AFM 291: Map of Content
Intermediate Financial Accounting 1 · University of Waterloo · CPA-exam-ready vault
In briefHow this vault works
Every chapter note follows one structure: frontmatter → source note → LO map → decision flowcharts → technical rules → IFRS/ASPE → worked examples → exam traps → retrieval practice → QA block.
Checkpoints and retrieval questions are collapsed by default. Click to reveal the answer only after you have attempted it. That single design choice is what turns these notes from reference documents into study tools.
Anything I added beyond the original textbook material is labelled inline — [Tutor-added], [Audit fix], [Clarification], or [CPA exam addition].
Every injected standard reference carries a [VERIFY] marker. None was asserted as settled.
Chapter Index
| Ch | Note | Week | Core standard(s) | Source gaps |
|---|---|---|---|---|
| 1 | Chapter 1: Fundamentals of Financial Accounting Theory and Data Analytics | 1 | (conceptual, no paragraph citations) | 🔴 pages 14–21 |
| 2 | Chapter 2: Conceptual Frameworks for Financial Reporting | 1 | IFRS Conceptual Framework, IAS 1 | 🟡 Appendix narrative |
| 3 | Chapter 3: Accrual Accounting: Timing, Accounting Changes, and Financial Statement Structure | 5 | IAS 8, IAS 1, IAS 7, IFRS 18 | 🟡 Exhibits 3-21→3-26, 3-28→3-29 |
| 4 | Chapter 4: Revenue Recognition | 2–4 | IFRS 15, IAS 37 | 🔴 Exhibits 4-23→4-27 |
| 5 | Chapter 5, no guide | 6 | — | ⬛ not in vault |
| 6 | Chapter 6: Inventories: Costing, Cost Flow Assumptions, Measurement, and Errors | 6 | IAS 2, ASPE 3031 | 🟢 none |
| 7 | Chapter 7, no guide | — | — | ⬛ not in vault |
| 8 | Chapter 8, no guide | — | IAS 16 (PPE) | ⬛ largest structural gap |
| 9 | Chapter 9: Intangible Assets, Goodwill, Mineral Resources, and Government Grants | 11 | IAS 38, IFRS 3, IFRS 6, IAS 20 | 🟡 Exhibits 9-1→9-3, CP9-1/9-2 |
| 10 | Chapter 10: Applications of Fair Value to Non-Current Assets | 12 | IAS 36, IAS 16, IAS 40, IAS 41, IFRS 5 | 🟢 none |
| 11 | Chapter 11, no guide | 3–4 | IAS 37 (Liabilities & Contingencies) | ⬛ referenced by Ch. 4 |
Watch outChapter 8 is the biggest hole in this vault
Chapter 10: Applications of Fair Value to Non-Current Assets is built directly on top of Chapter 8's cost model. Revaluation, impairment, and post-revaluation depreciation all assume you have PPE cold. Chapter 8 is cross-referenced six times across the vault with no note behind it. Uploading it is the single largest improvement available here.
Standards Index
Find every place a standard appears.
| Standard | Subject | Appears in |
|---|---|---|
| IAS 1 | Presentation of financial statements | Chapter 2 · Chapter 3 · Chapter 6 · Chapter 9 |
| IAS 2 | Inventories | Chapter 6 · Chapter 10 |
| IAS 7 | Statement of cash flows | Chapter 3 |
| IAS 8 | Accounting policies, changes in estimates, errors | Chapter 3 · Chapter 4 · Chapter 9 |
| IAS 16 | Property, plant and equipment | Chapter 10 · (Chapter 8, no note) |
| IAS 20 | Government grants | Chapter 9 |
| IAS 36 | Impairment of assets | Chapter 9 · Chapter 10 |
| IAS 37 | Provisions, contingent liabilities | Chapter 4 · (Chapter 11, no note) |
| IAS 38 | Intangible assets | Chapter 9 · Chapter 10 |
| IAS 40 | Investment property | Chapter 10 |
| IAS 41 | Agriculture | Chapter 10 · referenced in Chapter 4 |
| IFRS 3 | Business combinations / goodwill | Chapter 9 |
| IFRS 5 | Non-current assets held for sale | Chapter 10 · referenced in Chapter 3 |
| IFRS 6 | Exploration for mineral resources | Chapter 9 |
| IFRS 15 | Revenue from contracts with customers | Chapter 4 |
| IFRS 18 | Presentation and disclosure (forthcoming) | Chapter 3 |
| ASPE 3031 | Inventories | Chapter 6 |
| ASPE 3041 | Agriculture | Chapter 10 |
| ASPE 3064 | Goodwill and intangible assets | Chapter 9 |
| ASPE 3800 | Government assistance | Chapter 9 |
Live Gap Register
What is still missing, and what would close it.
