June 2015

1

The Hong Kong Polytechnic University

Hong Kong Community College

Subject Description Form

Subject Code CCN2121

Subject Title Intermediate Accounting

Level 2

Credit Value 3

Medium of

Instruction

English

Pre-requisite /

Co-requisite/

Exclusion

Pre-requisite

CCN2101 Financial Accounting

Objectives

This subject, a continuation of Financial Accounting (CCN2101), will

reinforce students’ understanding of the conceptual framework of

accounting and the current reporting standards. It equips students with

extended knowledge on the accounting treatments for financial

statement items or issues learnt from the basic course in financial

accounting and develops their professional competence in the

preparation of financial statements and related disclosures.

Intended Learning

Outcomes

Upon completion of the subject, students will be able to:

(a) demonstrate a sound understanding of the conceptual framework of

financial reporting, concepts and techniques of accounting.

(b) evaluate current accounting practice in light of the accounting

principles and standards.

(c) apply generally accepted accounting principles to situations.

(d) solve problems and issues in relation to corporate financial

accounting.

Subject Synopsis/

Indicative Syllabus

Conceptual Framework and Process of Accounting

Objectives of financial reporting; Qualitative characteristics and

constraints of accounting information; Elements of financial statements;

Basic accounting model and accounting processing cycle.

Preparation of Financial Statements

Balance sheet and financial disclosures; Income statement with

separately reported items, discontinued operations and extraordinary

items; Comprehensive income; Earnings quality; Changes in accounting

principles, estimates, and errors; Statement of cash flows.

June 2015

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Operating Activities of a Business

Cash and receivables; Short-term liabilities; Complexities of revenue

recognition; Earnings management; Cost of goods sold and inventory

management.

Investing Activities of a Business

Investments in debt and equity securities.

Financing Activities of a Business

Accounting for debt financing and equity financing.

Additional Financial Reporting Issues

Different contingencies; Income taxes; Earnings per share; Leases; Basic

understanding of joint venture, associate and business combination.

Teaching/Learning

Methodology

Lectures will focus on the introduction and explanation of relevant

accounting concepts and procedures supported by real life examples

wherever appropriate. Lectures will also provide further analysis of

topics with particular emphasis on practical examples.

Tutorials will provide students with the opportunity to deepen their

understanding of the concepts learned in lectures and to apply theories

to the analysis of problem sets and case studies.

Assessment

Methods in

Alignment with

Intended Learning

Outcomes

A variety of assessment tools will be used to develop and assess

students’ achievement of the subject intended learning outcomes.

Specific assessment

methods/tasks

%

weighting

Intended subject learning

outcomes to be assessed

a b c d

Continuous Assessment* 40

Test 20

Assignment 1 8

Assignment 2 8

Participation 4

Final Examination 60

Total 100

*Continuous assessment items and/or weighting may be adjusted by the subject

team subject to the approval of the College Programme Committee.

To pass this subject, students are required to obtain Grade D or above in

both the Continuous Assessment and Final Examination.

Student Study

Effort Expected

Class contact Hours

Lecture 26

June 2015

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Tutorial 13

Other student study effort

Self-study 52

Continuous Assessment 39

Total student study effort 130

Reading List and

References

Recommended Textbook

Spiceland, J.D., Sepe, J.F., Nelson, M.W., Tan, P., Low, B., & Low

K.Y. (2013). Intermediate Accounting: IFRS Edition. (1st ed.), NY:

McGraw-Hill Companies, Inc.

References

Kieso, D.E., Weygandt, J.J., & Warfield, T.D. (2014). Intermediate

Accounting: IFRS Edition, (2nd

ed.), NJ: John Wiley & Sons, Inc.

Williams, J.R., Haka, S.F., Bettner, M.S., Carcello, J.V., Lam, N.C.Y.,

& Lau, P.T.Y. (2015). Financial Accounting: Including International

Financial Reporting Standards (IFRS). (2nd

ed.), Singapore: McGraw-

Hill Education (Asia).