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.

Credits

3

Prerequisite

ACCT 232

Hours Weekly

3

Course Objectives

1. Prepare consolidated financial statements from separate financial statements of an affiliated group.
2. Analyze accounting requirements for recording economic transactions involving foreign currencies.
   
3. Explain derivatives and hedge accounting.
4. Translate a foreign entity’s financial statements into the domestic currency of the investor.
5. Distinguish similarities and differences of U.S. Generally Accepted Accounting Principles and
   International Financial Reporting Standards.
6. Construct Interim financial reports.
7. Evaluate criteria and disclosures for reportable Segments.
8. Analyze accounting requirements for partnership formation, activities, ownership changes, and
   liquidation.
   

Course Objectives

1. Prepare consolidated financial statements from separate financial statements of an affiliated group.
2. Analyze accounting requirements for recording economic transactions involving foreign currencies.
   
3. Explain derivatives and hedge accounting.
4. Translate a foreign entity’s financial statements into the domestic currency of the investor.
5. Distinguish similarities and differences of U.S. Generally Accepted Accounting Principles and
   International Financial Reporting Standards.
6. Construct Interim financial reports.
7. Evaluate criteria and disclosures for reportable Segments.
8. Analyze accounting requirements for partnership formation, activities, ownership changes, and
   liquidation.