中级财务会计(英文)课程授课教案

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1、中南财经政法大学会计学院School of Accouting， Zhongnan University of Economics Law中级会计学（英文） 课程(Intermediate Accounting)授课教案（Teaching plan)中级财务会计教学小组编写Teaching Team of Intermediate Accounting 2006年2月修订(Feb.2006）Teaching Arrangement1 Time allocationThe total class hour is 51, with 3 scores。 Lectures in class are d

2、ivided into 4 teaching units。 The time allocation for each teaching unit is as follows：Teaching UnitBasic ContentTime allocatedPart 1Financial Reporting: Concepts， Finanicial Statements, and Related Disclosures1 The Environment of Financial Reporting2 Financial Reporting： Its Conceptual Framework83

3、The Balance Sheet and the Statement of Changes in Stockholders Equity44 The Income Statement and income recognition65 The Statement of Cash Flows5Part 2Financial Reporting： Asset Measurement and Income Determination6 Cash and Receivables47 Inventories38 Property, Plant， and Equipment49 Intangibles3P

4、art 3 Financial Reporting: Valuation of Liabilities and Investments10 Current Liabilities and Contingencies411 LongTerm Liabilities and Receivables312 Investments3Part 3 Financial Reporting: Stockholders Equity13 Contributed Capital14 Earnings Per Share and Retained Earnings4Total512 Teaching method

5、sThis course mainly adopts lecture in class, with the help of multimedia。 We also allocates some presentations after group discussion out of classroom。 It is taught either in English or in the combination of both English and Chinese. Teaching Materials1. Textbook中级会计学（高等学校会计学类英文版教材)，高等教育出版社，2005年1月第

6、1版 (Intermediate Accounting， 9E， by Loren A。 Nikolai John D. Bazley)2。 References A. 中级会计学（会计类原版教材影印系列），中国财政经济出版社，2002年11月第1版（Intermediate Accounting, 14E, by Earl Kay Stice, James D。 Stice, K. Fred Skousen ）B. Statements of Financial Accounting Standards, by FASBC. International Accounting Standard

7、s / International Financial Reporting Standards D. Chinese Accounting Standards for Enterprises3. Related intenet web sitesA. FASB www.fasb。orgB。 IASB www。iasb.orgC. the Nikolai and Bazley Intermediate Accounting web site http:/Nikolai。swcollege。com ）Teaching ContentLesson 1: THE ENVIRONMENT OF FINA

8、NCIAL REPORTINGLearning ObjectivesAfter careful study ， students will be able to: 1。Understand accounting information. 2。Know what is included in financial reporting。 3.Explain generally accepted accounting principles （GAAP） and the sources of GAAP in U。S。A。 4。Identify the types of pronouncements is

9、sued by the FASB。 5。Understand how the Financial Accounting Standards Board （FASB） operates. 6.Describe the relationship between the Securities and Exchange Commission （SEC） and the FASB. 7。Understand ethical dilemmas of Accountants. 8. Know the difference of accounting standards development between

10、 China and U。S.A. Teaching Hours 3 hoursTeaching contentsThis lesson will begin with some forewords about the course to let students know exactly the course nature， objectives， requirements etc。 Then the five sections of this lesson will be discussed logically。 1。 Accounting information: users, uses

11、， and GAAP in U。S.A。With the discussion of capital markets， accounting information will be induced。 Accounting， the language of business， has been described as the process of identifying, measuring, recording， and communicating economic information to permit informed judgments and decisions by users

12、 of information. Accounting provides a link between the economic activities of a company and decision makers who are interested in the company。 These decision makers who use accounting information can be divided into two major groups: external users （such as investors) and internal users （the compan

13、ys management）。 Because of their different relationships to the company, the two groups have somewhat dissimilar information needs. Questions will be raised as to examples of external users and internal users and their different information needs。 Then differences of financial accounting and manager

14、ial accounting will be discussed. Financial accounting is the information accumulation， processing, and communication system designed to satisfy the investment and credit decision-making information needs of external users。 Financial accounting information is presented in published financial stateme

