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ACCOUNTANCY 301 ACCOUNTING MEASUREMENT & manifestation FALL 2011 COURSE SYLLABUS Po-Chang subgenus Chen University of Illinois at Urbana-Champaign 434 Wohlers H completely emailprotected edu 217-333-4527 political plat blueprint Content Content naturally Overview & Objectives Course Materials Prerequisite tuition (T distributivelying) school of thought Getting service shed light on Procedures Assessment Written appellatives balance circuit board sound barfion measuring rod shake off Examinations Professionalism potential difference Extra Credit Opportunities Potential Course Problems Special Accommodations Preliminary Course Calendar Page no 1 1 1 2 2 3 4 4 4 5 5 5 5 6 7 Important melodic phrase Changes to the political platform bequeathing be inform in track and posted to the website. educatees be prudent for checking the web on a regular basis ACCY301 Course syllabusPo-Chang Chen Course Overview & Objectives ACCY301 provides an introduction to bar and ins urance coverage of organizational performance for strategic and operational purposes with a focus on a variety of financial and non-financial performance measures suitable for both intra convention and external decision-making.The air forget help you develop the bill intimacy and a variety of original skills and attitudes through in var. interactions, projects, and a series of labs. much specifi call offy, the rush is designed to achieve the following objectives 1. To demonstrate the role of explanation system as an randomness system that measures trade value creation and supports economical decision-making. 2. To develop your understanding of the conceptual foundation of invoice measurement. 3.To develop your fellowship and skills to prep be and interpret education in financial statements by lot you l get in how to analyze business activities and necessitate accounting choices. For instance, you are survey to be able to understand the consequences of accounting choices for assets such(prenominal) as inventory, PPE, and nonphysical assets. 4. To demonstrate the role of subjective judgments in accounting measurement and divine revelation and lead you to critically think about ethics issues in the accounting profession and accountants responsibility in society. 5.To develop your ability to use accounting as a business language to communicate effectively. 6. To foster team up spirit among you and develop your ability to work well in teams. Course Materials 1. Revsine, Collins, Johnson and Mittelstaedt, financial constitutioning & digest, fifth Edition (McGraw-Hill/Irwin, 2011) 2. Course packet of readings make by XanEdu ( usable at TIS Bookstore) 3. FASB publications downloadable from the FASB website (http//www. fasb. org/) 4. Other readings in required readings pamphlets on the compass course website, including FASB pronouncements required for the course 5. slips and individual designations in a folder on the Compass course website 6. Other supplemental materials in designated folders on the Compass course website. Prerequisite You essential(prenominal) have completed ACCY 201 and 202 (or the equivalent), and must have completed or be concurrently enrolled in ACCY 302 if you are an Accountancy major. Concurrent enrollment is strongly recommended for non-Accountancy majors. Learning (Teaching) Philosophy Learning is a process of construction.That is, knowledge is a state of understanding in the mind of the individual knower and must be constructed by each individual through iterative processes of experimentation (application) and reflection on the outcomes of such experimentation. Thus, learning is a process involving interaction among savants and between assimilators and the instructor. To achieve cost-efficient and effective learning, I will strive to provide 1. Personal charge for your education and development as a professional, 1 ACCY301 Course programmePo-Chang Chen 2. Fair and honest learning env ironment, 3. Openness to your ideas and opinions, and 4.Personal trueness to excellence in scholarship. Correspondingly, I expect the following from you as my student 1. 2. 3. 4. 5. 6. Thorough provision of dates (both reading and compose) for each variety, Class attendance and restless conformation participation, Active participation in and contribution to sort out projects, candor and honesty, Openness to the ideas and opinions of differents, and Personal commitment to excellence in scholarship. Getting Help If you have any questions regarding the course, you can get help either from me or from my TAs during our office hours or by encroach.If you wish to set up an appointment with me, please send me an email at emailprotected edu suggesting three possible 30-minute meter slots we could meet. Please avoid Mondays and get marriednesdays from 12pm to 4pm, as these are my teaching time slots. I will confirm the time and date of the appointment via email. My contact info rmation Po-Chang Chen affair 434 Wohlers Hall Phone 217-333-4527 representation Hours Monday and marrynesday 4pm 5pm Teaching helps Office hours location BIF 2056 or BIF 2062 Ben Ger Email emailprotected edu Office hours Thursday 2pm-330pm Michelle Erb Email emailprotected du Office hours Tuesday 2pm-330pm Class Procedures The class format includes a mixture of lecture, group activities, and class interchanges of