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.
This course is part of the Financial Reporting Specialization
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Financial Reporting SpecializationUniversity of Illinois at Urbana-ChampaignAbout this Course
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100% online
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Course 3 of 5 in the
Intermediate Level
Approx. 20 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 3 of 5 in the
Intermediate Level
Approx. 20 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Start working towards your Master's degree
This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign.
If you are admitted to the full program, your courses count towards your degree learning.
Syllabus - What you will learn from this course
1 hour to complete
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.
1 hour to complete
1 video (Total 1 min), 4 readings, 1 quiz
3 hours to complete
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
3 hours to complete
9 videos (Total 54 min), 1 reading, 10 quizzes
3 hours to complete
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.
3 hours to complete
9 videos (Total 62 min), 1 reading, 10 quizzes
3 hours to complete
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.
3 hours to complete
10 videos (Total 65 min), 1 reading, 11 quizzes
2 hours to complete
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.
2 hours to complete
7 videos (Total 49 min), 1 reading, 8 quizzes
Reviews
- 5 stars77%
- 4 stars14%
- 3 stars5%
- 2 stars2%
- 1 star2%
TOP REVIEWS FROM ACCOUNTING ANALYSIS II: MEASUREMENT AND DISCLOSURE OF LIABILITIES
by MHFeb 11, 2021
The professor was excellent. The lectures were straight forward and the examples made the subject clear to understand. I enjoyed this course greatly. I would take any class this professor taught. :)
by IMOct 11, 2020
The course was perfect as a whole. Easily understandable lectures. The course contents were extremely good. It helped a lot to improve my understanding on certain topics. Thank you so much.
by YXAug 10, 2020
This course is too hard for me. I will review it after I learn a book.
by BEJan 20, 2021
Adel Ibrahim is an excellent lecturer. This course is clear and presents technical information in full context, with excellent examples and supporting documentation.
About the Financial Reporting Specialization
The Financial Reporting Specialization focuses on the role of financial accounting principles and processes in creating and reporting an organization’s financial statements. Learners who complete this specialization will be able to (1) use financial accounting principles to create and/or process an organization’s financial statements and (2) analyze financial statements to assess an organization’s financial position.
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