This course covers topics such as business combinations, consolidations, how to prepare consolidated financial statements, foreign exchange, and other current accounting issues. Students will comprehend, analyze, and work with complicated financial accounting transactions that involve multiple related entities in mergers and consolidations, international transactions, and investments with substantial influence.
- Understand the economics of and the accounting for combinations of business entities and be able to apply their understanding to prepare combined financial statements.
- Comprehend the types and nature of and the accounting for not-for-profit organizations and be able to apply their understanding to prepare not-for-profit financial statements.
- Understand the fiduciary responsibilities of accountants and organization officers.
- Analyze current accounting issues, learn the sources of accounting procedures and have the ability to support solutions to complex accounting problems.
- Properly prepare consolidated financial statements as of the date of acquisition and for periods subsequent to the date of acquisition, including proper assignment, depreciation and amortization of any difference between cost and book values.
- Understand the parent company and entity theories of consolidated statements and their relation to present reporting practices.
- Properly account for exporting and importing transactions denominated in foreign currencies.
- Understand and employ translation procedures for foreign currency financial statements, using both current rate and temporal methods.