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ACCT 451: Advanced Financial Accounting is a 3-credit course that focuses on advanced financial accounting topics, with more than half of the course addressing investments in equity securities, business combinations, and the preparation of consolidated financial statements.
✔ What You Will Learn:
- Conceptual and Case Analysis Frameworks for Financial Reporting: Delving into the foundational concepts of financial reporting, this section establishes a basis for understanding and applying accounting principles and practices.
- Investments in Equity Securities: Exploring the accounting treatments for equity security investments, this section addresses recognition, measurement, and disclosure aspects.
- Business Combinations: Centered around the accounting treatments for business combinations, this section discusses the acquisition method and the creation of consolidated financial statements.
- Consolidation of Non-Wholly Owned Subsidiaries: Focusing on the consolidation process for subsidiaries not entirely owned by the parent company, this section provides valuable insights.
- Consolidation Subsequent to Acquisition Date: Addressing the accounting treatments for consolidations after the acquisition date, this section covers adjustments to subsidiary balances and the parent company's investment account.
- Intercompany Inventory and Land Profits: This section deals with the elimination of intercompany profits related to inventory and land transactions during the consolidation process.
- (A) Intercompany Profits in Depreciable Assets; (B) Intercompany Bondholdings: Covering the elimination of intercompany profits related to depreciable assets and intercompany bondholdings, this section offers a comprehensive understanding.
- Consolidated Cash Flows and Changes in Ownership: Discussing the preparation of consolidated cash flow statements and accounting treatments for changes in ownership interests, this section provides essential knowledge.
- Other Consolidation Reporting Issues: Addressing various other consolidation reporting issues, this section covers aspects such as segment reporting and the equity method.
- Foreign-currency Transactions: Focusing on the accounting treatment for foreign-currency transactions, this section discusses the recognition, measurement, and disclosure of foreign-currency gains and losses.
- Translation and Consolidation of Foreign Operations: Delving into the process of translating and consolidating financial statements of foreign operations, this section offers valuable insights.
- Accounting for Not-for-Profit and Public Sector Organizations: Discussing the accounting principles and practices applicable to not-for-profit and public sector organizations, this section provides a comprehensive understanding.
✔ Knowledge & Skill Gained:
Upon completing ACCT 451: Advanced Financial Accounting, you will gain a comprehensive understanding of advanced financial accounting concepts and practices. You will be able to account for investments in equity securities, navigate business combinations, and prepare consolidated financial statements. Additionally, you will develop the skills to handle consolidation of non-wholly owned subsidiaries, eliminate intercompany profits, and manage foreign-currency transactions. This knowledge will be valuable for your future career in accounting and finance.
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