than quantity.




Accounting 495, Spring 2009 - David Layzell                                                             page 2
Ethics. A requirement for passing this course is academic honesty and integrity. Failure to demonstrate honesty and integrity will result
in a grade of F.


WITHDRAWALS:
University regulations provide for specific dates when a student registered in this course may (1) withdraw at the student's
discretion, (2) withdraw from this course only with the professor's and SBA approval, and (3) withdraw from a registered course
are only by petition to the Deadline Appeals Board. Student should refer to the schedule of classes for these dates.
Approved withdrawals from accounting courses will be granted only in instances of documented extraordinary circumstances.
Approval will not be granted on the basis that the grade currently being earned is not deemed desirable.

                                                             LEARNING LOG
Accounting graduates are often exposed to learning tasks that require that they work in an ambiguous decision-making environment.
The cases presented in this class also involve ambiguity, decision-making, client service, consultation, professional communications, and
ethical dilemmas that many accountants experience in the real world. It may be difficult to get 100% of the issues in these cases correct
the first time. The learning log allows students to demonstrate what they learned after completing the class discussion of the case, and to
document the learning that takes place while working on a case. . The learning log is an attempt to allow you to document your own
development during the course of the class and maybe even to crystallize thoughts that have developed throughout your degree
experience. It also represents the personal part of the grading separate from the team case studies. It will be divided into three parts.

Part I. Executive Summary and Change of Accounting Viewpoint

A good learning log should include three items in the discussion of each case.
    1. An Executive Summary. A good executive summary explores the key issues involved in the solution to each case. It provides an
         overview to the key results and learning issues associated with each case.
    2. It should further include a discussion of how the student’s viewpoint changed after class discussion. This section allows the
         student to articulate issues that were not articulated in a case write-up or class discussion. You might also address how you
         might approach each case differently, given class discussion. It would be appropriate to discuss what you learned after the class
         discussion of the case that you did not include in your original case write-up. It is not sufficient to state a different answer to
         the case in the learning log. You have to explain the rationale behind a revised solution or viewpoint to earn credit.
         Similarly if your original opinion is solidified by the rest of the class the learning log needs to explain the process by
         which you rejected new ideas. This is not mean to be a burdensome challenge but it is meant to require critical thinking

Part II. Professionalism
The first week begins with a discussion of professionalism, the public interest and the role of the accountant in society. These themes will
come up throughout the class and the learning log is meant to capture the development of your thoughts on the topic with specific
reference to the cases. In this section of the learning log, take each case in turn and discuss the issues associated with professionalism
that are associated with the case. This part of the learning log should flow logically to the essay portion of the case

Part III. Critical Thinking Critique
     Professional practitioners often think about their own thought processes, and critique their own thought processes, even while they
     are engaged in problem solving. For example, while diagnosing a patient’s illness a medical doctor will often reflect on their own
     process of analyzing symptoms and suggesting further steps for evaluation. It is important that you learn to diagnose and evaluate
     your own thought processes. In part III, you should critique of your own critical thinking process in the context of the case. Take each
     case in turn and evaluate the strengths and weaknesses of your own thought process used to evaluate the case. Provide
     illustrations, in the context of the case, of your own strengths and weaknesses. Take the opportunity to understand how you tackle
     problems, what works for you and is a key asset as well as what you struggle with and will need to work on when you get out or back
     to the “real world”.

    We will talk through the concept of critical thinking and the learning logs more in class
    There is flexibility built into the format where the end product is of a high quality The learnng log
    is meant to be a helpful take away tool from the class

Accounting 495, Spring 2009 - David Layzell                                                           page 3
Student Assistance Available from SBA
The SBA provides academic advisors as well as career and internship advisors to assist students in making the most of their
collegiate experience. Academic advisors are trained to provide counsel in a wide range of issues. From selecting a business
major to evaluating transferred transcripts, academic advisors are here to help students with all of their degree related
questions. The following is a brief summary of the type of issues with which academic advisors can offer assistance:

       DARS reports
       SBA admissions requirements
       Major selection and requirements
       Transcript evaluation
     Course overrides
     Transfer credit petitions
     Career planning
     Portland State rules and policies

In addition to academic advising, the SBA provides career and internship advisors to assist students in landing a job upon
graduation or a summer internship while students are still in pursuit of their degree. Career and internship advisors can also
provide resume and interview guidance.

All SBA advisors are available by appointment, which must be scheduled in advance. Drop-in hours are available as well.
Drop-in hours are held regularly throughout the week and are designed to help answer routine or simple questions. For more
information about SBA advising and drop-in hours please visit the School of Business website at www.sba.pdx.edu and click
on student resources.




