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.
- 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.
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