assignments. The depute personas, problems and activities represent practical illustrations and applications of the concepts presented in the readings. Cases, problems and activities are meant to stimu new-fashioned inducive reasoning the reflective reasoning from observations and particulars to concepts and theory that we can utilize to a greater extent generally. That is, knowledge that we can use in moorings other than the specific situation in which it deck outs.The inductive risk, however, is that such knowledge is single probable and thus, contains an fact or of falsity. Student root words I will assign students to four- or basketball team-spot- person groups. These groups are assigned for the entire term and group members should sit together in class. Each assigned group should accomplish the assignments designated as group assignments. The assigned groups also should accomplish 2 ACCY301 Course SyllabusPo-Chang Chen the balance scorecard and measurement projects. Class Preparation and Participation I pass on students to tog up for class within their assigned groups.Appropriate class preparation is both an individual and a group responsibility. I may call on either groups or individuals to present assignment solutions and contribute to class discussion of the issues and problems contained in the assignment. The keys to successful problem- and case-based learning are preparation, attendance, participation, and attitude. While I encourage preparation within study groups, each student is responsible for daily preparation and partic ipation in class when called on. I adjudicate to engage the class in a mixture of activities.During class discussion you should discuss, challenge, and criticize ideas. You should express your thoughts and defend your beliefs using reason and logic. Assessment The course notice is determined based on the following components. Assigned points (percentage) Professionalism Assignment write-ups Group write-ups1 (25 points each for best four) Individual write-ups (20 points each for two) Balanced card and Measurement project (12% underwrite, 4% presentation)2 Three trial runinations (15% each midterm, 20% nett test) Lab participation and assignments4 Total 1 2 00 (10%) 140 (14%) atomic number 6 40 160 (16%) 500 (50%) snow (10%) 1000 (100%) For group assignments, 75% issue and 25% grammar and style. For the enunciate, 75% theme and 25% grammar and style. For the presentation, 25% content and 75% presentation skills. 4 Lab participation and assignments grade is 100% based on t he lab grades from the lab instructor. I scale the diffusion of major genes of the course (see below) to the grading scale below. Overall course grade also employs the resembling grading scale. 100 to 96. 67% of possible points = A+ 96. 66% to 93. 33% = A 93. 32% to 90. 00% = A 89. 9% to 86. 67% = B+ 86. 66% to 83. 33% = B 83. 32% to 80. 00% = B 79. 99% to 76. 67% = C+ and so forth. 3 ACCY301 Course SyllabusPo-Chang Chen Written Assignments All scripted assignments should be handed in at the beginning of class on the case due(p) day. Papers deemed late are subject to a score of zero. Group-based assignments There are five group-based written assignments. All group-based written assignments are graded for both content and communications. For communications grading, you are encouraged to seek help from the Departments communications graders before throw inting your work.Written and oral communications support is available through the Department of Accountancy. Please refer to the following website for the support information http//www. business. illinois. edu/account/programs/communications/. For the final examination grade assessment, one group-based assignment that has the final combined grade of content and communications will be dropped. Note that any written assignment that has a grade of zero due to no submission or late submission is not considered for grade. You should prepare all group-based written assignments in compliance with the following guidelines 1.Unless otherwise specified, assignment write-ups should be in memo format (see both ACCY Memo Guidelines and shed Discovery Communications Handbook on the course website for additional advocate). 2. You should character the assignment using 12-point Times New Roman font, with double set and one-inch margins on all sides. 3. Unless otherwise specified, your memo should not exceed five pages of text including any attached or embedded tables, graphs and exhibits. 4. Unless otherwise spe cified, you should get two (2) copies of the assignment, one for content grading and the other for communications grading.If in addition, you would like to use the memo and attachments to refer to during the days discussion, find a third copy to class. Individual-based assignments There are two individual-based cases that expect primarily numerical analyses and swindle answers. The individual-based cases are graded for accounting content only. Therefore, you do not need to prepare them in memo format. You should resign one copy of each individual assignment. Balanced visiting card declare oneself In this project, you will choose an extracurricular organization to which one or more of your group members belong.You will then design a Balanced Scorecard for the organization chosen by your group. More details of this project can be found in the