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ACCOUNTANCY 301 ACCOUNTING MEASUREMENT &038 DISCLOSURE get back 2011 COURSE SYLLABUS Po-Chang Chen University of Illinois at Urbana-Champaign 434 Wohlers Hall email&160protected edu 217-333-4527 prevail of instruction Content Content fall Overview &038 Objectives pipeline Materials Prerequisite tuition (T all(prenominal)ing) philosophy Getting friend Class Procedures Assessment Written Assignments Balanced notice frame beat Project Examinations Professionalism attainable Extra belief Opportunities Potential campaign Problems Special Accommodations explorative air Calendar Page no(prenominal) 1 1 1 2 2 3 4 4 4 5 5 5 5 6 7 Important Note Changes to the syl labus go away be denote in class and posted to the website. Students atomic number 18 responsible for checking the web on a regular basis ACCY301 Course menstruate of instructionPo-Chang Chen Course Overview &038 Objectives ACCY301 go forths an excogitation to measuring rod and tale of organizational perfor mance for strategic and operational purposes with a focus on a variety of financial and non-financial performance measures suitable for both ind healthfuling and external decision-making.The course testament help you develop the history companionship and a variety of professional skills and attitudes through inclass interactions, projects, and a series of labs. more(prenominal) specifically, the course is designed to achieve the following objectives 1. To demonstrate the role of account as an in coiffeion system that measures business value creation and supports sparing decision-making. 2. To develop your understanding of the conceptual foundation of method of business relationship measurement. 3.To develop your fellowship and skills to prep be and interpret information in financial statements by dowery you learn how to analyze business activities and make accounting choices. For instance, you argon judge to be able to understand the consequences of accounting choices for assets such(prenominal)(prenominal) as inventory, PPE, and intangible assets. 4. To demonstrate the role of subjective judgments in accounting measurement and revelation and lead you to critically think about ethics issues in the accounting profession and accountants state in society. 5.To develop your ability to use accounting as a business language to communicate effectively. 6. To foster ag concourse spirit among you and develop your ability to flirt well in teams. Course Materials 1. Revsine, Collins, Johnson and Mittelstaedt, monetary Reporting &038 Analysis, 5th Edition (McGraw-Hill/Irwin, 2011) 2. Course packet of readings published by XanEdu (available at TIS Bookstore) 3. FASB publications downloadable from the FASB website (http//www. fasb. org/) 4. Other readings in required readings booklets on the stab course website, including FASB pronouncements required for the course 5. representatives and separate maintainments in a folder on the Compass course website 6 . Other supplemental materials in designated folders on the Compass course website. Prerequisite You must(prenominal) nourish completed ACCY 201 and 202 (or the equivalent), and must soak up completed or be concurrently enrolled in ACCY 302 if you atomic number 18 an account statement major. Concurrent enrollment is strongly recommended for non-Accountancy majors. Learning ( education) 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, eruditeness is a process involving interaction among students and between students and the instructor. To achieve effectual and effective learning, I allow strive to provide 1. Personal awe for your education and development as a professional, 1 ACCY301 Course political platformPo-Chang Chen 2. F air and honest learning environment, 3. Openness to your ideas and opinions, and 4.Personal load to excellence in scholarship. Correspondingly, I expect the following from you as my student 1. 2. 3. 4. 5. 6. Thorough preparation of assignments (both reading and pen) for each class, Class checkance and restless class participation, Active participation in and contribution to root projects, right and honesty, Openness to the ideas and opinions of others, and Personal commitment to excellence in scholarship. Getting Help If you have whatever questions regarding the course, you can get help either from me or from my TAs during our office hours or by fight.If you wish to set up an appointment with me, revel send me an email at email&160protected edu suggesting three possible 30-minute sequence slots we could meet. enthral avoid Mon twenty-four hourss and Wednesdays from 12pm to 4pm, as these are my teaching time slots. I impart confirm the time and date of the appointment via email. My cutaneous senses information Po-Chang Chen Office 434 Wohlers Hall Phone 217-333-4527 Office Hours Monday and Wednesday 4pm 5pm Teaching Assistants Office hours location BIF 2056 or BIF 2062 Ben Ger Email email&160protected edu Office hours atomic number 90 2pm-330pm Michelle Erb Email email&160protected du Office hours Tuesday 2pm-330pm Class Procedures The class format involves a mixture of lecture, conclave activities, and class discussions of assignments. The assign flakes, problems and activities re turn over practical illustrations and applications of the concepts presented in the readings. Cases, problems and activities are meant to stimu posthumous inductive reasoning the reflective reasoning from observations and particulars to concepts and hypothesis that we can utilize more generally. That is, knowledge that we can use in situations other than the specific situation in which it arises.The inductive risk, however, is that such knowledge is solely probable and thus, contains an element of falsity. Student bases I will assign students to four- or five- person groups. These groups are assigned for the entire term and group parts should sit together in class. distributively assigned group should carry through the assignments designated as group assignments. The assigned groups also should accomplish 2 ACCY301 Course SyllabusPo-Chang Chen the balanced nockcard and measurement projects. Class cookery and Participation I encourage students to make grow 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. spell I encourage preparation within subscribe to groups, each student is responsible f or daily preparation and participation in class when called on. I attempt 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 development reason and logic. Assessment The course material body is determined based on the following components. Assigned points (percentage) Professionalism Assignment write-ups mathematical group write-ups1 (25 points each for best four) case-by-case write-ups (20 points each for both) Balanced Scorecard and Measurement project (12% report, 4% presentation)2 trio examinations (15% each midterm, 20% final exam) lab participation and assignments4 Total 1 2 00 (10%) 140 (14%) ampere-second 40 160 (16%) 500 (50%) atomic number 6 (10%) 1000 (100%) For group assignments, 75% suffice and 25% grammar and style. For the report, 75% content and 25% grammar and style. For the presentation, 25% content and 75% presentation skills. 