ACCT-233 Advanced Accounting
Students will study business combinations including methods of consolidating affiliated firms into a consolidated set of financial statements. How to account for transactions involving different currencies and the use of hedging strategies are studied. Translating a foreign entity's financial statements from a foreign currency into a domestic currency is covered. U.S. GAAP and International Financial Reporting Standards (IFRS) are discussed and differences highlighted. Interim and Segment reporting are covered. Study includes partnership characteristics, formation, accounting for activities, ownership changes, and liquidation. This course is to prepare students for business decisions in accounting and for the Financial Accounting and Reporting (FAR) section of the Certified Public Accountant (CPA) exam.