Balanced Scorecard formulate Guidelines on the course website at a later point of time. The outputs of your efforts will be (1) a writt en report and (2) a presentation to the class of your balanced scorecard design. Th e Balanced Scorecard date Guidelines will also contain additional information about the written report and the class presentation.. Measurement Project In this project, I will assign a company and a specific reporting pointedness f o r yo u r gr o u p to evaluate.You should download the companys annual report from its website. In addition, groups should use other reports and information dis windupd by the company, and/or other entities, in 4 ACCY301 Course SyllabusPo-Chang Chen continueing its research of the company. Groups will research their assigned company using the research and abridgment guidance in the Measurement Project Guidelines on the course website. The outputs of your research and analysis efforts will be (1) a written measurement project report and (2) a presentation to the class of the most important results of your research.The Measurement Project Guidelines will also contain ad ditional information about the written reports and the class presentations.. Examinations There are two midterm exams and one final exam for this course. The two midterm exams are non-cumulative. The final exam is cosmopolitan (cumulative). Each exam will include multiple choice questions, short essay (one or two paragraph) responses, and problems. All examinations are closed-book and closed-notes. Professionalism As a student preparing to picture the profession of accountancy, you have a responsibility to conduct yourself in a professional trend.Fulfilling this responsibility helps to prepare you for the obligations you will seize on as a professional accountant. The IFAC fundamental principles of professionalism are adopted in this course as a guide to our conduct in the accountancy measurement and disclosure course. Please refer to the Professionalism Contract and Professionalism Evaluation brood Guidelines for more details. Potential Extra Credit Opportunities You will have opportunities to earn potential extra credit by participating in professional learning or service activities.Please refer to the Professionalism Evaluation Report Guidelines for details about those extra credit opportunities. Potential Course Problems schoolman Integrity The Business Faculty at the University of Illinois at Urbana-Champaign expects students who are preparing to enter the business profession to exhibit the same qualities of honesty, integrity, responsibility, and respect for others that society demands from business professionals. The primary responsibility for complying with the standards of academic integrity rests with each individual student and with the student body as a whole.By your enrollment in this course, you pledge on your honor that 1. You will neither give nor consume unauthorized assistance on any academic or connect professional assignment or activity. 2. You agree that all provisions of the UIUC Student Code related to student conduct and academi c integrity connect all students matriculating to the University of Illinois at Urbana-Champaign. 3. You acknowledge that you have the obligation to report apparent(a) violations of academic integrity and the Student Code in a non-anonymous manner to the course instructor or the Head of the Department.Missing Classes and Examinations and Failing to turn away In Assignments I expect students to attend classes. Midterm examinations are in scheduled class times and thus, the only selectable reasons for wanting an exam are sickness and other extenuating circumstances. You 5 ACCY301 Course SyllabusPo-Chang Chen must provide me with adequate documentation of your reason for missing an exam. There are no make-ups for failing to turn in an assignment by its due date or missing an exam for other than an acceptable reason.In the case of a conflict with the final exam (defined as three university course exams scheduled within a xxiv hour period, or two university course exams scheduled a t the same time), I will arrange for a make-up exam only when approved by the department. A conflict exam approval form can be found on the course Compass website close to the final date. No make-up exams will be given for conflicts that arise from travel plans. You will need to provide documentation to support the conflict the staff in the Department of Accountancy will then tramp the conflict and you will be notified of your eligibility.You will not be reserveed to begin the conflict final exam if your call for is denied by the Department of Accountancy. The instructor will necessitate the Dean of the College to drop any student from the course who Misses both midterm exams, for whatever reasons Misses too many classes, particularly in sequence Fails to contribute adequately to group assignments (i. e. , class presentations, case writeups and measurement project research and reports). Group Conflicts and Problems Group members should attempt to resolve all conflicts and pr oblems among themselves in a timely manner.If such resolution is not satisfactory, group members should consult immediately with the course instructor. In any event, groups should not allow problems to continue beyond a one-week period. At the end of the semester, students will evaluate