May 29, 2023  
2021-2022 Catalog 
2021-2022 Catalog [ARCHIVED CATALOG]

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ACC 230 - Advanced Accounting

Credits: 3
3 Lecture Hours

Prerequisites: ACC 202  

This course introduces students to accounting topics aligned with the Financial Accounting Standards Board Accounting Standards Codification (FASB ASC). The focus is on business combinations which provide the basic knowledge necessary to successfully complete the Certified Public Accountants (CPA) examination. Accounting for derivatives, foreign currency transactions and translations and international reporting standards are included. Additional topics include partnerships, governmentals, antitrust considerations, not-for-profits, variable interest entities, fair value accounting and estates and trusts.

Learning Outcomes
Upon successful completion of the course, the student will:

  1. Prepare basic consolidated financial statements as required under varying factual situations.
  2. Translate foreign currencies as necessary on an interim and year-end basis for the reporting entity.
  3. Determine appropriate choices as to which form of business combination is best, given existing factual circumstances.
  4. Apply appropriate U.S. and international accounting standards to covered organizational entities.
  5. Discuss how global economies affect applications of financial accounting standards.
  6. Apply appropriate accounting procedures given the entity considered.
  7. Distinguish differences and consistencies in the application of U.S. and international accounting standards.
  8. Determine the distinction between mergers and consolidations.
  9. Determine when antitrust considerations adversely affect proposed transactions.
Listed Topics
  1. Business combinations, stock investments
  2. Consolidated financial statements
  3. Intercompany profit transactions
  4. Consolidations
  5. Indirect and mutual holdings
  6. Subsidiary preferred stock, consolidated earnings per share (EPS), consolidated income taxation
  7. Consolidation theories, push-down accounting and corporate joint ventures
  8. Derivatives and foreign currency
  9. Accounting derivative and hedging activities
  10. Partnerships formation, operation, ownership, interest changes and liquidation
  11. Corporate liquidations and reorganization
  12. Accounting for state and local governments
  13. State and local government units
  14. Accounting for not-for-profits
Reference Materials
Instructor-approved textbook and materials.
Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals:
  • Critical Thinking and Problem Solving
Approved By: Bullock, Quintin Date Approved: 03/03/2015

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