Get a comprehensive understanding of consolidated financial statements and how to prepare them. Focus on the accounting principles, methods and techniques that relate to particular types of business and nonbusiness entities, including corporations, partnerships, government units, estates and trusts, and nonprofits. Limited time is devoted to exploring certain tax aspects of consolidated financial statements. You also learn about foreign-currency transactions and translation of foreign-currency financial statements.
Course Outline
Course Objectives
- Identify the various methods to account for investments in subsidiaries and how to allocate the purchase price
- Understand how to prepare consolidated financial statements at the date of acquisition and in subsequent reporting periods
- Determine when an entity needs to be consolidated and how to account for intra-entity transactions
- Calculate noncontrolling interest for a subsidiary and understand when segment reporting is required
- Develop a basic understanding of corporate taxes, foreign transactions and bankruptcy
What You Learn
- Equity method
- Post-acquisition
- Consolidations
- Consolidated financial statements and outside ownership
- Intra-entity
- Variable Interest Entities (VIE)
- Debt
- Cash Flows
- EPS
- Ownership and taxes
- Segment and interim reporting
- Foreign transactions
- Foreign-exchange risk
- Securities and Exchange Commission
- Reorganizations and liquidations
- Partnerships
- Accounting for State and local governments
- Accounting and reporting for private nonprofits
- Accounting for estates and trusts
How You Learn
- Study modules
- Assignments
- Lectures
- Discussions
- Homework assignments
- Quizzes
Is This Course Right for Me?
This class is designed for those who want to develop competency in analyzing and interpreting the full product of accounting, as well as those who hope to enter the accounting profession and ultimately qualify for the certificate of Certified Public Accountant.