Description

Accounting Research memo, patents, FASB, accounting authoritative sources

Accountant:
Accounting 540
Meeting:XYZ Research Company Topic:Accounting Regulations and Treatment of PatentsCase
Studied: You have een hired as a consultant for XYZ Research Co! XYZ Research Co!
incorporated in "#$#! XYZ %s usiness centers on developing ne& technology for
interplanetary e'ploration! The company has many patents and has historically e'pensed all of the
costs associated &ith otaining their patents! The o&ners of XYZ (as are unsure &hether or
not if any or all of its patent costs can e capitali)ed! They also are unsure if any impairment
testing should e done periodically on their patents! You have een as*ed y the o&ners to
loo* into these issues and provide the appropriate accounting treatment for patents! Purpose:To
research ho& the accounting is handled for Patents! +as XYZ Company een accounting for
these costs correctly or does there need to e changes made to their accounting practices! Can
The cost to otain a patent e capitali)ed, Also is impairment testing re-uired periodically on
their patents, +o& &ill this a.ect the /nancial reports,
Accounting Standards and Regulations
IAS 38
Intangible assets are non-monetary assets which are without physical substance and
identifiable (either being separable or arising from contractual or other legal rights). Those
meeting the relevant recognition criteria are initially measured at cost, subsequently measured at
cost or using the revaluation model, and amortied on systematic basis over their useful life,
unless the intangible has an indefinite useful life, in which it is not amortied.I!" #$ requires an
entity to recognie an intangible asset whether purchased or self-created at cost if, and only if it
is probable that the future economic benefits that attributable to the asset will flow to the entity
and the cost of the asset can be measured reliably (I!" #$.%&). !dditional recognition is required
for internally generated intangibles' the probability of future economic benefits must be based on
reasonable assumptions about conditions that will eist over the life of the asset (I!" #$.%%). !
fter initial recognition intangible assets should be carried at cost less amortiation and
impairment losses. (I!" #$.*). !n asset with an indefinite useful life should not be amortied
(I!" #$.&+

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Accounting Courses
ACCT 501 - Accounting for Managers
Hours: 3
Accounting for Managers. Three semester hours. Study of the accounting concepts and
procedures used by managers in making decisions. The focus in the course will be on users, not
preparers, of accounting and management information. This course satisfies the accounting
background requirement for MBA candidates and may be utilized as part of a graduate program
in a field other than business administration. Prerequisite: Math 141 or 175.
ACCT 502 - Financial Accounting
Hours: 3
Financial Accounting - Three semester hours A study of accounting principles and procedures
essential to the preparation of financial statements with particular emphasis on the corporate
form. Topics of coverage include assets and liabilities, property, plant and equipment, and
investments, stockholders equity, income recognition, leases, accounting changes and errors, and
financial reporting and analysis. Pre-requisites : ACCT 501 or ACCT 222
ACCT 521 - Advanced Accounting
Hours: 3
Advanced Financial Accounting. Three semester hours. A continuation of the financial
accounting sequence. The primary emphasis is on accounting for business combinations and
consolidations. Other contemporary issues in financial accounting will also be covered with an
emphasis on reading and interpreting professional accounting literature. Prerequisite: ACCT 322.
ACCT 522 - Govt & Not for Profit
Hours: 3
Government and Not for Profit Accounting - Three semester hours This course is a graduate level
course designed to cover financial reporting, managerial, auditing, taxation, and information
systems issues in governmental and nonprofit entities. Ethics and professional standards, as well
as communication and analytical skills, are developed. Students will apply dual-track accounting
to help develop skills at analyzing transactions in a governmental entity and follow their effect
on the financial statements.
ACCT 525 - Adv. Managerial Accounting
Hours: 3

