UMUC Europe Syllabus for ACCT 425

Prerequisite: ACCT 311 or permission of the instructor. A study of accounting in a multinational context. Topics include evolving international accounting and reporting standards, problems of foreign exchange and taxation, intercompany transfer pricing, and emerging issues in international accounting. Students may receive credit for only one of the following courses: ACCT 425 or ACCT 498A.

Course Goals/Objectives:

After completing this course, you should be able to: Identify the cultural, economic, legal, political, and social variables that affect the practice of accounting in an international environment Demonstrate different accounting methods used to account for foreign currency translation, transfer pricing, and inflation accounting Summarize accounting practices used around the globe, and the role of the International Accounting Standards Board in harmonizing diverse accounting standards Analyze international financial statements Develop strategic planning and control systems for companies operating in an international environment Discuss auditing issues affecting global operations

Course Introduction:

This course is presented in the following five modules: Module 1: Accounting in an International Environment Module 2: Diversity and Harmonization of International Accounting Standards Module 3: International Financial Reporting and Analysis Module 4: Managerial Reporting and Analysis Module 5: Auditing in an International Environment

Grading Information and Criteria:

Grades in this course will be determined as follows: Participation: 10% Homework Solutions: 10% Regent's Corporation Case Study: 15% Midterm Examination: 30% Final Examination: 35% Total: 100% Grading Scale: A = 90%-100% B = 80%-89% C = 70%-79% D = 60%-69% F = below 60%

Other Information:

Email: When emailing the instructor, please provide your full name and identify the course on all communications. Participation: Participation in class discussions is a must; it accounts for 10% of your final grade. Homework: All homework assignments account for 10% of your final grade and will be assigned and explained during the class sessions. Be a self-directed learner. Take responsibility for your learning. It is important to motivate yourself to complete the readings and assignments on time. Review solutions to the homework assignments and rework the problems until you understand how to derive the answers. If you are having difficulty with the course; communicate with your study group, other classmates, and me. Don't allow yourself to fall behind; catching up will be frustrating and maybe impossible. UMUC has a plethora of student resources to support your quest for success in this course. The Library offers resources such as the Guide to Writing and Research (available online), many library databases, and Internet resources.

Project Descriptions:

Your group project for this course accounts for 15% of your final grade. Individual papers will not be accepted. The Regents Corporation case study can be found on page 247 of the text. Answer the question presented in the case: "Headquarters management must decide on the functional currency for its London operation: Should it be the US dollar or the British pound?" To answer this question, each study group will present financial statement translations, and prepare a report that supports its recommendations and identifies any policy issues your analysis uncovers. Your paper will be graded for content, format, grammar (hint: use Spell Check), and level of analysis. The process of planning and writing this assignment is entirely up to each study group. The due date for this assignment is stated in the Course Schedule. Submit one final copy of the report. Include names of all participating study group members on the cover sheet. Non-participating members will receive the grade of zero. Group Project: The group project for this course accounts for 15% of your final grade. To enhance your success in this course, I strongly recommend that you work together with your study group, other classmates, and me on a regular basis. The accounting field often requires collaboration among accountants and other professionals. In addition, education literature reports that working in groups enhances student learning. I will assign study groups at the second class meeting. However, if you'd like to form your own study group with classmates you know, that's fine too. Just let me know ahead of time. Examinations: All UMUC students are responsible to adhere to UMUC's policies regarding academic integrity. Obtaining or giving aid on a quiz or examination is considered academic dishonesty, and will not be tolerated. Cheating, plagiarism, and copying someone else's work are very serious offenses. All parties suspected of being suspected of being involved in this type of activity will receive a grade of zero while the incident is investigated. The Midterm Examination accounts for 30% of your final grade. A midterm exam is scheduled during the fourth week of class. The midterm will include multiple choice questions and comprehensive problems. This examination is an individual assignment. The Final Examination accounts for 35% of your final grade and will be discussed further in class. Extra Credit: There are no extra credit assignments in this course.

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Course Schedule:

Week 1 Chapters 1 & 2 Week 2 Chapters 3 & 4 Week 3 Chapter 5 Review for Midterm Week 4 Midterm Examination Chapter 6 Week 5 Chapters 7 & 8 Week 6 Chapters 9 & 10 Week 7 Chapters 11 & 12 Week 8 Review for Final Final Examination