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Learn advanced financial accounting from a practicing Certified Public Accountant (CPA)

What you will learn

How to apply different accounting methods based on levels of control

How to account for acquisitions and investments

Work comprehensive acquisition problems in Excel

Work consolidations when the subsidiary is 100% owned

Work consolidations when the subsidiary is not 100% owned and there is a noncontrolling interest

Work consolidations when the fair value of assets and liabilities at the date of acquisition differs from the book value resulting in a differential

Work consolidations where there are intercompany transfers such as upstream (subsidiary to parent) and downstream (parent to subsidiary) sales of equipment and inventory.

Work consolidations where there are intercompany transactions related to debt, bonds, and interest.

Description

Advanced financial accounting will focus heavily on intercorporate acquisitions and investments in other entities.

Why learn advanced accounting?

Even if we do not work in an area that applies advanced accounting concepts directly, learning them is very useful, because it refines our skills on the understanding of double-entry accounting, its concepts, and practical application.

Advanced financial accounting is also a standardized topic often found on exams like the CPA exam.

This course will break down the complex concepts in advance financial accounting in a way we can easily grasp. How?

We will break down the very large concepts covered into digestible parts. We will organize those parts in a way in which they build on one another logically, allowing us to develop our knowledge in a systematic, practical, and efficient way.

We will approach each new section from a variety of angles, including:

· PowerPoint presentations discussing the latest concepts in a discussion format

· Practice problem demonstrations using video recordings taken of presentations created using OneNote

· Excel problems we will demonstrate in a step by step process


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Learners will have access to the PowerPoint presentations in PDF format. They will also have access to an outline of the resources in OneNote.

Learners will have downloadable Excel files, each having at least two tabs, one with the answer, one with a preformatted Excel worksheet learners can use to work through the problem in a step by step approach.

We also do our best to add a trial balance and show the big picture as we learn new concepts, a step often missed in many classes. In other words, by the time we get to advanced financial accounting, many instructors expect us to be able to visualize everything that has been learned up to this point, and only show the new concepts. In reality, even seasoned professionals will have a difficult time imagining all the complexities that can go on in a consolidation without the help of supporting tools like a trial balance to work with.

We will show the trail balance, show each journal entry in our practice problem, and post each entry to a worksheet so we can see the results as we go. No guessing where a number came from in this course.

While learning consolidation, we will start with easier problems where the subsidiary is 100% owned by the parent company.

We will then add differentials between the fair value and book value at the point of purchase.

The course will move to conciliation where the subsidiary is not 100% owned, resulting in us accounting for the noncontrolling interest.

We will add intercompany transfers such as upstream (subsidiary to parent) and downstream (parent to subsidiary) sales of equipment and inventory.

Learners will learn how to account for intercompany transactions related to debt, bonds, and interest.

English
language

Content

Acquisition & Investments Overview
105 Business Acquisition & Expansion
OneNote Resource
110 Internal Business Expansion
115 External Business Expansion
120 Business Combinations Methods
125 Internal Expansion Accounting
130 Forms of Business Combinations
135 Valuation of Business Entities
140 Statutory Merger
145 Acquisition Accounting
150 Acquisition Accounting Goodwill
155 Acquisition Accounting Bargain Purchase
160 Other Intangibles
163 Financial Reporting After a Business Combination
166 Measurement Period and Contingent Considerations
169 Consolidation Process Overview
Example Probs-Acquisition & Investments Overview
101 Practice Problem One Company Creates Fully Owed Subsidiary
113 One Company Fully Purchasing Another Using Bonds
121 One Company Fully Purchases Net Assets of Another Using Common Stock
Excel Prob – Acquisition & Investments Overview
101 Fully Owned Subsidiary Creation Journal Entry
108 Company Purchase Net Asset of Another Company
113 One Company Fully Purchasing Another Using Bonds
121 One Company Fully Purchases Another Using Common Stock
124 One Company Creates A Fully Owned Subsidiary
127 One Company Purchases Net Assets of Another Exchanging Stock Issued
140 Acquisition & Merger & Liquidation Detailed Problem
Consolidations of Wholly Owned Subsidiaries – Basic Consolidations
205 Accounting Related to Ownership & Control
209 Securities Carried at Fair Value Accounting
214 Investments Using the Equity Method
217 Consolidation Process 100% Owned Subsidiary
Excel Probs-Consolidations of Wholly Owned Subsidiaries-Basic Consolidations
219 Excel Problem Equity Method vs Fair Value Method
221 Consolidation Equity Method Year 1 – P Co. Purchased 100% of Shares of S at
222 Consolidation Equity Method Year 2 – P Co. Purchased 100% of Shares of S at
227 Consolidation Cost Method Year 1 – P Co. Purchased 100% of Shares of S at Ne
228 Consolidation Cost Method Year 2 – P Co. Purchased 100% of Shares of S at Ne
Consolidations of Less Than Wholly Owned Subsidiaries
305 Usefulness of Consolidated Financial Statements
310 Direct & Indirect Control
315 Consolidation for Non Wholly Owned Subsidiary
320 Consolidation Calculations Less Then Wholly Owned Subsidiary
Example Probs-Consolidations of Less Than Wholly Owned Subsidiaries
326 Consolidation Year 0 P Co. Purchased 90% of Shares of S at 90% of Net Asset
327 Consolidation Year 1 P Co. Purchased 90% of Shares of S at 90% of Net Asset
Excel Prob-Consolidations of Less Than Wholly Owned Subsidiaries
326 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 0
327 Consolidation Excel – Non-Wholly Owned Subsidiary Not Goodwill Year 1
328 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 2
100% Owned Subsidiary Purchased A More Than Book Value
405 Consolidation When There is a Book & Fair Value Difference Overview
410 Consolidation With Difference Simple Example
420 Intercompany Transactions
425 Push Down Accounting
Example Probs-100% Owned Subsidiary Purchased A More Than Book Value
425 Consolidation 100% Owned Goodwill & PP&E Value Adjustments
427 Consolidation 100% Owned, Land Revaluation, Purchases with Stock Issuance Ye
431 Consolidation 100% Owned Goodwill & Inter-Company Transactions Year 0
433 Consolidation 100% Owned, Goodwill, Fair Value PP&E, & Impairment of Goodwil
435 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
436 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
437 Push Down Accounting
Excel Prob-100% Owned Subsidiary Purchased A More Than Book Value
425 Consolidation 100% Owned Goodwill & PP&E Value Adjustments Year 0
427 Consolidation 100% Owned, Land Revaluation, Purchases with Stock Issuance Ye
431 Consolidation 100% Owned Goodwill & Inter-Company Transactions Year 0
433 Consolidation 100% Owned, Goodwill, Fair Value PP&E, & Impairment of Goodwil
435 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
436 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
437 Push Down Accounting
Under 100% Owned Subsidiaries Acquired at More Than Book Value
510 Consolidations Less Than 100% Owned Subsidiary