Advanced Managerial Accounting. Three semester hours. A study of accounting as related to

making decisions. Readings, cases, and problems dealing with managerial accounting issues,
accounting concepts, budgeting and cost control, using accounting information in planning and
control. Prerequisite: Consent of the instructor.
ACCT 527 - Auditing
Hours: 3
Financial Auditing. Three semester hours. This course is a study of the professional auditing
standards followed by public accountants in performing the attest function for financial
statements and supporting data. Prerequisites: ACCT 322, 433.
ACCT 528 - Advanced Auditing
Hours: 3
Advanced Auditing - Three semester hours The primary emphasis in this course will be on
understanding and applying the concepts of, and approaches to, audits, investigations and
assurance services, and on developing skills to apply the underlying concepts and approaches to
professional services. This course will review changes in the audit environment and new
approaches to auditing and examine the concepts related to auditing in computerized
environments.
ACCT 529 - Acct Information Systems
Hours: 3
Accounting Information Systems - Three semester hours This course is designed to present an
understanding of accounting information systems and their role in the accounting environment.
Particular attention is paid to transaction cycles and internal control structure. Topics to be
covered include the software development life cycle, contemporary technology and applications,
control concepts and procedures, auditing of information systems, internets, intranets, electronic
commerce, and the role of information systems in a business enterprise. This course will cover
accounting information systemsboth computerized and non-computerizedwith particular
emphasis on internal controls
ACCT 530 - BUSINESS ETHICS FOR ACCOUNTANT
Hours: 3
Business Ethics for Accountants - Three semester hours The course will provide a background in
the process of ethical reasoning, the ethical environment, application of ethical rules and
guidelines to case problems, and a framework for ethical decision-making. The focus will be on
the ethical environment within which professional accountants and businesses operate. The
objective is to provide the student with an educational background in what constitutes ethical
conduct in businesses and accounting.
ACCT 531 - GLB/International Accounting
Hours: 3
The course exposes students to international financial reporting standards (IFRS) and related
issues. Topics include comparative accounting, internationalization of capital markets, crossborder mergers and acquisitions, foreign currency translation, transfer pricing, and other issues.

ACCT 537 - International Taxes

Hours: 3
International Taxes - Three semester hours The course exposes students to international taxes,
credits, planning, and transfer pricing concepts.
ACCT 538 - Indivi Income Tax
Hours: 3
Individual Income Tax Accounting - Three semester hours A study of income tax laws. Emphasis
is given to the impact of the federal income tax on the individual taxpayer. Various research
software and tools are utilized to solve practical tax problems.
ACCT 540 - Advanced Income Tax Accounting
Hours: 3
Advanced Income Tax Accounting. Three semester hours. A study of taxation of partnerships,
corporations, estates, and trusts under current federal income tax law. An emphasis will be on
solving practical problems using tax research tools and software. Prerequisite: ACCT 440.
ACCT 541 - Accounting Theory
Hours: 3
Contemporary Issues in Financial Accounting. Three semester hours. Selected contemporary and
international issues in financial accounting will be covered with an emphasis on reading and
interpreting professional accounting literature to prepare financial statements according to
generally accepted accounting principles. This course is designed as a capstone overview of
professional literature on financial accounting for majors in professional accountancy. However,
the content is also appropriate for controllers and others interested in the application of generally
accepted accounting principles. Prerequisites: ACCT 322, 521.
ACCT 550 - Sales, Franch & Other Tax
Hours: 3
Sales, Franchise, and Other Taxes - Three semester hours This course explores taxes imposed by
state and local governments. Taxes include sales, income, real estate, franchise, use, and other
types of taxes. Students are exposed to different taxing bodies that impose taxes and the
justifications and amounts subject to taxation. Students will use online tax research services.
ACCT 551 - Advanced Issues in Taxes
Hours: 3
Advanced Issues in Taxes - Three semester hours This course examines advanced issues in taxes.
Topics include multistate corporate taxation, individual taxes, international taxes, fiduciary
responsibility and returns, and current topics. Students will use online tax research services.
ACCT 561 - Fraud Examination
Hours: 3
Fraud Examination. Three semester hours. This course covers the principles and methodologies
of detecting and deterring fraud using accounting, auditing, and investigative skills. Topics
include skimming, larceny, misappropriations, fraudulent financial statements, interviewing
witness and support for litigation.