4 Lab participation and assignments grade is 100% based on the lab grades from the lab instructor. I shell the distribution of major elements of the course (see below) to the demolishing scale below. Overall course grade also employs the similar 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 exclusively written assignments should be handed in at the beginning of class on the case due day. Papers deemed late are subject to a score of zero. company-based assignments at that place are five group-based written assignments. All group-based written assignments are graded for both content and communication theory. For communications grading, you are encouraged to seek help from the Departments communications graders before submitting your work.Written and ora l examination communications support is available through the Department of Accountancy. Please push to the following website for the support information http//www. business. illinois. edu/accountancy/programs/communications/. For the final grade assessment, one group-based assignment that has the lowest combined grade of content and communications will be flingped. 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 conformation with the following prevaillines 1.Unless otherwise specified, assignment write-ups should be in memo format (see both ACCY Memo Guidelines and Project Discovery Communications Handbook on the course website for supernumerary guidance). 2. You should type the assignment using 12-point Times impertinent Roman font, with double spacing 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 specified, you should submit 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 denote to during the days discussion, bring a third copy to class. case-by-case-based assignments There are two individual-based cases that involve primarily numerical analyses and short answers. The individual-based cases are graded for accounting content only. Therefore, you do not need to prepare them in memo format. You should submit one copy of each individual assignment. Balanced Scorecard Project In this project, you will choose an outside organization to which one or more of your group members belong.You will consequently design a Balanced Scorecard for the organization chosen by your group. More details of this project can be found in the Balanced Scorecard Project Guidel ines on the course website at a later point of time. The outputs of your efforts will be (1) a written report and (2) a presentation to the class of your balanced scorecard design. Th e Balanced Scorecard Project Guidelines will also contain surplus information about the written report and the class presentation.. Measurement Project In this project, I will assign a company and a specific reporting period 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 let out by the company, and/or other entities, in 4 ACCY301 Course SyllabusPo-Chang Chen requireing its research of the company. Groups will research their assigned company using the research and analysis 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 nearly important results of your research.The Measurement Project Guidelines will also contain additional 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 comprehensive (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 enter the profession of accountancy, you have a responsibility to conduct yourself in a professional manner.Fulfilling this responsibility helps to prepare you for the obligations you will assume as a professional accountant. The IFAC native principles of professionalism are adopted in this course as a guide to our conduct in the accountancy measurement and disclosure course. Please confab to the Professionalism Contract and Professionalism Evaluation Repo rt Guidelines for more details. Potential Extra Credit Opportunities You will have opportunities to earn potential extra belief 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 Academic 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, lawfulness, 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 receive unauthorized assistance on any academic or related professional assignment or activity. 2. You oppose that all provisions of the UIUC Student autograph related to student conduct and academic integrity bind all students matriculating to the University of Illinois at Urbana-Champaign. 3. You acknowledge that you have the obligation to report apparent violations of academic integrity and the Student Code in a non-anonymous manner to the course instructor or the run of the Department.Missing Classes and Examinations and Failing to Turn In Assignments I expect students to attend classes. Midterm examinations are in schedule class times and thus, the only acceptable reasons for missing an exam are sickness and other palliate circumstances. You 5 ACCY301 Course SyllabusPo-Chang Chen must provide me with capable 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 involvement with the final exam (defined as three university course exams sched uled within a twenty-four hour period, or two university course exams scheduled at 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 verify the conflict and you will be notified of your eligibility.You will not be allowed to take the conflict final exam if your point 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 in addition 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 C onflicts and Problems Group members should attempt to resolve all conflicts and problems 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 include as part of the Professionalism element of course grades. Grading Dispute While TAs and I make every effort to grade all of your work accurately, grading errors can occur.If you believe 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 req uesting 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 diverseness 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 Date 1 Topic Readings Before Each Session COMP Course syllabus Assignment Due Mon 22-Aug Course introduction 2 Framework for story M easurement and revealing Revsine et al. , Ch 1 stinting and Institutional Setting for Financial Reporting Objectives &038 economics TIS Sunder, Ch 1 launch to the Theory of Wed 24-Aug of accounting Accounting 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 QualitativeCharacteristics of Useful Accounting TIS Brown, An Accountants Measurement electrical fuse (pp. 1- 8) COMP IMA Statement, Value Chain Analysis for Assessing Competitive Advantage TIS Porter, What is Strategy? tug Day No Class Case day TIS Kaplan &038 Norton, Transforming the Balanced inseparable performance measurement Scorecard from Performance Measurement to Strategic focusing Part I Revsine et al. , Ch 2 Accrual Accounting and Income Determination Financial statements 1 FASB SFAC 6 Elements of Financial Statements (skim, use as reference) Group Case 1 3 4Wed 31-Aug Business strategy a nd 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 social structure of the Balance Sheet and Statement of Cash draws FASB SFAC 5, light &038 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 &038 Income Determination (re-read) FASB Research revenue 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 due &038 doubtful accounts Trade notes receivable Case day and usefulness of accounting estimates Retail inventories and cost go down assumptions BSC dis play 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 Money 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 &038 Depreciation (pp. 545-558 pp. 563 -576) Revsine et al. , Ch 10 Long-Lived Assets &038 Depreciation (pp. 558- 563) several(prenominal) Case 1 TIS Siegel &038 Borgia, The Measurement and Recognition of Intangible Assets Revsine et al. , Ch 4 expression 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 Essentials 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 silver 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 &038 Mittelstaedt textbook, 5th edition COMP Required readings folder on Compass website FASB Financial Accounting Standards Board website 9