About this course: This course is the third course in the five-course Financial Reporting Specialization. This course begins with a discussion of current liabilities and contingencies and continues with long-term debt and bonds. The course next explores accounting model for leases, both lessees and lessors, and a discussion on deferred tax assets and liabilities. Participants will learn the latest accounting standards including the new accounting model for leases effective for public companies in 2019 and private companies in 2020.
Created by: University of Illinois at Urbana-Champaign
Taught by: John Hepp, Clinical Assistant Professor of Accountancy
Department of Accountancy
| Basic Info | Course 3 of 5 in the Financial Reporting Specialization |
| Level | Intermediate |
| Commitment | 8 weeks of study, 6-8 hours a week |
| Language | English |
| How To Pass | Pass all graded assignments to complete the course. |
Complete this course to work toward:
Financial Reporting Specialization
This course is part of the 5-course Financial Reporting Specialization from University of Illinois at Urbana-Champaign
Master of Science in Accountancy (iMSA)
This course is part of the fully-online 16 eight-week courses degree program
Syllabus
WEEK 1
About the Course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
2 videos, 4 readings, 1 practice quiz
- Video: About Prof Hepp
- Reading: Syllabus
- Reading: About the Discussion Forums
- Practice Quiz: Orientation Quiz
- Reading: Update Your Profile
- Discussion Prompt: Get to Know Your Classmates
- Reading: Build a Learning Community with Social Media
Module 1: Current Liabilities and Contingencies
In this module, you will be introduced to the concepts of current liabilities and contingencies. You will learn how to classify liabilities as current or long-term, including consideration of provisions of loan agreements with call options. You will also identify the criteria for recognizing or and/or disclosing contingencies
7 videos, 1 reading, 5 practice quizzes
- Discussion Prompt: Make Connections to Topic
- Reading: Module 1 Overview and Resources
- Video: Current Liabilities
- Practice Quiz: Lesson 1.1 Knowledge Check
- Video: Exceptional Situations
- Practice Quiz: Lesson 1.2 Knowledge Check
- Video: Examples and Presentation
- Practice Quiz: Lesson 1.3 Knowledge Check
- Video: Excel Segment
- Practice Quiz: Lesson 1.4 Knowledge Check
- Video: Contingencies
- Video: Examples: Contingencies
- Practice Quiz: Lesson 1.5-1.6 Knowledge Check
Graded: Module 1 Quiz
WEEK 2
Module 2: Long-Term Debt Part 1
In this module, you will be introduced to the concept of long-term debt. You will learn about the different types of bonds and how each type results in different accounting, including bonds sold at a premium, sold at a discount, and sold with issuance costs attached. The module also describes the fair value option that is offered for accounting for a bond.
6 videos, 1 reading, 5 practice quizzes
- Reading: Module 2 Overview and Resources
- Practice Quiz: Lesson 2.1 Knowledge Check
- Video: Bonds: The Simple Case
- Practice Quiz: Lesson 2.2 Knowledge Check
- Video: Bonds: Between Interest Dates
- Practice Quiz: Lesson 2.3 Knowledge Check
- Video: Bonds: Discount and Premium
- Video: Bonds: Discount and Issuance Costs
- Practice Quiz: Lesson 2.4-2.5 Knowledge Check
- Video: Fair Value Option - A Counter Intuitive Result
- Practice Quiz: Lesson 2.6 Knowledge Check
Graded: Module 2 Quiz
WEEK 3
Module 3: Long-Term Debt Part 2
In this module, long-term debt will be discussed more in-depth. Students will learn how to account for bonds sold at a discount or premium, between interest dates, or with conversion features. Early extinguishment of debt, modifications and troubled debt restructuring are also discussed.
5 videos, 1 reading, 5 practice quizzes
- Reading: Module 3 Overview and Resources
- Practice Quiz: Lesson 3.1 Knowledge Check
- Video: Convertible Debt
- Practice Quiz: Lesson 3.2 Knowledge Check
- Video: Early Extinguishment of Debt
- Practice Quiz: Lesson 3.3 Knowledge Check
- Video: Bonds Modifications
- Practice Quiz: Lesson 3.4 Knowledge Check
- Video: Troubled Debt Restructuring
- Practice Quiz: Lesson 3.5 Knowledge Check
Graded: Module 3 Quiz
WEEK 4
Module 4: Lease Accounting Part 1
In this module, you will be introduced to the recently issued lease accounting standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board). Starting with the definition of a lease, this module will discuss features of the new model common to both lessors and lessees and then illustrate the classification of leases, initial recognition and measurement and subsequent measurement by lessees.