15、nts. Managerial accounting is the information accumulation, processing， and communication system designed to meet the decisionmaking information needs of internal users。 The format for internal reports is determined by the company. The system is constrained by the need for information and the cost o

16、f providing that information. After students got an overall impression about accounting and accounting information， focus will be conducted to financial accounting and financial reporting. Financial reporting is the process of communicating financial accounting information about a company to externa

17、l users, primarily through the companys annual report. The annual report includes three major financial statements： the balance sheet， income statement, and statement of cash flows， as well as notes to the financial statements。 Many companies include the statement of changes in stockholders equity a

18、s a fourth major financial statement。 Most financial statements are audited by an independent certified public accountant, who expresses an opinion as to the fairness, in accordance with generally accepted accounting principles， of the financial statements and accompanying notes。In its audited finan

19、cial statements， a company must follow generally accepted accounting principles （GAAP)， the guidelines, procedures, and practices required for recording and reporting accounting information。 GAAP define accepted accounting practices and standards of reporting at a particular time. They have evolved

20、over many years， with the involvement of different policy-making bodies. Emphasis should be put to students that there is no single document including all of the standards for accounting, although the FASB Financial Accounting Research System (FARS） includes most accounting standards in its electron

21、ic data base。 2. The development of accounting standards in U。S.A。A brief history introduction about the development of accounting standards in U.S.A. will give students a full impression about accounting standards in U。S.A。 From 1938 to 1959 the Committee on Accounting Procedure （CAP） of the AICPA

22、issued 51 Accounting Research Bulletins， which are still part of GAAP unless specifically superseded or amended。 Because of criticism of the processes of formulating accounting principles， the AICPA replaced the CAP with the Accounting Principles Board in 1959。 From 1959 to 1973 the APB issued 31 Ac

23、counting Principles Board Opinions, many based on Accounting Research Studies。 Unless amended or rescinded， APB Opinions are also still part of GAAP。 Development of accounting principles by the APB was criticized。 The structure of the Financial Accounting Standards Board （FASB), which replaced the A

24、PB in 1973， was designed to meet these criticisms。 The FASB issues several types of pronouncements， including Statements of Financial Accounting Standards, Interpretations, Technical Bulletins, and Statements of Financial Accounting Concepts. Before issuing a statement of concepts or standards， the

25、FASB usually completes a multistage process designed to develop accounting standards efficiently and with due process, in a public forum. Because accounting policy decisions are complex and part of a broader social system, input from interested parties is important. Negotiation and compromise are of

26、ten necessary during the development of fair, acceptable standards。 Here， a question can be raised to discuss that why FASB adopts political and social involvement methods in its standardssetting process。 3。 Other organizations currently influencing GAAP in U。S.A.Other organizations currently influe

27、ncing GAAP in U.S。A。 will be discussed then, including SEC， AICPA, EITF, CASB, IRS， AAA， IASB， GASB， G4+1 and Several professional associations. Emphasis will be given to the fact that the Securities and Exchange Commission has the legal authority to prescribe accounting principles and practices for

28、 usually all companies issuing publicly traded securities。 To date， the SEC has usually allowed accounting principles to be formulated in the private sector， but has occasionally exerted pressure on the CAP, APB， and FASB。 In addition， the SEC administers the extensive disclosure requirements of the

29、 Securities Act of 1933 and the Securities Exchange Act of 1934. Companies are required to file forms, such as Form 10K, electronically with the SEC and these forms are located in the SECs EDGAR。 Enron case will be given as an example。 The American Institute of Certified Public Accountants is the pr

30、ofessional organization for all certified public accountants in the U。S。 The FASB Emerging Issues Task Force （EITF) identifies significant emerging accounting issues and develops consensus positions on accounting for these issues. The Cost Accounting Standards Board （CASB）, a congressional agency， i

31、s charged with setting standards of accounting for negotiated federal contracts and subcontracts. The Internal Revenue Service （IRS） administers the provisions of the Internal Revenue Code. These provisions do not always reflect the goals of financial accounting。 However， they do at times influence

