Business Administration: Corporate Financial Reporting1

Study of how corporations account for and present the results of their financial activities. Emphasizes accounting for assets, current liabilities, and the related revenue and expenses. Provides overview of the four primary financial statements and accompanying notes. Prerequisites: BUS 1610, BUS 2620, both with a minimum grade of C-; Business Administration major; Business Administration or Accounting minor; minimum Junior standing.

BSAD major, 2BUS Co-Major, BSAD/ACCT minor, CSIS majors by instructor permission – email gsbcss@uvm.edu. Open to degree and PACE students. Minimum Junior standing. Prereqs enforced by the system: BUS 1610 and BUS 2620 both with a minimum grade of C-.

Corporate Financial Reporting I reviews the structure of the accounting standards established by the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Although intended primarily for accounting majors, the course also benefits those pursuing a career in corporate finance or the securities industry. The course concentrates on the basics of financial reporting and the composition and usefulness of the four basic financial statements. It uses a systems approach to address accounting and reporting issues in the sales cycle (revenue recognition, accounts receivable, including the allowance for doubtful accounts, notes receivable, cash receipts, and accruals), the purchase cycle (inventory, noncurrent assets, accounts payable, cash disbursements, depreciation and impairments); and accounting for investment securities. As such, by the end of the course, you should have a good understanding of most asset accounts, and the accounts commonly included within current liabilities. You will also be able to identify when revenue should be recognized, when various expenses are incurred, and how these activities affect the Statement of Cash Flows.

To be prepared for class, you must read the chapter prior to the class period in which it will be discussed. The course material is challenging, you need to be familiar with the topics and standards prior to the class discussion. During class, we will discuss the major topics, and work through some sample problems. We will often talk about the business context of financial reporting.

Exams and homework will be used for assessment purposes