ACCT 305 Intermediate Accounting

This course introduces students to a more detailed study of Financial Accounting and Financial Reporting than that covered in earlier accounting courses.  It is based on financial reporting using the provisions of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB).   It helps students understand what IFRS is and how the provisions in the standards are applied in practice.  It covers the conceptual framework used as the basis for developing the international standards.  It covers the format of the financial statements required by IFRS.   Students learn about the accounting and financial reporting requirements of some of the elements reported in financial statements.  Students also get an appreciation of the challenges and limitations of financial reporting.