Welcome to C243 Advanced Financial Accounting.
We are so glad you are here!
Prior to starting the course, we recommend:
- -watching our C243 Welcome video (it’s quick!)
--accessing/reviewing our C243 SharePoint site
COURSE OVERVIEW
Course Description:
This course builds upon your accounting knowledge by focusing on advanced financial
accounting topics such as consolidations, partnership accounting, and international accounting.
Competencies and Weighting:
This course measures four competencies.
Competency 3023.1.1: Accounting for Business Combinations 42%
The graduate applies generally accepted accounting principles (GAAP) as they relate to business
combinations and parent/subsidiary relationships.
Description: The learner will describe the purpose of business combinations, explain the reasons
for different forms of business combinations, and apply generally accepted accounting principles
(GAAP) as they relate to business combinations and parent/subsidiary relationships. The learner
will prepare journal entries in the presence of differential, goodwill, or bargain purchase element,
prepare for consolidation on date of acquisition and subsequent to the date of acquisition, with
and without differential, for more than book value and for less than book value. Accounting for
noncontrolling interests will be explained. The learner will account for intercompany transfers of
land, depreciable assets, inventory transactions, and indebtedness.
Competency 3023.1.2: Partnerships 26%
The graduate accounts for partnerships, including formation, operations, and liquidations.
Description: The learner will account for partnerships, including formation, operations, and
liquidations. The characteristics of partnerships will be described, including key differences
between different types of limited partnerships. The learner will account for changes in
partners' capital, drawing, and loan accounts; allocate
profits and losses to partners; and prepare a statement of partners’ capital. The learner will
understand and be able to account for transfer of partnership interests, new partner
investments, and dissociation of a partner, as well as reasons for partnership liquidations.
Competency 3023.1.3: International Accounting Issues 21%
The graduate can account for hedging for foreign currency transactions and translate foreign currency
financial statements.
Description: The learner will account for hedging for foreign currency transactions, forward
exchange contracts, and translate foreign currency financial statements. Key terms relating to
multinational accounting will be defined. The learner will account for foreign currency
transactions, forward exchange contracts, translation of Functional Currency Statements into the
Reporting Currency of the U.S. Company, and remeasurement of the books of record into the
functional currency. Learners will understand derivatives designated as hedges, determination of
functional currency, and the differences between translation versus remeasurement of foreign
financial statements.
Competency 3023.1.4: Reporting Requirements 11%
The graduate explains reporting requirements for SEC, segment, and interim reporting.
Description: The learner will explain reporting requirements for Securities and Exchange
Commission (SEC), segment, and interim reporting. Learners will understand the SEC’s structure
and regulatory authority, as well as key issues associated with segment reporting in the United
States and internationally. The learner will describe reportable segments, interim income
statement accounting principles, format of a quarterly financial report, and accountants' legal
liability in the registration process.
TOPICS AND PACING (8 weeks)
, This outline is a guided structure of the topics recommended to complete the learning
activities. It is provided as a suggested structure and can be adapted according to your
knowledge, skills, and experience. Use the topics and pacing outline to support your
completion of the course within the recommended timeframe.
We are so glad you are here!
Prior to starting the course, we recommend:
- -watching our C243 Welcome video (it’s quick!)
--accessing/reviewing our C243 SharePoint site
COURSE OVERVIEW
Course Description:
This course builds upon your accounting knowledge by focusing on advanced financial
accounting topics such as consolidations, partnership accounting, and international accounting.
Competencies and Weighting:
This course measures four competencies.
Competency 3023.1.1: Accounting for Business Combinations 42%
The graduate applies generally accepted accounting principles (GAAP) as they relate to business
combinations and parent/subsidiary relationships.
Description: The learner will describe the purpose of business combinations, explain the reasons
for different forms of business combinations, and apply generally accepted accounting principles
(GAAP) as they relate to business combinations and parent/subsidiary relationships. The learner
will prepare journal entries in the presence of differential, goodwill, or bargain purchase element,
prepare for consolidation on date of acquisition and subsequent to the date of acquisition, with
and without differential, for more than book value and for less than book value. Accounting for
noncontrolling interests will be explained. The learner will account for intercompany transfers of
land, depreciable assets, inventory transactions, and indebtedness.
Competency 3023.1.2: Partnerships 26%
The graduate accounts for partnerships, including formation, operations, and liquidations.
Description: The learner will account for partnerships, including formation, operations, and
liquidations. The characteristics of partnerships will be described, including key differences
between different types of limited partnerships. The learner will account for changes in
partners' capital, drawing, and loan accounts; allocate
profits and losses to partners; and prepare a statement of partners’ capital. The learner will
understand and be able to account for transfer of partnership interests, new partner
investments, and dissociation of a partner, as well as reasons for partnership liquidations.
Competency 3023.1.3: International Accounting Issues 21%
The graduate can account for hedging for foreign currency transactions and translate foreign currency
financial statements.
Description: The learner will account for hedging for foreign currency transactions, forward
exchange contracts, and translate foreign currency financial statements. Key terms relating to
multinational accounting will be defined. The learner will account for foreign currency
transactions, forward exchange contracts, translation of Functional Currency Statements into the
Reporting Currency of the U.S. Company, and remeasurement of the books of record into the
functional currency. Learners will understand derivatives designated as hedges, determination of
functional currency, and the differences between translation versus remeasurement of foreign
financial statements.
Competency 3023.1.4: Reporting Requirements 11%
The graduate explains reporting requirements for SEC, segment, and interim reporting.
Description: The learner will explain reporting requirements for Securities and Exchange
Commission (SEC), segment, and interim reporting. Learners will understand the SEC’s structure
and regulatory authority, as well as key issues associated with segment reporting in the United
States and internationally. The learner will describe reportable segments, interim income
statement accounting principles, format of a quarterly financial report, and accountants' legal
liability in the registration process.
TOPICS AND PACING (8 weeks)
, This outline is a guided structure of the topics recommended to complete the learning
activities. It is provided as a suggested structure and can be adapted according to your
knowledge, skills, and experience. Use the topics and pacing outline to support your
completion of the course within the recommended timeframe.