32、the choice of accounting methods and procedures。 The American Accounting Association (AAA） is an organization comprised primarily of academicians and practicing accountants。 The AAA attempts to influence the development of formal accounting pronouncements through education and persuasion. The Intern

33、ational Accounting Standards Board (IASB） has as its goals to develop and promote the use of global accounting standards， and to bring national accounting standards into agreement with international standards. The Governmental Accounting Standards Board （GASB） operates under the auspices of the Fina

34、ncial Accounting Foundation. The G4 + 1 is a group of standard-setting boards that strives to influence the development and harmonization of useful high quality accounting standards for international capital markets. The instructor can also insert some new development situations based on update mate

35、rials in the website of FASB and IASB etc。 4。Ethics in the accounting environmentStudents will be remind of that accountants are often faced with ethical dilemmas （ethical conflicts) in their professional roles。 Because of the important role of accounting in society， accountants must maintain high e

36、thical standards. The AICPA Code of Professional Conduct (CPC) includes six basic principles： members should （a) exercise sensitive professional and moral judgments in carrying out their responsibilities； (b） serve the public interest, honor the public trust, and demonstrate commitment to profession

37、alism; （c) perform professional responsibilities with the highest sense of integrity; （d） maintain objectivity, be free from conflicts of interest, and be independent in fact and appearance; (e)observe due care in practice; and （f) follow CPC principles in determining the scope and nature of service

38、s to be provided。5。 Comparison of the development of accounting standards in China and in U。S.A。 Students will be required to find materials about development of accounting standards in China。 Then discussion based on the materials and knowledge learned in this lesson about development of accounting

39、 standards in U。S. will be induced in class。 The case is intended for three purposes: first， with comparison ， students will know the differences clearly and grasp new knowledge deeply。 Second, student will learn how to find related materials and this ability is very crucial to future independent st

40、udies. Third, discussion in class will cultivate students creative and critical thinking , which is very important in accounting nowadays。 Pedagogical NotesSince this course is the first time that students learn professional knowledge based on original English textbook and bilingual teaching， some s

41、tudents will feel hard to grasp all the knowledge， this lesson as the first lesson of the course should be taught carefully。 And instructors should pay attention to the difficulties students might felt. The last section of this lesson, which is a discussion part, instructors should try to cultivate

42、students creative and critical thinking. Creative thinking involves the use of imagination and insight to solve problems by finding new relationships （ideas) among items of information. Critical thinking involves the logical analysis of issues， using inductive or deductive reasoning to test new rela

43、tionships (ideas) to determine their effectiveness。Lesson 2： FINANCIAL REPORTING： ITS CONCEPTUAL FRAMEWORKLearning ObjectivesAfter careful study , students will be able to: 1.Explain functions of conceptual framework。 2.Understand the relationship among the objectives of financial reporting. 3.Ident

44、ify the general objective of financial reporting。 4。Describe the three specific objectives of financial reporting. 5。Discuss the types of useful information for investment and credit decision making. 6.Explain the qualities of useful accounting information. 7.Understand the accounting assumptions an

45、d conventions that influence GAAP。8.Define the elements of financial statements。Teaching Hours 5 hoursTeaching contentsThis lesson will begin with emphasis about functions of theory basis in accounting。 1。 FASB conceptual frameworkA brief background introduction about FASB conceptual framework will

46、be conducted. Students should be remind of FASBs position in U。S。A。， which is different from that of China。 The FASB has been charged with developing a conceptual framework of accounting theory and with establishing standards for financial accounting practice。 The conceptual framework， which is inte

47、nded to provide a theoretical foundation for consistent accounting standards, has been essentially completed， with seven Statements of Financial Accounting Concepts issued. In the development process of these seven statements， FASB has divided the conceptual framework activities into several project

48、s。2.Objectives of financial reporting FASB Statement of Financial Accounting Concepts No。 1 deals with the objectives of financial reporting. These objectives relate to general-purpose financial reporting of companies。 That is， they are to meet the needs of a variety of external， rather than interna

