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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.

Prerequisite