Summer Semester 2014 -2015
Course Syllabus
Course Title
Instructor
Schedule
: Advanced Accounting
: Dr. Mahmoud. Aleqab
:
Phone #
: 4948539 or 4548011 ext 8541
1.0
Credit Hours: 3
Office: A - 245
E-mail
: maleqab@psu.edu.sa
Vision Statement:
The Accounting Program aspires to become a center of excellence and innovation in accounting
education and research in the Middle East.
2.0
Mission Statement:
The Accounting Program endeavors to provide quality education and pave the way for graduates
to pursue professional careers and postgraduate studies. The program aims to meet the growing
needs of the stakeholders through commitments to ethical standards and continuous
improvement in accordance with accepted practices of international professional accounting
bodies.
3.0
Course Description:
This course is the capstone of financial accounting topics for most industries. This is a highly
technical course on financial reporting and is solely intended for students who plan to work in
accounting. This course shall revolve around (1) the CPA exam, (2) CPA ethics, and (3)
personal responsibility and integrity. A significant bulk of this course’s topics requires
satisfactory completion and retention of topics covered throughout previous financial accounting
courses. Topics for this course include accounting for investments, taxes, foreign currency
translations, hedges, partnerships, business combinations, and consolidations. Due to the
international nature of Saudi Arabia’s industries, both International Financial Reporting
Standards (IFRS) and United States’ Generally Accepted Accounting Principles (US GAAP) will
be covered. Current Saudi Accounting Standards (SAS) require the use of US GAAP in
instances that are not covered by SAS. In general, US GAAP is more narrowly defined as a rulebased standard whereas IFRS is more broadly defined as a principle-based standard. As such,
a substantial number of transactions are applicable from US GAAP to IFRS but not necessarily
from IFRS to US GAAP. Due to the economic downturn of the European Union, increased
protectionist measures by the United States, and persuasive research showing substantial
weaknesses of applying IFRS around the world, total convergence between IFRS and US GAAP
is uncertain. Nevertheless, substantially all ordinary business transactions are now converged.
The few exceptions are narrowly defined technical topics such as capital leases, financial
instruments, and sources of funding. SOCPA announced a plan to consider the adoption of IFRS
which it has adopted standards that are converged between IFRS and US GAAP. For more
information, please visit the official website of FASB, IASB, and SOCPA. Copyrighted materials
will be uploaded on private-access Google Drive due to apparent breach of publisher
agreements on LMS. E-mail the course instructor for access.
1
4.0
program Description:
The Accounting Program endeavors to provide quality education and pave the way for graduates
to pursue professional careers and postgraduate studies. The program aims to meet the growing
needs of the stakeholders through commitments to ethical standards and continuous
improvement in accordance with accepted practices of international professional accounting
bodies.
The program is designed to provide the students with:
 Theoretical knowledge as well as practical skills in the following accounting areas such
as Financial Accounting, Managerial Accounting, Information Systems, Auditing, Zakat
and Taxation;
 Solid background in accounting and other related areas to prepare them for future
careers, and pursuit of graduate studies;
 Intellectual, interpersonal and communication skills; and
 Necessary skills to be able to undertake a variety of accounting occupations, specifically
in auditing, Zakat and taxation, financial analysis, financial reporting, and bookkeeping.
5.0
Course Prerequisites:
ACC 202 Intermediate Accounting II
Skills: English language
Arithmetic
Spreadsheet (e.g. Excel)
Word processor (e.g. Word)
Internet browser (e.g. Firefox)
Dedication to pursue a career in accounting
6.0
Course Textbook and References
Advanced Accounting, Pearson New International edition. Beams, Anthony, Clement, &
Lowenshon, eleventh edition, ISBN: 978-1-2902-195-9.
Internet References:
- Saudi Organization of Certified Public Accountants Saudi Accounting Standards
- International Accounting Standards Board International Financial Reporting Standards
- Financial Accounting Standards Board Accounting Standards Codification
- KPMG “IFRS compared to US GAAP: An overview” or equivalent
- Securities Exchange Commission EDGAR Online
- PSU Learning Management System
7.0 Course Contents
Weeks 1 & 2
Weeks 3 & 4
Weeks 5 & 6 & 7
Weeks 8 & 9 & 10
Weeks 11 & 12
Weeks 13 & 14
Weeks 15 &16
Business Combinations
Stock investments, investor accounting and reporting.
Consolidated Financial Statements
Consolidation techniques and procedures.
Inter-company profit transactions – Inventory
Inter-company profit transactions – plant assets
Inter-company profit transactions – Bonds
8.0 Objectives
The overall purpose of this course is to train and prepare students for a career in accountancy.
This course’s primary objective is to teach financial reporting standards for a firm from inception
to liquidation and other standards that do not simply fit with assets, liabilities, equity, and
mezzanines. More specific topics are to help students develop useful skills and techniques as
well as to gain an appreciation for accounting in general. The course will focus on IFRS and
outline discrepancies with US GAAP.
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By the end of this course, students should be able to:
- Account for investments, hedges, and foreign currency translations.