| Priority | Gap | Chapter | What closes it |
|---|---|---|---|
| 🔴 1 | Chapter 8 (PPE) entirely absent | — | Chapter 10 rests on it. |
| 🔴 2 | Pages 14–21 (LO 1-7 to 1-9) | Chapter 1 | 5 V's, ETL, and the numbered storytelling process are currently supplementary, not textbook. |
| 🔴 3 | Exhibits 4-23 → 4-27: Kennedy Construction onerous contract + cost recovery method | Chapter 4 | No figures were invented. |
| 🟡 4 | Exhibits 3-21 → 3-26 (Canadian Tire), 3-28 → 3-29 (Illustrator IFRS 18) | Chapter 3 | Conceptual coverage is complete; only worked numbers are absent. |
| 🟡 5 | Exhibits 9-1, 9-2, 9-3; CP9-1 and CP9-2 questions | Chapter 9 | CP questions are currently inferred and labelled as such. |
| 🟡 6 | Appendix narrative behind Exhibits 2-12 / 2-13 | Chapter 2 | Numbers are faithful; the surrounding explanation is synthesis. |
| 🟡 7 | Chapter 11 (Liabilities & Contingencies) | — | Referenced by Chapter 4 for IAS 37. |
Verification Register: injected standards awaiting confirmation
Every item below was supplied at your instruction and is flagged [VERIFY] inline in the note. None is asserted as settled. Confirm against the CPA Canada Handbook Part I before quoting in a graded assignment.
| Item | Chapter | Status |
|---|---|---|
| IAS 38 ¶57, the six development-cost criteria | Chapter 9 | Criteria supplied; paragraph number not independently re-confirmed |
| IAS 36.124, goodwill impairment reversal prohibited | Chapter 10 | Rule supplied; paragraph number not independently re-confirmed |
| IAS 36.105, three-part allocation floor | Chapter 10 | Rule supplied; paragraph number not independently re-confirmed |
| IAS 8: "retrospective application" vs. "retrospective restatement" | Chapter 3 | Terminology split supplied; defined terms not independently re-confirmed |
| "Realizable value" vs. "fair value" | Chapter 2 | Source inconsistency. Ask your instructor which term AFM 291 expects. |
| Basic, Inc. v. Levinson (1988) | Chapter 1 | Textbook's own citation, not independently verified |
| Cost recovery / completed contract mechanics | Chapter 4 | General description, not sourced from your text |
Cross-Cutting Themes
Concepts that recur across chapters. Written answers that connect them score better than answers that treat each chapter in isolation.
| Theme | Thread |
|---|---|
| Relevance vs. reliability | Chapter 1 poses it → Chapter 2 formalizes it → drives historical cost vs. fair value in Chapter 6 and Chapter 10 |
| Earnings management | Chapter 1 predicts it → Chapter 4 cost-to-cost estimates → Chapter 6 overproduction and skipped writedowns → Chapter 9 under-capitalization → Chapter 10 revaluation timing |
| Prudence / assets not above recoverable value | Chapter 6 LOCM → Chapter 10 impairment. Same logic, different assets |
| Retrospective vs. prospective | Chapter 3 defines it → Chapter 4 percentage-complete revisions → Chapter 9 grant repayment |
| Control, not possession | Chapter 4 consignment and bill-and-hold → Chapter 6 inventory ownership |
| OCI and what never touches it | Chapter 3 recycling → Chapter 10 revaluation surplus, and the specialized standards (IAS 40, IAS 41) that have no OCI option at all → ASPE has no OCI whatsoever |
| Every fair value application in the course | Chapter 2 measurement bases · Chapter 6 NRV · Chapter 9 goodwill · Chapter 10 revaluation, impairment, IAS 40, IAS 41, IFRS 5 |
Study Sequence
- Chapter 1 → Chapter 2, theory before instrument. Chapter 2 answers questions Chapter 1 raises.
- Chapter 3, the machinery (accounting changes, statement structure) every later chapter assumes.
- Chapter 4, first full standard application. Weeks 2–4.
- Chapter 6, inventory. Pairs with the LOCM ↔ impairment logic you will meet again in Chapter 10.
- Chapter 8 ⚠️, missing. Read it from the textbook before Chapter 10.
- Chapter 9 → Chapter 10: Chapter 9 says which assets get tested annually; Chapter 10 supplies the mechanics.