Accounting 495, Spring 2009 - David Layzell                                                  page 4
                                                  SCHEDULE OF ASSIGNMENTS:
 Day      Dates               Chapter Coverage and Other Assigned Readings                      Discussion Cases          Graded Material
1                        Harvey Kapnick, “In the Public Interest,” Accounting and Financial
       Sept 28th &        Reporting, Arthur Andersen, Chicago, 1974, pp. 1 – 11.
       Sept 30th         Harvey Kapnick, “Accountants – Accountable to Whom?”
                          Accounting and Financial Reporting, Arthur Andersen, Chicago,
                          1974, p. 45-51
2      Sept 30th         How the US Accounting Profession Got where it is today : Part 1
                          and Part 2 – Stephen A Zeff Accounting Horizons September
                          2003 & December 2003
                         Robert K. Mautz, “Public Accounting: What Kind of
                          Professionalism?” Accounting Horizons (September 1988), pp.
                          121-125.
                         Accountability of Accountability Systems - Layzell David and
                          Dillard Jesse Cost Management 2004 familiarize yourself with
                          FARS (Financial Accounting Research System)
3      Oct 5th &         Familiarize yourself with new FASB codification tools and any        Case 1: WorldCom
       Oct 7th            other way of researching GAAP contentThe Numbers Game -              Part A
                          remarks by Arthur Levitt Chairman of the SEC 1998                    USE WHATEVER
                         Lies , Damned Lies and managed Earnings –Carol J Loomis              RESEARCH TOOLS
                          Fortune August 1999                                                  THAT MAKE SENSE
                                                                                               TO YOU
4      Oct 7 th          AICPA Code of Conduct at www.aicpa.org                               Case 1: WorldCom
                         Code of Conduct for Oregon CPAS at                                   Part B
                          http://arcweb.sos.state.or.us/rules/OARS_800/OAR_801/801_030.
                          html
5      Oct 12 & Oct   Chapter 1: Stickney, Brown and Wahlen, Financial Reporting,              Case 3 : Problem       PRE- TEST DUE OCT 5TH
       14 th          Financial Statement Analysis, and Valuation,     6th   Edition           1.12 from textbook     PLEASE SUBMIT
                                                                                                Intro – FSA lecture   SOFTCOPY AND HARD
                                                                                                                      COPY VERSION
6      Oct 14 th      Chapter 3: Stickney, Brown and Wahlen, Financial Reporting,              Follow up Intro of     Case 2: Alpha Net
                      Financial Statement Analysis, and Valuation, Edition
                                                                       6th                     FSA                    Universal
7      Oct 19th &     Chapter 3: Stickney, Brown and Wahlen, Financial Reporting,              Case 4: Agilent
       Oct 21st       Financial Statement Analysis, and Valuation, 6th Edition                 Technologies –Part A
8      Oct 21st       Chapter 4: Stickney, Brown and Wahlen, Financial Reporting,              Case 4: Agilent
                      Financial Statement Analysis, and Valuation, 6th Edition                 Technologies – Part
                                                                                               B
9      Oct 26th &     Chapter 4: Stickney, Brown and Wahlen, Financial Reporting,              Case 4:Agilent
       Oct 28th       Financial Statement Analysis, and Valuation, 6th Edition                 Technologies
                                                                                               Part C & D
10     Oct 28th       Chapter 5: Stickney, Brown and Wahlen, Financial Reporting,              FSA Reflection &
                      Financial Statement Analysis, and Valuation, 6th Edition                 Agilent Technologies
                       Don Giacomino and David Mielke, “Cash Flows: Another                   transition to OSI
                                                                                               Systems
                           Approach to Ratio Analysis, Journal of Accountancy, March
                           1993 pp. 55 – 58.
11     Nov 2nd &      Chapters 6, 7 and 8: Stickney, Brown and Wahlen, Financial               OSI Systems-
       Nov 4th        Reporting, Financial Statement Analysis, and Valuation, 6th              Working session &
                      Edition                                                                  Enron Background
12     Nov 4th        Chapters 1 through 8: Stickney, Brown and Wahlen, Financial              Enron Background       Case 5: OSI Systems
                      Reporting, Financial Statement Analysis, and Valuation, 6th
                      Edition
                         Thomas, C. William, “The Rise and Fall of Enron,” Journal of
                          Accountancy, April 2002, pp. 41- 48.


Accounting 495, Spring 2009 - David Layzell                                                              page 5
Day        Dates                 Chapter Coverage and Other Assigned Readings                Discussion Cases          Graded Material
                            The Enron Ethics Breakdown – The Conference Board February
                             2002


13     Nov 9 th &     Ittner, Christopher D. and Larcker, David F., Coming up Short on      Case 7:
       Nov 11th       Nonfinancial Performance Measurement, Harvard Business Review         Balanced Score Card
                      (November 2003).

