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ACC615M

Course Description

Examination of concepts of accounting for business combinations, with emphasis on the consolidation and financial reporting of parent/subsidiary relationships. Accounting for the formation, operation, and liquidation of partnerships, foreign currency translation and hedging, segment reporting, and international financial reporting standards.

Learning Outcomes

  • Apply latest accounting to acquisitions through the ‘equity method and purchase method.’
  • Evaluate and apply the generally-accepted accounting principles relating to business combinations under the ‘parent company theory’ and the ‘entity theory,’ including upstream and downstream inventory effects.
  • Analyze information for consolidated financial statements under the purchase method, including incomplete equity method and cost method of parent company accounting.
  • Apply inter-company profit transactions for assets, bonds, as well as indirect, mutual holdings, and joint venture.
  • Apply appropriate accounting principles relating to the translation of foreign currency for consolidated financial statements of multinational companies, including foreign currency derivatives and hedging activities.
  • 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 corporate liquidation, legal reorganization and debt restructurings for financial distressed corporations.
  • Evaluate worldwide accounting diversity and compare U.S.GAAP against International Financial Reporting Standards in the major areas.
  • Research and evaluate latest accounting issues and topics for better translation of business transactions from GAAP and International Financial Reporting Standards.

Prerequisites

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School of Business and Management

“Our business and management programs equip students with the knowledge and tools needed to lead their organizations and stay competitive in the job marketplace.”
School of Business and Management
Asya W.
Class of 2009