Intermediate Accounting 1 (ACCT 271) is an Accounting Program requirement. It is provided as a core
course on year three level five with three credit hours (3-1-3). This course provides an in-depth study of the
conceptual framework and fundamental concepts of financial reporting. It illustrates the financial statements
preparation, classification, usefulness, and limitations, under the International Financial Reporting
Standards IFRS. Additionally, this course studies with more emphasis the accounting and reporting of assets;
including cash; receivables; inventories; property, plant and equipment; and intangible assets.