7 videos, 1 reading, 5 practice quizzes
- Reading: Module 4 Overview and Resources
- Practice Quiz: Lesson 4.1 Knowledge Check
- Video: Classification of Leases
- Video: Classification Example
- Practice Quiz: Lesson 4.2-4.3 Knowledge Check
- Video: Initial Measurement
- Practice Quiz: Lesson 4.4 Knowledge Check
- Video: Lessee: Finance Leases
- Video: Lessee: Operating Leases
- Practice Quiz: Lesson 4.5-4.6 Knowledge Check
- Video: Variable and Increasing Rents
- Practice Quiz: Lesson 4.7 Knowledge Check
Graded: Module 4 Quiz
WEEK 5
Module 5: Lease Accounting Part 2
In this module, we continue the discussion of the new lease accounting model. You will learn how to account for lease modifications and terminations. The accounting for lease and non-lease elements will be examined. The module then describes the accounting for lessors including sales-type, direct-financing, and operating leases. Our discussion of lease accounting concludes with the accounting for sales and leasebacks.
9 videos, 1 reading, 4 practice quizzes
- Reading: Module 5 Overview and Resources
- Video: Modification and Termination Examples
- Practice Quiz: Lesson 5.1-5.2 Knowledge Check
- Video: Multiple Elements
- Video: Multiple Elements Example
- Practice Quiz: Lesson 5.3-5.4 Knowledge Check
- Video: Lessor Accounting
- Video: Sales-Type Lease Example
- Video: Operating Leases
- Practice Quiz: Lesson 5.5-5.7 Knowledge Check
- Video: Sale and Leaseback
- Video: Sale and Leaseback Examples
- Practice Quiz: Lesson 5.8-5.9 Knowledge Check
Graded: Module 5 Quiz
WEEK 6
Module 6: Deferred Taxes Part 1
In this module, you will be introduced to deferred taxes. You will learn the differences between deferred tax assets/deferred tax liabilities and tax refunds receivable/taxes payable. Temporary and permanent tax differences and net operating loss (NOL) carrybacks and carryforwards are described. The module also includes discussion of intraperiod tax allocation and the effect of changes in tax rates.
7 videos, 1 reading, 4 practice quizzes
- Reading: Module 6 Overview and Resources
- Video: Introduction to Deferred Taxes
- Video: Temporary Differences
- Practice Quiz: Lesson 6.1-6.2 Knowledge Check
- Video: Carrybacks and Carryforwards
- Practice Quiz: Lesson 6.3 Knowledge Check
- Video: Intraperiod Tax Allocation
- Practice Quiz: Lesson 6.4 Knowledge Check
- Video: Tax Rates
- Video: Example
- Practice Quiz: Lesson 6.5-6.6 Knowledge Check
Graded: Module 6 Quiz
WEEK 7
Module 7: Deferred Taxes Part 2
In this module, our study of income taxes continues with a discussion about uncertain tax positions. The origin of the two-step recognition model and its application are discussed, including the recognition threshold, measurement criteria, and derecognition criteria, including accrual of interest and penalties on unrecognized amounts.
6 videos, 1 reading, 4 practice quizzes
- Reading: Module 7 Overview and Resources
- Video: An Introduction to Uncertain Tax Positions
- Practice Quiz: Lesson 7.1 Knowledge Check
- Video: Uncertain Tax Positions Step One: Recognition
- Practice Quiz: Lesson 7.2 Knowledge Check
- Video: Example Unit of Account
- Practice Quiz: Lesson 7.3 Knowledge Check
- Video: Uncertain Tax Positions Step Two: Measurement
- Video: Uncertain Tax Positions Example
- Practice Quiz: Lesson 7.4-7.5 Knowledge Check
Graded: Module 7 Quiz
Graded: Notes on Long-term Liability
WEEK 8
Module 8: Review and Evaluation
This module will be a review of the previous seven modules. This will include the concepts of: current liabilities, contingencies, bonds, discounts and premiums of bonds, troubled debt restructuring types, lease determinations and classifications, lease modifications, sale and leasebacks, deferred tax liabilities and assets, carrybacks and carryforwards, and uncertain tax positions.
7 videos, 2 readings
- Reading: Module 8 Overview and Resources
- Video: Review: Long-Term Debt Part 1
- Video: Review: Long-Term Debt Part 2
- Video: Review: Lease Accounting
- Video: Review: Lease Accounting Part 2
- Video: Review: Deferred Taxes
- Video: Review: Uncertain Tax Positions
- Reading: Course Wrap-Up
- Discussion Prompt: Final Reflection: I used to think ... Now I think
Graded: Module 8 Quiz
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