ACCT 562 - Forensic and Inv Acct

Hours: 3
Forensic and Investigative Accounting. Three semester hours This course covers important topics
associated with modern forensic accounting. Topics include fraud auditing, litigation support,
valuation, cybercrime, and other key forensic topics.
ACCT 563 - Advanced Forensic Accounting
Hours: 3
Advanced Forensic Accounting - Three semester hours This course builds on topics covered in
Forensic and Investigative Accounting. Topics include fraud auditing, litigation support,
valuation, cybercrime, and other key forensic topics. The objectives include understanding the
practices used by public accountants, internal auditors, prosecutors, special agents, investigators,
and others used to examine and prosecute civil and criminal financial violations.
ACCT 564 - Practicum in Forensics
Hours: 3
Practicum in Forensics - Three semester hours Students must solve possible or alleged financial
improprieties in both civil and criminal environments using structured cases. Students will
respond to situations presented by the instructor. Students will simulate evidence and discovery
gathering, obtaining and serving subpoenas, data analysis, interviewing, prosecution, and related
activities.
ACCT 568 - Bus Law for Accountants
Hours: 3
Business Law for Accountants - Three semester hours Business Law and Regulation is the study
of professional and legal responsibilities and legal implications of business transactions,
particularly as they relate to accounting and auditing, and the application of that knowledge to
common business transactions. This course provides knowledge of general business environment
and business concepts needed to understand the underlying business reasons for and accounting
implications of transactions. Our primary objective in this class is to transfer the body of
knowledge needed to answer questions likely to appear on the CPA, CMA, CIA, or other
professional examinations and to provide a foundation of knowledge of business law for
accountants.
ACCT 569 - International Business Law
Hours: 3
International Business Law - Three semester hours The course is designed for accountants and
others to study international business law. Students are exposed to international treaties, rules
and, laws in a global environment.
ACCT 575 - Fin Statement Analysis
Hours: 3
Financial Statement Analysis - Three semester hours This course presents a framework for
business analysis and valuation using financial statements. Topics include accounting analysis,
valuation theory and concepts, forecasting, equity security and credit analysis.

ACCT 576 - Fund of Financial Planning

Hours: 3
Fundamentals of Financial Planning - Three semester hours This course exposes students to
personal financial planning utilizing basic financial planning skills and tools. Topics include
insurance, investment, income tax, business, retirement, and estate planning to some degree
within this course. It is through some exposure to all of these sub-fields and discussion of how
the planner facilitates effective planning in each of them that students will gain a more complete
perspective of the field of financial planning and the requirements of being an effective financial
planner.
ACCT 577 - Investment Planning
Hours: 3
Investment Planning - Three semester hours This course focuses on the theory and practice of
investment planning. Emphasizing the tools and techniques necessary to build a portfolio using
both financial planning techniques and theories employed by the financial planning industry.
Topics covered include but are not limited to: basics of investment planning and financial
markets, investment portfolio risk-return relationship, portfolio management, investment
theories, modern portfolio theory, fundamentals of portfolio design, diversification and
allocation, fundamental analysis, mutual fund selection, and financial planning issues in asset
management.
ACCT 580 - Internship in Accounting
Hours: 4
The goal of this course is to gain relevant accounting knowledge equal to or greater than the
knowledge gained in a traditional accounting classroom setting. The student will gain work
experience in the student's field of study by developing specific work related skills to improve
marketability upon graduation. The student will also build a network of professional contacts.
Prerequisites: 12 hours of upper level accounting must be complete and Departmental approval.
ACCT 588 - Independent Acct Research
Hours: 3
Independent Accounting Research - Three semester hours This course challenges students to
explore emerging and often controversial issues in accounting by using qualitative and/or
quantitative research methodology. Students learn how to publish accounting research in peer
reviewed publications using topics of interest.
ACCT 589 - Independent Study
Hours: 3
Individualized instruction/research at an advanced level in a specialized content area under the
direction of a faculty member. May be repeated when the topic varies. Prerequisites: Consent of
department head.
ACCT 595 - Accounting Research and Communication
Hours: 3
This applied course challenges students to research, analyze and communicate topics in

accounting and/or tax by using qualitative and/or quantitative research methodology. Students
also learn various effective methods accountants must use to communicate.
ACCT 597 - Special Topics
Hours: 1-4
Special Topics. One to four semester hours. Organized class. May be repeated when topics vary.
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University of Idaho General Catalog Courses Accounting Courses

