ACC431 Advanced Accounting
Lead Faculty: Dr. Connie Fajardo
Course Description
An examination of advanced concepts of accounting for business combinations, with emphasis on the consolidation of parent/subsidiary balance sheet and income statement reporting. It also covers accounting for the formation, operation, and liquidation of partnerships, as well as special reporting requirements for multinational entities.
Learning Outcomes
- Explain and apply the "equity method of accounting" to appropriate acquisitions.
- Describe and apply the generally-accepted accounting principles relating to business combinations under the "parent company theory" and the "entity theory".
- Analyze information for consolidated financial statements under the purchase method, including adjustment and elimination of inter-company profits, losses, and other inter-company transactions.
- Apply appropriate accounting principles relating to the translation of foreign currency in the preparation of consolidated financial statements of multinational companies.
- Analyze partnership-related transactions and properly account for the formation, operations, termination (admission of new partners or withdrawal of partners), and the liquidation of a partnership.
- Apply proper accounting treatment for legal reorganization and liquidation of a business entity.
- Understand worldwide accounting diversity and the internationalization of accounting standards.