49、l, users. This is a point should be emphasized。 Three broad objectives of financial reporting, which proceed from the more general to the more specific， are identified in the Statement: （a）The general objective is to provide information that is useful to present and potential investors, creditors， a

50、nd other external users for decision-making； (b） Financial reporting should provide information that is understandable to one who has a reasonable knowledge of accounting and business and who is willing to study and analyze the information presented； (c) While there are many potential users of finan

51、cial reports， the objectives are directed primarily toward investors and creditors. Additionally， three specific objectives are identified in FASB Statement of Financial Accounting Concepts No。 1： (a）To provide information about a companys economic resources and the claims to those resources, i.e.,

52、its economic resources, obligations， and owners equity; （b）To provide information about a companys comprehensive income and its components; （c）To provide information about a companys cash flows.The FASB has identified five types of information related to the financial reporting objective to help ext

53、ernal users assess the amounts, timing, and uncertainty of the future net cash inflows of the company。 They are： （a） Investors expect a return on the capital they invest; (b) Risk is the uncertainty or unpredictability of a companys future results； (c)Financial flexibility is the ability of a compan

54、y to respond to unexpected needs and opportunities by changing the amounts and timing of cash flows; （d)Liquidity relates to how quickly an asset can be converted into cash, or a liability paid； (e)A companys operating capability is its ability to maintain a given physical level of operations.3. Qua

55、litative characteristics of accounting informationFASB Statement of Financial Accounting Concepts No. 2 specifies qualitative characteristics of accounting information that accounting information should possess in order to be most useful。 Different from China, FASB has set hierarchy of qualitative c

56、haracteristics。 The hierarchy shows two constraints to accounting information: (a）Cost-benefit: the benefit of information must be greater than its cost。 （b）Materiality： the dollar amounts involved must be large enough to make a difference to decision makers。 Since no quantitative guidelines were se

57、t by the FASB, materiality must be determined by judgment. However, the FASB suggested consideration of nature and relative size to separate material and immaterial items.Understandability is a link between decision makers and the accounting information. Information should be understandable to broad

58、 classes of reasonably knowledgeable and diligent users.Decision usefulness is the overall quality which accounting information must possess。 The two primary qualities making accounting information useful are relevance and reliability。 Accounting information that can make a difference to decision ma

59、kers is relevant。 To be relevant, information must have (a)predictive value， or usefulness to decision makers in forecasting events more accurately； and/or (b)feedback value, or usefulness to decision makers in confirming or correcting prior expectations. In addition， relevant information must be ti

60、mely。 Reliable information is reasonably free from error and bias and faithfully reports what it is intended to represent. To be reliable information must (a） be verifiable; (b) have representational faithfulness； and （c) be neutral。 Information is verifiable （sometimes called objective) when it can

61、 be duplicated using the same measurement method。 Verifiability is useful in reducing measurer bias。 In auditing, verifiability is a primary concern when the independent accountant reviews the published financial statements of a company, i。e.， performs the attest function. Accounting information has

62、 representational faithfulness when there is valid correspondence to the economic resources， obligations， transactions， and events it represents. A high degree of representational faithfulness is useful in reducing measurement bias. Neutral information is complete and free from intentional bias。Comp

63、arability is a secondary characteristic of accounting information. Information is more useful if it can be compared with similar information from other companies （intercompany comparison) and with similar information from the same company over time （intracompany comparison). Comparability is closely

64、 linked to consistency， the use of unchanged accounting policies and procedures from period to period。4。 Accounting assumptions and conventionsCertain assumptions and conventions have influenced the development of generally accepted accounting principles。 These are similar with those of China. The e

65、ntity assumption distinguishes each business organization from its owners. Following the continuity (or goingconcern) assumption, it is assumed that a company will continue to operate in the near future, unless substantial evidence to the contrary exists. The period-oftime assumption enables a company to report the results of its activities after short time periods （primarily one year）， rather than at