Accounting Courses
Acct 200 (s) Seminar (cr arr)
Acct 201 Introduction to Financial Accounting (3 cr)
Acct 202 Introduction to Managerial Accounting (3 cr)
Acct 203 (s) Workshop (cr arr)
Acct 204 (s) Special Topics (cr arr)
Acct 299 (s) Directed Study (cr arr).
Acct 305 Accounting Information Systems (3 cr)
Acct 315 Intermediate Financial Accounting I (3 cr)
Acct 325 Intermediate Financial Accounting II (3 cr)
Acct 385 Cost and Management Accounting (3 cr)
Acct 404 (s) Special Topics (cr arr)
Acct J415/J515 Advanced Financial Accounting & Reporting (3 cr)
Acct J440/J550 Fraud Examination (3 cr)
Acct J482/J582 Enterprise Accounting (3 cr)
Acct 483 Fundamentals of Federal Taxation (3 cr)
Acct J484/J584 Federal Taxation of Entities (3 cr)
Acct J486/J586 Contemporary Management Accounting Issues (3 cr)
Acct 492 Auditing and Controls (3 cr)
Acct 498 Accounting Internship Program (1-3 cr, max 3)
Acct 499 (s) Directed Study (cr arr)
Acct 500 Master's Research and Thesis (1-6 cr, max 6)

Acct 501 (s) Seminar (cr arr)

Acct 502 (s) Directed Study (cr arr)
Acct 504 (s) Special Topics (cr arr)
Acct 515 Advanced Financial Accounting & Reporting (3 cr)
Acct 530 Accounting for Public Sector Entities (3 cr)
Acct 540 Financial Statement and CSR Reporting Analysis (3 cr)
Acct 550 Fraud Examination (3 cr)
Acct 561 Comparative Accounting Theory (3 cr)
Acct 570 Advanced Accounting Systems Analysis and Controls (3 cr)
Acct 582 Enterprise Accounting (3 cr)
Acct 584 Federal Taxation of Entities (3 cr)
Acct 585 Estate and Elder Planning (3 cr)
Acct 586 Accounting for Management Decision Making and Control (3 cr)
Acct 590 Advanced Auditing Seminar (3 cr)
Acct 592 Financial Accounting and Reporting Seminar (3 cr)
Acct 595 (s) Practicum in Tutoring (1 cr)
Acct 598 (s) Internship (1-3 cr, max 3)
Acct 599 (s) Non-thesis Master's Research (1-6 cr, max 6)
Marla Kraut, Dept. Head, Dept. of Accounting (125A J. A. Albertson Bldg. 83844-3161; phone
208/885-7116).
Acct 200 (s) Seminar (cr arr)
Acct 201 Introduction to Financial Accounting (3 cr)

