ADVANCED ACCOUNTING (4 Credits)

Learning Outcomes:

On successful completion of this course, students will be able to:  explain the concept of business combination, concept of group reporting, and insolvency; prepare The Consolidated Financial Statement on the Date and After the Acquisition; prepare Consolidated Working Papers for Inter Company Sales of Inventory, Property, Equipment, and Bond using Cost and Complete Equity Methods; prepare Trustee Reporting during Liquidation or Reorganization; apply The Accounting for Foreign Currency Transactions, Hedging, and Financial Statements of Foreign Affiliates; apply The Accounting for Partnership from Formation, Operation, Ownership Changes, and Liquidation.

Topics:

1. Accounting for Foreign Currency Transactions and Hedging Foreign Exchange Risk
2. Allocation and Depreciation of Differences between Implied and Book Values
3. Changes in Ownership Interest
4. Consolidated Financial Statements – Date of Acquisition
5. Consolidated Financial Statements after Acquisition
6. Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment
7. Elimination of Unrealized Profit on Intercompany Sales and Inventory
8. Insolvency – Liquidation and Reorganization
9. Intercompany Bond Holdings and Miscellaneous Topics – Consolidated Financial Statements
10. Introduction to Business Combinations, Conceptual Framework and Accounting for Business Combinations
11. Partnership Liquidation
12. Partnerships: Formation, Operation, And Ownership Changes
13. Translation of Financial Statements of Foreign Affiliates