About this course
This Advanced Accounting course covers mainly consolidated financial statements, which are covered on the Financial Accounting and Reporting (FAR) section of the CPA exam. This course covers 15 to 20% of the CPA FAR exam.
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Chapter 1
Introduction to Business Combination (4 lessons)
Topics coveredIntroduction to Net Asset Acquisition; Stock Acquisition; Business Consolidations; Asset and Stock Acquisition: Method of Payment; Excess Earnings to Estimate Goodwill; Advanced Accounting.
Chapter 2
Accounting for Business Combinations ( 4 lessons)
Topics coveredGoodwill Impairment; Contingent Consideration in a Business Acquisition; Acquisition Accounting & Expenses in a Business Combination; Contingent Consideration in a Business Acquisition; Advanced Accounting.
Chapter 3
Consolidated Financial Statements — Date of Acquisition (2 lessons)
Topics coveredVariable Interest Entity; Consolidated Balance Sheet; Elimination of Investment; Advanced Accounting.
Chapter 4
Consolidated Financial Statements – After Date of Acquisition (7 lessons)
Topics coveredInvestments in Stocks Advanced Accounting, Consolidated Financial Statements Cost Method, Consolidated Financial Statement in Subsequent Year, Equity Method Consolidated Financial Statements, Consolidation Equity Method Full Year Alternative Method.
Chapter 5
Allocation and Depreciation of Differences Between Implied and Book Values (5 lessons)
Topics coveredAllocating the Difference Between Implied and Book Value, Consolidate Financial Statement Allocating the Difference, Push Down Accounting Advancing Accounting.
Chapter 6
Elimination of Unrealized Profit on Intercompany Sales of Inventory (5 lessons)
Topics coveredElimination of Unrealized Profit on Intercompany Inventory Sales Advanced Accounting, Elimination of Unrealized Profit on Intercompany Inventory sales advanced, Upstream Sale Equity Elimination of Unrealized Profit Advanced Accounting.
Chapter 8
Changes in Ownership Interest (3 lessons)
Topics coveredChanges in Ownership Interest Advanced Accounting, Control Maintained Cost and Equity Method Advanced Accounting, Loss of Control Advanced Accounting
Chapter 12
Accounting for Foreign Currency Transactions and Hedging Foreign Exchange Risk (4 lessons)
Topics coveredForeign Currency Transactions, Hedging, Fair Value method, Cash Flow Hedge.
Chapter 13
Translation of Financial Statements of Foreign Affiliates (3 lessons)
Topics coveredIntroduction to Translation of Foreign Financial Statements; Translation Method of Foreign Financial Statements: Current Rate Method and Temporal Method; Advanced Accounting.
Chapter 15
Partnerships: Formation, Operation, and Ownership Changes (4 lessons)
Topics coveredIntroduction to Accounting for Partnerships; Accounting for Allocation of Income/Loss; Accounting for Admission of a New Partner; Accounting for Withdrawal of a Partner; Advanced Accounting.