14     Nov 11th       Robert S. Kaplan and David P. Norton, “The Balanced Scorecard –       Case 7:                Case 6: Enron
       CLOSED         Measures that Drive Performance,” Harvard Business Review (January    Balanced Score Card
                      – February 1992).
                      Robert S. Kaplan and David P. Norton, “Putting the Balanced
                      Scorecard to Work,” Harvard Business Review (September – October
                      1993).
                      Robert S. Kaplan and David P. Norton, “Using the Balanced Scorecard
                      as a Strategic Management System,” Harvard Business Review
                      (January – February 1996).
15     Nov 16th &         Chapter 10: Stickney, Brown and Wahlen, Financial                 Case 7: : Champion
       Nov 18th           Reporting, Financial Statement Analysis, and Valuation, 6th       Balanced Score Card
                          Edition                                                           Forecasting &
                                                                                            Valuation Discussion
16     Nov 18th       Chapter 12: Stickney, Brown and Wahlen, Financial Reporting,          Forecasting &          Case 8: Builder’s Depot
                      Financial Statement Analysis, and Valuation, Edition
                                                                      6th                   Valuation Discussion   Part A- Discussion
17     Nov 23rd &     Chapter 12: Stickney, Brown and Wahlen, Financial Reporting,          Holding Open
       Nov 25th       Financial Statement Analysis, and Valuation, 6th Edition
18     Nov 25th       Chapters 10 and 12 Stickney, Brown and Wahlen, Financial              Holding Open           Case 8: Builder’s Depot
                      Reporting, Financial Statement Analysis, and Valuation, 6th                                  Part B
                      Edition
19     Nov 30 &       Chapters 10 and 12 Stickney, Brown and Wahlen, Financial                                     Essay Due Nov 30th
       Dec 2nd        Reporting, Financial Statement Analysis, and Valuation, 6th
                      Edition
20     Dec 2nd        Accountants in Global Enterprises
21     Finals Week    There is no final – we may meet if we want to                                                Learning Log due
       Dec 8th                                                                                                     December 8th




The PSU Library has some general on-line research support tools at http://www.lib.pdx.edu/instruction/survivalguide/index.htm.




Accounting 495, Spring 2009 - David Layzell                                                          page 6
                        THIS ASSIGNMENT IS DUE AT THE BEGINNING OF THE 3RD WEEK (OCT 5TH)
                                         IT IS WORTH 10% OF YOUR GRADE
                                                 Accounting 495: Integrated Accounting Issues
                                                               Accounting Pretest
Part 1: Please answer the following questions about yourself: (this section is intended to help me understand the composition of the class
better.
a. Name & preferred emergency contact:
b. A brief (2 to 3 paragraph) personal history. Please only include stuff that you are comfortable sharing with the professor
c. A brief academic history including what major or minors you have pursued and what really interests you: If you are a Post
baccalaureate accounting student please give details on your pre accounting studies
d. Do you already have a job arranged upon completion of the program? What will your position be and what firm/company will you work
     for? If you are still looking for a job, please let me know the type of job you are seeking. If you are already employed and studying
     part-time let me know some interesting stuff about your current job and your desires from your degree.
e. Do you have a life plan and vision of where you would like to be personally and professionally in 5, 10 or 20? Do you have a process
     for balancing your short or long term goals with your professional and personal goals?
f. How would you characterize your personal philosophy of life? Try and cite a philosopher or economist or superhero if you can?
g. Are you taking this class to get a qualification or an education?


Part 2 please answer the following questions in complete, well written, sentences. The quality of your writing will be a
component of your grade on this assignment. Some of the questions you should have a clear picture of from your pre requisite
studies. Some of them are business and social awareness questions where the answers are personal opinions and there is no
right answer.

1. When someone tells you that they are a CPA what are the first 3 things that you think about them?

2. How much judgment is there in producing a set of Financial Statements ? Are the rules pretty clear or is there a lot of discretion to be
   exercised by creators and readers of accounts? Illustrate with an example if you can

3. What does it mean to be a member of a profession? Is accounting a profession? Is being a plumber? Do you have to belong to a
   professional body to be a professional?

4. Describe your opinion about the Sarbanes Oxley Act of 2002 for example: - what was it trying to fix? Do you think that it was
   necessary? Do you think it worked? What do you feel to be the two most important aspects of the Act? Would you like to see more
   laws to Regulate Corporations?

5. Describe your opinion on the Enron and WorldCom Collapses. For instance: - Who do you think was most to blame in the Enron case
   and or the WorldCom Case? Were the collapses specific problems or did they reflect a systematic problem in capitalism? Do you
   think that it could happen again? Do you think that there are any parallels between the collapses and the more recent financial crisis?

6. What are the top 3 challenges to the accounting profession today in your opinion? What is the hardest part of Accounting for you?

7. When do you think IFRS will be adopted in the US ? Do you think IFRS should be adopted in the US ? What do you think are the top
   3 controversial issues in IFRS ?

8. How high did the TED SPREAD go in the financial crisis? What is it its normal range? What is it today? What is its connection to the
   credit crisis? How well do you think that interest rates are being managed today ? who is managing them ?

9.   It has now been over a year since Lehman went bust. Do you think it was a wise move or a mistake to let Lehman Brothers fail? How
     well do you think the crisis has been managed – Please use specific examples?

10. On a scale 0 to 10 would you say you were a free market capitalist? Please explain your understanding of the zero and ten points of
    your scale


Accounting 495, Spring 2009 - David Layzell                                                          page 7
Accounting 495, Spring 2009 - David Layzell   page 8

								
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