Advanced Financial Accounting

Advanced Financial Accounting --- The primary focus of this course is on the and tax implications of transactions frequently encountered in the area of corporate. As a result, students gain an understating of the tax advantages and disadvantages associated with the different methods of structuring such transactions. Other topics covered include deferred tax issues associated with mergers and acquisitions and fund accounting for governmental entities.

Advanced Financial Accounting is an up-to-date, comprehensive, and highly illustrated four-color presentation of the accounting and reporting principles and procedures used in a variety of business entities. Every day, the business press carries stories about the complexities of modern business entities, and students must know how to deal with the accounting and reporting ramifications of issues such as: mergers and acquisitions new organizational structures accounting scandals related to complex transactions foreign activities of multinational firms operations of governmental and not-for-profit entities bankruptcies of major firms and more!

Inclusion of recent pronouncements - and focus on the continuing deliberations of the authoritative bodies - provide the most current content for students preparing for the examination and their future careers. Given the recent rapid pace of the authoritative bodies in dealing with major issues, the emphasis on currency and standards in Advanced Financial Accounting has become more important than ever for both students and aspiring professionals.

Financial Accounting students examine several complex topics and their effect on financial reporting and disclosure. Topics include an introduction to international accounting and the development of accounting standards; temporary and long-term investments in debt and equity securities; business combinations; consolidation at acquisition; consolidation subsequent to acquisition; consolidation and intercompany profit in inventory, land, and depreciable assets; foreign currency transactions; translation and consolidation of international operations; and accounting for not-for-profit organizations including public sector reporting. In this course, you will explore advanced topics in financial accounting. You will start your journey with accounting for assets with more than one-year life. You will learn in detail how firms account for fixed assets. You will then move to financing of assets and discuss accounting for liabilities. The course will continue with an in-depth exploration of shareholders’ equity. Finally, you will critically evaluate preparation, components, and analysis of cash flows statement.

This course covers a selected group of advanced financial accounting topics. More than half of the course addresses the related topics of investments in equity securities, business combinations, and the preparation of consolidated financial statements. The remainder of the course covers accounting for not-for-profit organizations, and the translation of foreign currency transactions financial statements. Professional judgment and the ability to apply conceptual principles and accounting policies will be developed and enhanced so that students may embark on a successful career in the accounting profession.

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