ACC 230 - Advanced Accounting

 
Description
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 accountant (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.

1. Prepare basic consolidated financial statements necessary on an interim and year-end basis for the reporting entity.
2. Apply appropriate GAAP and international accounting standards when choosing the appropriate business combination standards.
3. Describe how global economies affect application of financial accounting standards versus international accounting standards.
4. Determine when antitrust considerations adversely affect proposed transactions.
5. Construct consolidated financial statements subsequent to corporate acquisition.

 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

• Communication
• Critical Thinking and Problem Solving
• Information Literacy

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