January 5, Ilene Harris, Chair Senate Committee on Educational Policy. Kim Neumann, Director of Academic Program Development

Transcription

1 Office of Programs and Academic Assessment (MC 10) 260 University Hall 601 South Morgan Street Chicago, Illinois January 5, 2012 TO: FROM: Ilene Harris, Chair Senate Committee on Educational Policy Kim Neumann, Director of Academic Program Development I am submitting for review and action by the Senate Committee on Educational Policy the attached Revision of the Bachelor of Science in Accounting (Major ). The revisions were approved by the faculty in the College of Business Administration on November 18, Attachment

2 Title: Revision of the BS in Accounting program Sponsor: Description: Department of Accounting College of Business Administration 1. Drop from the Business Electives list for the BS in Accounting degree the course: ACTG 456 Business Law II (). 2. Require a new course for the BS in Accounting degree: ACTG 49 Accounting Cases, Research and Analysis ().. Require a new course for the BS in Accounting degree: ACTG 470 Ethical Environment of Business (). 4. Require 6 hours of Business Electives instead of 9 hours for the Major in Accounting. For Accounting majors, the number of free electives will decrease from 9 hours to 6 hours. 5. The required course ACTG 45 (Auditing), will be reduced from 4 credit hours to credit hours. The total number of credit hours required for the major will change from 28 to 0, and the credit hours required for the B.S. in Accounting will drop from 121 to 120. Justification: The Illinois legislature has changed the educational requirements for the CPA exam in Illinois. Here are the relevant portions Page 285 of Illinois register, September 2011: Illinois register: To be admitted to take the Uniform Certified Public Accountant Examination after July 1, 201, an applicant must provide proof of successful completion of: i) 150 semester credit hours, as defined, of college or university study that includes an accounting concentration or equivalent; and ii) a baccalaureate or higher degree; and iii) the requirements set out in subsection (c) () (A), (B) or (C). All UIC BS accounting graduates would have satisfied ii). The 150-hour requirement is self-explanatory and all undergraduate students will understand it. Currently, the required curriculum for the UIC BS Accounting undergraduate degree does not satisfy iii). Justification for 1 Illinois register: (c)()(c) i) completed 0 SCH in accounting, as described in subsection (c)(4), at the undergraduate level, The previous Illinois requirement was 24 SCH in accounting. UIC accounting major students will be required to take 0 hours of major required classes. hours included in that 0 hours for ACTG 470 Ethical Environment of Business is not considered accounting under Illinois laws. All students also take ACTG 210 and 211

3 for six hours as part of CBA core requirements so that students can take up to hours of accounting. The elective list now includes two law classes which are not considered as accounting. So we want to drop the second law class ACTG 456 Business Law II (), so that students take only one non-accounting class from the business elective list. Justification for 2 Illinois register: (c)(4)(c) The 0 SCH in accounting must include two SCH in research and analysis in accounting... To satisfy this requirement, we are adding to major requirements the course ACTG 49 Accounting Cases, Research and Analysis (). Justification for Illinois register: (c)(5)(c) 5) Business Course C) The 24 SCH in business must include two SCH in business communication and three SCH in business ethics. To satisfy this requirement, we are adding to major requirements the course ACTG 470 Ethical Environment of Business (). Justification for 4 Free elective reduction and Business elective reduction Business electives are reduced from 9 hours to 6 hours to offset the increase in hours due to the addition of ACTG 49. Free electives are reduced from 9 hours to 6 hours to offset the increase in hours due to the addition of ACTG 470. Justification for 5 Due to the addition of two required major courses: ACTG 49 Accounting Cases, Research and Analysis and ACTG 470 Ethical Environment of Business, where some topics related to auditing will be covered, course credit for ACTG 45 is being reduced by one hour. Catalog Statement: Current BS in Accounting Accounting is a system for measuring and reporting the financial position and performance of a variety of entities to interested parties. These organizations include business firms, governmental units, and nonprofit organizations. Users of financial information include management, stockholders, and creditors. The scope of the accounting discipline is broad and varied. Specific functional areas are as follows: financial accounting, managerial accounting, governmental and nonprofit Proposed No Change

4 accounting, international accounting, auditing, information systems, and taxation. The department also offers business law courses CPA Exam in Illinois The UIC BS in Accounting program satisfies all the educational course requiirements for taking the CPA exam in Illinois. It includes 0 hours of accounting, 24 hours of business and the required specific courses. The only additional requirement needed is a total 150 hours of college credit, For more information check ional-requirements Degree No change To earn a Bachelor of Science in Accounting degree from UIC, students need to complete University, college, and department degree requirements. The Department of Accounting degree requirements are outlined below. Students should consult the College of Business Administration section for additional degree requirements and college academic policies. BS in Accounting Degree General Course 60 Business Core Major 19 Business Electives 9 Total BS in Accounting 121 BS in Accounting Degree General Course 57 Business Core Major 24 Business Electives 6 Total BS in Accounting 120 Major ACTG 15 Intermediate Financial Accounting I ACTG 16 Intermediate Financial Accounting II Major ACTG 15 Intermediate Financial Accounting I ACTG 16 Intermediate Financial Accounting II

