Note: I took this course in Summer 2015, the content is the same although there is a difference in the marking scheme. The speed of the course in the summer is quite fast, so you do need to pay attention and do all of your homework.
InstructorThe professor that instructed was Justin Jin, as a professor, he seems very unprepared, where he bases his lecture content on ready made slides from the textbook producer. However, although he is very unprepared, he is very good at winging the content. He has had several years of experience at Deloitte, so he brings along with him many stores of his Auditing days. He is in general a very funny professor and he makes the dry content entertaining. One of the better professors I have had a McMaster so far.
Course Material
Chapter 1: The Canadian Financial reporting environment
Chapter 2: Conceptual framework, underlying financial reporting
Chapter 3: The accounting information system
Chapter 4: Reporting financial performance
Chapter 5: Financial position and cash flows
Chapter 6: Revenue Recognition
Chapter 7: Cash and Receivables
Chapter 8: Inventory
Chapter 9: Investments
Chapter 10: Acquisition of PPE
Chapter 11: Amortization, Impairment and Disposition
Chapter 12: Goodwill and Other Intangible Assets
Mark Breakdown
10% Class participation
Essentially just going to class and making the instructor know that you exist through answering questiosn will grant you class participation, this may not be the case during the year as this 10% mark is redistributed to two midterms during the year
10% In Class Quizzes
There will be 5 in class quizzes where each is worth 2%, as long as you write something down for these quizzes, you will get the mark as the instructor really uses this as a way to encourage students to go to class
40% Midterm
The midterm consisted of true/false and multiple choice, it was a very fair exam where if you study off the slides and do the in class exercises, you will do very well in it.
40% Exam
Since the Midterm was easier, the professor will readjust marks by making the exam much harder. It was a full multiple choice exam with only computations, be sure to study bonds very well because he added extra stuff on the exam on bond's that is pretty tough if you do not know your content. The professor will usually curve the exam because many students do bad on the exam, but overall, the exam is quite fair although hard
Summary
This course basically goes into the details that affect the asset accounts on the Statement of Financial Position (balance sheet). You will find that the course has alot to do with looking at particular accounts and seeing how to deal with acquiring them, using them , valuating them and disposing them. It goes more in depth into particular assets such as intangibles, PPE, investments, inventory and receivables. The course also expands on the financial statements learned in Commerce 2AA3/1AA3 and adds extra things to them to better measure financial performance such as OCI (Other comprehensive income). The courses also emphasizes the differences betwen ASPE and IFRS