Overview of the nature and purpose of general purpose financial statements provided to external
decision makers; emphasis on use of financial statement information. May include evening
exams.
Acct 202 Introduction to Managerial Accounting (3 cr)
Intro to cost behavior and managerial use of accounting information for planning, control, and
performance evaluation. May involve evening exams.
Prereq: Acct 201
Acct 203 (s) Workshop (cr arr)
Acct 204 (s) Special Topics (cr arr)
Acct 299 (s) Directed Study (cr arr).
Individual sections may be graded P/F.
Prereq: Permission
Acct 305 Accounting Information Systems (3 cr)
Role of accounting information systems in effective control of organizations; coverage of
internal controls, flowcharting, systems analysis and design, implementation and evaluation as
they relate to the major systems cycles; revenue, purchases, production, payroll, cash receipts
and disbursements. May include evening exams.
Prereq: Acct 201 and Acct 202
Acct 315 Intermediate Financial Accounting I (3 cr)
Preparation of general purpose financial statements for external users based on U.S. generally
accepted accounting principles. Emphasis on transactions relating to financing and investing
activities. Conceptual framework based instruction includes comparison with alternative
treatments used in other countries and under U.S. tax code. May include evening exams.
Prereq: Acct 201 and Acct 202
Acct 325 Intermediate Financial Accounting II (3 cr)
Continuation of Acct 315. Covers more advanced topics in the preparation of general purpose
financial statements for external users according to US GAAP. Includes accounting database
research. May include evening exams.
Prereq: Acct 315

Acct 385 Cost and Management Accounting (3 cr)

Design and use of cost management systems to support decision making and influence behavior;
includes tracing costs to processes, activities, products, and customers; budgeting and
responsibility accounting. May require evening exams.
Prereq: Acct 201 and Acct 202
Acct 404 (s) Special Topics (cr arr)
Acct J415/J515 Advanced Financial Accounting & Reporting (3 cr)
In-depth coverage of selected topics in financial accounting designed to introduce students to
applied research in the technical literature and enhance students ability to interpret and apply
accounting standards promulgated by official standard setting entities. May include evening
exams. Additional class meetings, projects, and/or assignments required for graduate credit.
Prereq: Acct 325 or Graduate Standing
Acct J440/J550 Fraud Examination (3 cr)
Fraud prevention, detection, investigation, and resolution. Additional class meetings, projects,
and/or assignments required for graduate credit. May include evening exams.
Prereq: Acct 201
Acct J482/J582 Enterprise Accounting (3 cr)
Carries no credit toward master's degree in accounting. Both business and non-business students
will learn the critical role played by financial statements as entrepreneurs try to launch a new
business. The trade-offs of various funding sources and their impacts on financial statements are
also explored. Content will be presented in an integrated manner, rather than concept by concept,
to emphasize the interrelatedness of forecasts and assumptions regarding revenues, costs, and
financing on financial statements and thus, the resulting business model. Additional projects
and/or assignments required for graduate credit. May involve evening exams.
Acct 483 Fundamentals of Federal Taxation (3 cr)
Income determination, deductions, accounting methods, sales of property, deferral of tax,
taxation of the individual, tax research, with primary emphasis on tax planning; the case method
is used. May include evening exams.
Prereq: Acct 201 and Acct 202
Acct J484/J584 Federal Taxation of Entities (3 cr)

Taxation of corporations and partnerships with emphasis on tax planning, tax research; the case
method is used. Additional class meetings, projects, and/or assignments required for graduate
credit. May include evening exams.
Prereq: Acct 483
Acct J486/J586 Contemporary Management Accounting Issues (3 cr)
Synthesis of managerial accounting skills through case analysis, written and oral reports; topics
include decision making, divisional performance evaluation, transfer pricing, activity based
costing, theory of constraints, and total quality management. Additional class meetings, projects,
and/or assignments required for graduate credit. May include evening exams.
Prereq: Acct 385
Acct 492 Auditing and Controls (3 cr)
Value of the audit, concepts of attestation and relevant reporting, theories of evidence,
development of risk analysis approach to auditing, with emphasis on internal and performance
auditing; documentation and understanding of internal control structure, environment, system
design, procedures and testing. May include evening exams.
Prereq: Acct 305 and Acct 315
Acct 498 Accounting Internship Program (1-3 cr, max 3)
Formalized learning experience in an actual work setting. Students work within an accounting
related field (accounting, auditing, and taxation) and commit to a minimum of 50 hours of direct
supervised work for each semester credit. May include evening exams. This course does not
count as an undergraduate accounting elective. Graded P/F.
Prereq: Senior status
Acct 499 (s) Directed Study (cr arr)
Individual sections may be graded P/F.
Prereq: Permission
Acct 500 Master's Research and Thesis (1-6 cr, max 6)
Acct 501 (s) Seminar (cr arr)
Acct 502 (s) Directed Study (cr arr)
Individual sections may be graded P/F.