5 ACTG 26 Cost Accounting ACTG 45 Auditing 4 ACTG 445 Federal Income Tax I ACTG 474 Accounting Information Systems Total Major 19 Business Electives At least three courses from the 9 following list: ACTG 55 Business Law () ACTG 417 Advanced Financial Accounting () ACTG 446 Federal Income Tax II () ACTG 456 Business Law II () ACTG 465 Governmental and Nonprofit Accounting () ACTG 475 Database Accounting Systems () ACTG 484 International Accounting () ACTG 485 Valuation and Analysis of Internet and New Media Companies () ACTG 494 Special Topics in Accounting (1 4) Total Business Electives 9 It is recommended that students who intend to sit for the CPA exam take ACTG 55, 417, 446, and 456. Furthermore, before taking 00-level accounting courses, students should have completed IDS 200 and 270, as well as ECON 10. ACTG 26 Cost Accounting ACTG 45 Auditing ACTG 445 Federal Income Tax I ACTG Ethical Environment of Business ACTG 474 Accounting Information Systems ACTG 49 Accounting Cases, Research and Analysis Total Major 24 Business Electives At least two courses from the 6 following list: ACTG 55 Business Law () ACTG 417 Advanced Financial Accounting () ACTG 446 Federal Income Tax II () ACTG 465 Governmental and Nonprofit Accounting () ACTG 475 Database Accounting Systems () ACTG 484 International Accounting () ACTG 485 Valuation and Analysis of Internet and New Media Companies () ACTG 494 Special Topics in Accounting (1 4) Total Business Electives 6 It is recommended that students who intend to sit for the CPA exam take ACTG 55, 417, and 446. Furthermore, before taking 00-level accounting courses, students should have completed IDS 200 and 270, as well as ECON 120 and ECON 121. College of Business Administration Degree To earn a College of Business Administration degree from UIC, students need to complete University, Same

6 college, and department degree requirements. General University and college degree requirements for all College of Business Administration students are outlined below. Students should consult the academic department section for major course requirements. College of Business Administration Electives Kinesiology, military science, and music skills courses cannot count in this category. Electives 9 hours of Electives 9 to bring the General Course hours to a total of at least 60 College of Business Administration Electives Kinesiology, military science, and music skills courses cannot count in this category. Electives 6 or 9 hours of 6 or 9 Electives to bring the General Course hours to a total of at least 60 Total hours - General Course 60 Delete Students majoring in accounting have to take 6 hours of electives. Minority Impact Statement: Budgetary and Staff Implications: Library Resource Implications: Space Implications: Unit (e.g. department) approval date: College (educational policy committee, faculty) approval dates: We do not anticipate the changes proposed above will impact minority students. The proposed accounting BS degree requires 120 hours while the current one required 121 hours. Only minor impact is anticipated. The required course ACTG 49 will substitute for another accounting elective. ACTG 470 ethics class will require additional teaching resources, but the department is has been authorized to and has the funds for hiring new faculty members. Allowing only one law class (Revision 1) will also release some teaching capacity. The new required courses - Actg 470 and Actg 49 will not require any library use. This curriculum change has no anticipated implications on space. Approved by the Department of Accounting on August 0, 2011 Approved by the CBA UAPC on October 17, 2011 Approved by CBA Faculty on November 18, 2011

7 Contact Person: Proposed Effective Date: Ram Ramakrishnan; ; Fall, 2012 ACTG 45 Auditing ( or 4 hours) Introduction to the audit function; ethical and legal environment; audit standards; objectives and procedures; materiality and audit risk; sampling; auditing in a computer environment; reporting. Extensive computer use required.. undergraduate hours. 4 graduate hours. Prerequisite: ACTG 16. ACTG 470 Ethical Environment of Business ( or 4 hours) An examination of the decision making process on both the individual and organizational levels. The effect of moral, legal, and economic factors on the decision making process. With significant emphasis on the case method approach, this course is intended to aid students in developing a theoretical and critical approach to ethical issues confronting business in a post Enron environment. It is intended to focus the business professional and the accountant on his or her ethical responsibilities as an integral part of the business unit. A secondary goal is to fulfill the legal requirement of the new provisions of the Public Accounting Act, effective January of 2005, as well as providing specific business ethics training for those looking to take the CPA exam or acquire other professional certifications. undergraduate hours. 4 graduate hours. Prerequisite(s): ACTG 211. ACTG 49 Accounting Cases, Research and Analysis ( or 4 hours) In-depth examination of the Generally Accepted Accounting Principles (GAAP), acceptable alternative reporting practices and how companies actually report financial statements. Through case studies, research projects and data analysis students will develop the research application skills necessary to analyze and make decisions regarding accounting reporting in different situations and analyze data. This course satisfies the accounting research requirement mandated by the Illinois Board of Examiners for taking the CPA exam and fulfills the legal requirement of the new provisions of the Public Accounting Act [225 ILCS 450]. undergraduate hours. 4 graduate hours. Prerequisites: ACTG 16; and ECON 46 or IDS 71.