Intermediate Financial Accounting I Course

Accounting concepts and standards. Topics include: accounting cycle; income determination; financial statements; measurement and valuation of assets including cash, investments, receivables, inventory, property, plant, and equipment, and intangibles.

Video Transcript

Welcome to the financial accounting course, the first of a sequence of two courses. This is the intermediate financial accounting class, and these two classes together will prepare you to do several things, which I’m going to talk about. My name is Kofi Appiah Okyere. We are going to be talking about financial accounting that companies prepare for outside stakeholders, as opposed to managerial accounting, which is just for internal purposes only. In this financial accounting course we are going to delve deep into things that are reported according to regulations by the Securities and Exchange Commission, guided by the standards set by the Fed.

Let me give you a little bit about my background, and I will tell you a little more details about the course. I gave you my name earlier. I’m an accounting professor at Syracuse University. You could just call me Kofi throughout this course. You can address me that way; you don’t have to add professor or anything. I’m also the director of the International Financial Reporting Practicum program that we have in London, UK, a KPMG scholar, and I’m recognized by them. We do several things together as we go. For my educational background, my MBA is from Indiana University and a PhD from University of Wisconsin-Madison. I’m also a professional and a practitioner in that field. I have an active CPA license, and I’m a member of the certified mergers and acquisitions profession. I’m a member of the investment banking association that is affiliated with the CMAP. I have taught financial accounting, this course, and others related to this, at Syracuse University for over a decade right now. And before I went into teaching, I worked at Deloitte, which is one of the most wonderful global corporations. And I bring several years of experience to this course.

This course is going to focus more on financial reports. And let me give a little detail about what you can take away from this course or what the benefits of this course will be. Besides the fact that is the prequel to the other class that you will be taking later on, you are going to learn about balance sheets in this class. I’m going to teach you the parts of the balance sheet, the details of it what to do with the various components of the BMC. I will also address the income statement, the revenues and expenses, the gains and losses that go on the income statement. How do we measure them? How do we value them? And how do we use them in decision-making? Now, first of all, you are going to understand that as you go through this course successfully, you should be able to prepare every single one of these statements so that outside investor analysts will be able to look at your information, and auditors will be able to look at your information, and just pass it and sign off on it. Now let me give you a little more detail about how this course is going to be important to you.

You need to understand what the Financial Accounting Standards Board (FASB) is requiring corporations to do for the purpose of investors that have put their money into the business. So, we will learn about the U.S. GAAP or United States Generally Accepted Accounting Principles, a little detail on that is that it’s not just the Financial Accounting Standards Board. The Securities and Exchange Commission also comes in and from time to time. Congress comes in things like Sarbanes-Oxley rule, Dodd-Frank, all of those are affecting accounting. So we’ll touch on every one of them so you understand the standard setting process, the regulation process, and how to reduce all of that into a set of financial reports. You will also learn how to read and analyze financial statements that are prepared by others for investment decision-making purposes. I also want to tell you that this is one of the courses that, if are preparing you to take your CPA exam, or if you’re a finance major and you are prepared for the CFA exam, your level one is about 80 percent based on this and the sequel course, so you are in the right place. Let’s get started.