Advanced Financial Accounting

Course Description

This course covers business combinations and diversified companies, consolidations of financial statements, segments, and foreign currency transactions.

Topics and Objectives

Accounting for Investments

  • Explain the cost and equity methods of accounting for investments.
  • Distinguish between the cost method and the equity method of accounting.
  • Describe the role of the International Accounting Standards Board (IASB).

Foreign Currency Transactions and Translations

  • Record foreign currency transactions.
  • Prepare financial statements translated from foreign currency.

Consolidation: 100% Ownership

  • Record consolidation and elimination journal entries under conditions of 100% ownership.
  • Prepare consolidating financial statements under conditions of 100% ownership.

Consolidation: Less Than 100% Ownership

  • Record consolidation and elimination journal entries under conditions of less than 100% ownership and economic unit, parent company, and proportionate consolidation concepts.
  • Prepare consolidating worksheets under conditions of less than 100% ownership.

Consolidations: Intercompany

  • Record upstream and downstream intercompany transaction journal entries.
  • Prepare consolidated statement of cash flows.
  • Calculate consolidated earnings per share.

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