- Account for the life of a company from inception to liquidation of proprietorships,
partnerships, and corporations.
- Draft a consolidated financial report of a parent company and its subsidiaries.
The objectives of ACC301 Advanced Accounting are highlighted using the NCAAA NQF
Learning Domains and Course Learning Outcomes as follows:
1.1
1.2
2.1
2.2
2.3
3.1
4.1
4.2
9.0
Record for stock investments, taxes, foreign currency translations, derivatives and
hedges, partnerships, business combinations, and consolidations.
Write a consolidated income statement and balance sheet for users of financial
information.
Summarize common accounting methodologies for advanced accounting topics.
Interpret financial accounting standards and annual reports.
Evaluate an appropriate accounting methodology for a transaction.
Write a financial report, communicate with teammates, and contribute in discussions.
Operate office productivity tools to write reports and account for big data.
Research accounting issues, standards and information from government, organizational,
and corporate entities.
Methods of Instruction
The instructor will use the following teaching mediums: lectures, projects, and a wide variety of
hands-on student learning activities [sic].
Lectures are intended to help the student understand the topic and learn the material. The
course textbook is intended for reading before or after the intended class lecture to achieve a
basic idea, with the exception of the first class lecture with no assigned readings. Note that
accounting requires understanding beyond and above memorization alone. So, students are
encouraged to use the textbook as a tool to prepare for lectures, review learned material, and
study for exams.
Projects are intended to help prepare students for practical scenarios and develop business
success skills. These will require students to review and apply the topics learned throughout the
course, apply both direct and indirect problem solving skills, and practice presenting in front of
an audience with similar knowledge. This will help the student prepare for future projects by
developing teamwork skills and work ethic. The instructor may assign students in groups of
three (3) to work on a single project. Each member in the group will receive the same grade.
Every group should keep its members informed of everyone’s contact information. Copying from
another group is a violation of student honor codes, and thus considered as cheating. If
cheating is found, both parties are presumptively guilty of the wrongdoing. Therefore, please
keep your assignment confidential within your group.
A wide variety of hands-on student learning activities [sic] are intended to help students prepare
for projects and exams. This may include walkthroughs, problem solving, discussions, student
presentations, and assistance. Much of the class will be interactive as technical subjects are best
learned by doing. Students are encouraged to seek assistance about class topics outside class
from the instructor through office hours, e-mail, or Google+, and the forums of LMS. The use of
e-mail and LMS is recommended so the student does not have to rearrange her or his busy
schedule to visit during limited office hours. The instructor may select a few questions and review
them during the next class session. Note that the instructor will not answer questions about
projects and exams outside of class, but will answer questions about accounting topics.
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10.0
Attendance
Preparation, promptness, participation, and professionalism are key factors of success in today’s
business world. Class attendance is mandatory to the extent of University requirements. If a
class is missed, it is the students’ responsibility to find out what was missed.
11.0
Grading
The instructor will use the following grading mediums: exams, quizzes, and assignments.
Exams are designed to reinforce and partially evaluate the result of students’ learning. All
exams are used with a purpose to promote a student’s independent thinking. The final exam
should be no surprise, as much of the exam topics will be seen again as questions on the final
exam. There will be two midterm exams (2) and one final exam (1). Midterm exams will be
problem solving 100%. Exams will only test material that was covered in class and assigned in
the book up to the examination point. The final exam will be also 100% problem solving.
The final grade will be computed as follows:
Final Exam
:
40%
Midterm Exams :
40%
Quizzes
:
5%
Attendance
:
5%
Assignments
:
5%
Participation
:
5%
Bonus points are available if the instructor announces an opportunity available for students
during class.
12.0
Rules, Policies, and Procedures
Student Conduct: Students are encouraged to read the section of the college catalog
regarding student conduct, as well as other documents, policies, and the student handbook.
Students should not be reminded that disruption or obstruction during teaching and learning is a
high offense in any educational institution. Respect and professionalism to each other and the
instructor is key.
Academic Integrity: Students are expected to behave with academic honesty and integrity. It is
not academically honest to plagiarize, take credit for another’s work, accept help on independent
exams, obtain information on confidential test materials, or act in any way that might harm
another student’s chance for academic success.
Technology: Any hand-held communication device such as cell phones, Black or Red Berry, or
other chip-reliant devices are not allowed as they are a distraction to learning. Please turn off all
cell phones before entering class, unless you are an emergency worker. Be courteous to other
students and your instructor if bringing a laptop, iPad, etc. to take notes.
Dress Code: Anything covering the head during exams is prohibited (hats, hoods, masks, etc.)
unless it is considered as a Saudi national address code. Please wear clothes to class that any
average person in the local community would wear.
Attendance: Students should be prepared with a general idea before the start of the lecture.
Note that pop quizzes (counted towards your individual participation and group assignments) may
be given to students at a class. There will be a seating chart for every student. A student will
have to occupy that seat consistently throughout the semester. Attendance will be part of your
performance on the calculation of your final grade.
Cancelled Classes: Extraordinary events will result in a cancellation of class. Our schedule will
be adjusted accordingly.
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