each fellow group members cooperation and contribution to group assignments. Such evaluations will be included as part of the Professionalism element of course grades. Grading Dispute While TAs and I make both effort to grade all of your work accurately, grading errors can occur.If you take there is an error, you may request a regarding of the assignment or exam. Be aware, however, that grading errors can occur in both directions errors can make grades too high as well as too low. Therefore, if you request a re-grading, your entire assignment or exam will be regarded, and all grading errors will be corrected. By requesting a re-grade, you accept the possibility that your grade may go either up or down as a result. To request a re-grade, you must submit a written request to me within one week from the class period in which the assignment or exam was first returned to students.The request must be accompanied by the graded original and must state the area of dispute, your recommendation for change in grade, and an explanation or justification for your recommendation. Special Accommodations If you have a condition, such as a physical or learning disability, which will make it difficult for you to carry out the work as I have outlined it or which will require academic accommodations, please notify your Teaching Assistant or me during the first week of the course and we will strive to accommodate. 6 ACCY301 Course SyllabusPo-Chang ChenPreliminary Course Calendar take in 1 Topic Readings Before Each Session COMP Course syllabus Assignment Due Mon 22-Aug Course introduction 2 Framework for business relationship Measurement and Disclosure Revsine et al. , Ch 1 Economic and Institut ional Setting for monetary Reporting Objectives & economics TIS Sunder, Ch 1 Introduction to the Theory of Wed 24-Aug of accounting history and Control (skim) FASB SFAC 8 Ch 1 Objectives of Financial Reporting by Businesses (skim pg 1-14 use as reference) (Compass) Mon 29-Aug Accounting measurement FASB SFAC 8 Ch 3 softCharacteristics of Useful Accounting TIS Brown, An Accountants Measurement Primer (pp. 1- 8) COMP IMA didactics, Value Chain abbreviation for Assessing Competitive Advantage TIS Porter, What is Strategy? Labor Day No Class Case day TIS Kaplan & Norton, Transforming the Balanced Internal performance measurement Scorecard from Performance Measurement to Strategic Management Part I Revsine et al. , Ch 2 Accrual Accounting and Income determination Financial statements 1 FASB SFAC 6 Elements of Financial asseverations (skim, use as reference) Group Case 1 3 4Wed 31-Aug Business strategy and accounting Mon Wed 5-Sep 7-Sep 5 6 Mon 12-Sep 7 Wed 14-Sep 7 ACCY301 Course SyllabusPo-Chang Chen 8 Mon 19-Sep Financial statements 2 Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Cash Flows FASB SFAC 5, Recognition & Measurement in Financial Statements (skim, use as reference) (on Compass) FASB FAS 157, Fair Value Measurement (para. 1-39) Group Case 2 9 Wed 21-Sep Recognition and measurement Recognition and Measurement Selected Events/Transactions 10 Mon 26-Sep Revenue recognition-1 Revsine et al. Ch 2 Accrual Accounting & Income Determination (re-read) FASB Research receipts recognition in FASB Codification Revsine et al. , Ch 3 Additional Topics in Income Determination (pp. 137- 156) Group Case 3 11 Wed 28-Sep 12 Mon 13 Wed 3-Oct 5-Oct Revenue recognition-2 Case day Midterm Exam 1 Accounts receivable & doubtful accounts Trade notes receivable Case day and public-service corporation of accounting estimates Retail inventories and cost flow assumptions BSC Presentation Day Manufacturing inventories Case day Midterm Exam 2 4 Mon 10 -Oct 15 Wed 12-Oct 16 Mon 17-Oct 17 Wed 19-Oct 18 Mon 24-Oct 19 Wed 26-Oct 20 Mon 31-Oct 21 Wed 2-Nov Revsine et al. , Ch 8 Receivables (pp. 411-421) Revsine et al. , Ch 8 Receivables (pp. 421-436) TIS Brown, Time Value of capital TIS Lundholm, Reporting on the Past Revsine et al. , Ch 9 Inventories (pp. 481-507) BSC project presentation and report Revsine et al. , Ch 9 Inventories (pp. 476- 481) TIS Maher et al. , Ch 3 Activity-Based Management Group Case 5 Group Case 4 8 ACCY301 Course SyllabusPo-Chang Chen 22 Mon 7-Nov Fixed assets 23 Wed 9-NovIntangible assets Revsine et al. , Ch 10 Long-Lived Assets & dispraise (pp. 545-558 pp. 563 -576) Revsine et al. , Ch 10 Long-Lived Assets & Depreciation (pp. 558- 563) Individual Case 1 TIS Siegel & Borgia, The Measurement and Recognition of Intangible Assets Revsine et al. , Ch 4 Structure of the Balance Sheet and Statement of Cash Flows (re-read pp. 196-207) Revsine et al. , Ch 17, Statement of Cash Flows Revsine et al. , Ch 5 Essentia ls of Financial Statement Analysis (pp. 267-271) TIS Bergevin, Ch 11 Advanced Cash Flow Analysis Thanksgiving Break. No Class 4 Mon 14-Nov Statement of cash flows I 25 Wed 16-Nov Statement of cash flows -II Mon 21-Nov Wed 23-Nov 26 Mon 28-Nov Statement of cash flows case and Final exam review Individual Case 2 27 Wed 30-Nov Measurement Project Presentation 28 Mon 2-Dec Measurement Project Presentation Final Exam Measurement Project Report 29 Wed 7-Dec TBD Readings legend TIS Measurement and Disclosure course packet from XanEdu Revsine et al. Revsine, Collins, Johnson & Mittelstaedt textbook, 5th edition COMP Required readings folder on Compass website FASB Financial Accounting Standards Board website 9