Introduction to Intermediate Accounting

Intermediate Accounting

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Class Procedures:

You are expected to be at class on time and have your cell phone and computer turned off. Class time will normally be used for discussion, student questions, lectures and homework review. Your active participation is expected and encouraged. My evaluation of your overall classroom performance may become a critical factor in the assignment of final course grades.
Homework: Homework problems and exercises are assigned for each class. You are expected to prepare solutions to these assignments so that you can discuss them in class, follow my review of them or re-work them as a quiz. Solutions are available at my website (The password is “augusta”.):

Grades: Course grades will be assigned based upon my assessment of each student's overall accomplishments and contributions to the quality of the course. The grade of A is normally reserved for students who demonstrate excellence on a consistent basis throughout the course. The three primary components of student grades and their relative weights are noted below:
First examination 25%
Second examination 35%
Third examination 35%
Class participation 5%
The first two examinations are scheduled for two hours in the evening. The third examination is during “Finals Week”. There will be no make-up exams. The examinations are scheduled far enough in advance so that you can plan your semester's calendar appropriately. If you have an emergency (an employment interview or a trip home is not an emergency), please see me as soon as possible and we will discuss options. Failure to do so promptly may result in a score of zero for that examination. The University of Texas at Austin instituted plus/minus grading for graduate students. Department of Accounting policy requires that a grading scale including pluses and minuses be used for all graduate Accounting classes. University policy continues to prohibit use of plus/minus grading for undergraduate students. Department of Accounting policy requires that grades for undergraduate students enrolled in graduate Accounting classes will be determined by dropping the plus or minus (if any) from their letter grade.

Course Objectives: Because this course covers several complex topics and situations, it has many objectives. Among other things, this course will attempt to:

(a) Increase your awareness and understanding of numerous financial features associated with the operations of partnerships and affiliated business enterprises.

(b) Expand your technical proficiency in accounting for transactions involving partnerships and affiliated business enterprises and in the preparation of consolidated financial statements.

(c) Develop your conceptual understanding of and appreciation for the significant accounting and reporting requirements pertaining to consolidated or affiliated enterprises, foreign currency transactions and translation, segment or line of business disclosures and interim data.

(d) Improve your ability to interpret and use financial statements describing the financial condition and operating results of affiliated business entities, including multinational organizations.

Scholastic Dishonesty: The McCombs School of Business has no tolerance for acts of scholastic dishonesty. The responsibilities of both students and faculty with regard to scholastic dishonesty are described in detail in the Policy Statement on Scholastic Dishonesty for the McCombs School of Business.

By teaching this course, I have agreed to observe all of the faculty responsibilities described in that document. By enrolling in this class, you have agreed to observe all of the student responsibilities described in that document. If the application of that Policy Statement to this class and its assignments is unclear in any way, it is your responsibility to ask me for clarification. Policy on Scholastic Dishonesty: Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course an/or dismissal from the University. Since dishonesty harms the individual, all students, and the integrity of the University, policies on scholastic dishonesty will be strictly enforced. You should refer to the Student Judicial Services or the General Information Catalog to access the official University policies and procedures on scholastic dishonesty as well as further elaboration on what constitutes scholastic dishonesty. Students with Disabilities: The Provost has asked that to help inform students of available resources and to fulfill due diligence for ADA, the following be added to all syllabi:
The University of Texas at Austin provides upon request appropriate academic accommodations for qualified students with disabilities. For more information, contact the Office of the Dean of Students at 471-6259, 471-4641 TTY.


Assignment Schedule for Monday/Wednesday Sections
Month Day Text Required Topics & Chapters
E = Exercise
P = Problem
January 17 Orientation and introduction
22 Ch. 1 Intercorporate acquisitions and investments P1-22; P1-29; P1-30; P1-33
24 Ch. 2 Reporting intercorporate interests E2-7; E2-8; E2-19; P2-29
29 " " " "
31 Ch. 3 Consolidated financial statements E3-8; E3-7; P3-32; P3-28
February 5 Ch. 4 Consolidation on the acquisition date E4-4; E4-6; E4-10
7 " " " " P4-22(a+b); E4-12
12 Ch. 5 Consolidation following acquisitions E5-7; E5-8; E5-11; E5-16
14 " " " " P5-44 (a+b); P5-37(a)
19 Ch. 7 Intercompany inventory transactions E7-6; E7-7; E7-13
21 " " " " P7-27(a, b); P7-18; P7-19
26 Catch-up and review
March 5 Ch. 6 Intercompany transfers of noncurrent assets E6-3; E6-4; E6-11
7 Exam Review
12-16 Spring Break
19 Ch. 9 Intercompany transfers of noncurrent assets P6-38; P6-42(a, b, c)
21 Ch. 9 Subsidiary with preferred stock E9-7
26 Ch. 9 Consolidation ownership issues E9-15; E9-16; E9-13; E9-14
28 Ch. 10 Additional reporting issues (if time permits) E10-8; E10-9; E10-10
April 2 Ch. 11 Foreign currency transactions, etc. E11-4; E11-10; E11-17
4 Ch. 11 Derivatives and Hedging E11-16; P11-23A(omit e)
11 Ch. 12 Foreign currency translation E12-5; E12-6
16 Exam Review and Translation
18 Ch. 12 Foreign currency translation E12-7; E12-12
23 Ch. 13 Segment and interim reporting E13-1; E13-7; E13-4; E13-5; E13-6
25 Ch. 15 Partnership formation and operations E15-1; E15-2; E15-3
30 Ch. 15 Partnership dissolution E15-7; E15-9
May 2 Ch. 16 Partnership liquidation E16-4; E16-8; E16-5; E16-3
12 Final Examination: Saturday 2:00 p.m. - 5:00 p.m.
Note: The dates for the first two exams are tentative.