Prereq: Permission
Acct 504 (s) Special Topics (cr arr)
Acct 515 Advanced Financial Accounting & Reporting (3 cr)
See Acct J415/J515.
Acct 530 Accounting for Public Sector Entities (3 cr)
Conceptual and procedural issues involving accounting, reporting, and auditing public sector
organizations; topics include state and local governmental accounting principles, GASB/FASB
jurisdiction over not-for-profit organizations, federal financial and performance auditing
standards, and relevant current issues. May include evening exams.
Prereq: Acct 315
Acct 540 Financial Statement and CSR Reporting Analysis (3 cr)
Seminar on understanding and analyzing financial statements and corporate social responsibility
(CSR) reports, including use of techniques to conduct financial statement analysis, understanding
how to assess the quality of reporting information and modify that information to improve its
quality, and constructing a valuation for a company.
Prereq: Acct 315
Acct 550 Fraud Examination (3 cr)
See Acct J440/J550.
Acct 561 Comparative Accounting Theory (3 cr)
Seminar on comparative accounting theory and practice including the role of accounting
information in financial markets and the impact of those markets on accounting disclosures;
introduction to empirical accounting research, the role of standard setting entities, international
harmonization of accounting and auditing standards, globalization of business operations, and
fluctuations in currency exchange rates. (Fall only)
Prereq: Acct 315
Acct 570 Advanced Accounting Systems Analysis and Controls (3 cr)
Emphasis on the role of computer and information technology in the development, analysis, and
operation of accounting information systems; includes advanced coverage of accounting
transaction cycles, accounting systems planning and analysis, accounting system design,

accounting systems implementation and operation, and the accounting system internal control
structure. May include evening exams. (Fall only)
Prereq: Acct 305
Coreq: Acct 492
Acct 582 Enterprise Accounting (3 cr)
See Acct J482/J582.
Acct 584 Federal Taxation of Entities (3 cr)
See Acct J484/J584.
Acct 585 Estate and Elder Planning (3 cr)
Gift and estate tax consequences on property transfer during life and at death, tax research, and
estate planning, elder planning, and personal financial planning. May include evening exams.
Recommended Preparation: Acct 484/584. (Spring only)
Prereq: Acct 483
Acct 586 Accounting for Management Decision Making and Control (3 cr)
See Acct J486/J586.
Acct 590 Advanced Auditing Seminar (3 cr)
Independent auditors role, legal responsibilities, and code of conduct; concepts, standards, and
methods in audit judgment formulation. (Spring only)
Prereq: Acct 492
Acct 592 Financial Accounting and Reporting Seminar (3 cr)
Accounting for complex modern business transactions including consolidations, partnerships,
and financial instruments; students are expected to conduct research in the professional literature
and document their findings and conclusions in cases where there may be no authoritative
guidance; cases are considered from the perspective of the reporting entity, its auditors, the users
of the financial statements and other stakeholders. (Spring only)
Prereq: Acct 415 or Prereq or Coreq: Acct 515
Acct 595 (s) Practicum in Tutoring (1 cr)

Tutorial services performed by advanced students under faculty supervision. A paper discussing
the tutoring experience is required.
Prereq: Permission
Acct 598 (s) Internship (1-3 cr, max 3)
Career relevant learning experience in actual work setting with professional-level
responsibilities. Students work within an accounting related field (accounting, auditing, and
taxation) and commit to a minimum of 50 hours of direct supervised work for each semester
credit. A paper documenting relevance of work experience and a presentation to undergraduate
accounting students may be required.
Acct 599 (s) Non-thesis Master's Research (1-6 cr, max 6)
May count only 3 cr toward degree. Student works with individual professor to design a research
study, collect and analyze data, and prepare written report.
Prereq: At least one course in research methodology and permission.