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30-Day Money-Back Guarantee

This course includes:

  • 63.5 hours on-demand video
  • 1 article
  • 138 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
Finance & Accounting Accounting & Bookkeeping Financial Accounting

Advanced Financial Accounting

Learn advanced financial accounting from a practicing Certified Public Accountant (CPA)
Rating: 4.6 out of 54.6 (88 ratings)
20,712 students
Created by Robert (Bob) Steele
Last updated 12/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll 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.

Requirements

  • Should have an understanding of financial Accounting concepts

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

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.

Who this course is for:

  • Accounting Students
  • Accounting Professionals

Course content

39 sections • 190 lectures • 63h 39m total length

  • Preview15:31
  • OneNote Resource
    00:00
  • Preview07:34
  • 115 External Business Expansion
    13:35
  • 120 Business Combinations Methods
    13:11
  • 125 Internal Expansion Accounting
    06:27
  • 130 Forms of Business Combinations
    10:43
  • 135 Valuation of Business Entities
    13:52
  • 140 Statutory Merger
    12:16
  • 145 Acquisition Accounting
    04:39
  • 150 Acquisition Accounting Goodwill
    09:41
  • 155 Acquisition Accounting Bargain Purchase
    06:04
  • 160 Other Intangibles
    01:56
  • 163 Financial Reporting After a Business Combination
    01:16
  • 166 Measurement Period and Contingent Considerations
    06:15
  • 169 Consolidation Process Overview
    11:49

  • 101 Practice Problem One Company Creates Fully Owed Subsidiary
    16:40
  • 113 One Company Fully Purchasing Another Using Bonds
    10:30
  • 121 One Company Fully Purchases Net Assets of Another Using Common Stock
    13:23

  • 101 Fully Owned Subsidiary Creation Journal Entry
    18:01
  • 108 Company Purchase Net Asset of Another Company
    11:39
  • 113 One Company Fully Purchasing Another Using Bonds
    11:38
  • 121 One Company Fully Purchases Another Using Common Stock
    11:22
  • 124 One Company Creates A Fully Owned Subsidiary
    17:58
  • 127 One Company Purchases Net Assets of Another Exchanging Stock Issued
    15:24
  • 140 Acquisition & Merger & Liquidation Detailed Problem
    35:02

  • 205 Accounting Related to Ownership & Control
    08:49
  • 209 Securities Carried at Fair Value Accounting
    13:32
  • 214 Investments Using the Equity Method
    21:20
  • 217 Consolidation Process 100% Owned Subsidiary
    11:49

  • 219 Excel Problem Equity Method vs Fair Value Method
    28:21
  • 221 Consolidation Equity Method Year 1 – P Co. Purchased 100% of Shares of S at
    23:38
  • 222 Consolidation Equity Method Year 2 – P Co. Purchased 100% of Shares of S at
    15:19
  • 227 Consolidation Cost Method Year 1 – P Co. Purchased 100% of Shares of S at Ne
    19:01
  • 228 Consolidation Cost Method Year 2 – P Co. Purchased 100% of Shares of S at Ne
    17:14

  • 305 Usefulness of Consolidated Financial Statements
    13:16
  • 310 Direct & Indirect Control
    07:43
  • 315 Consolidation for Non Wholly Owned Subsidiary
    13:20
  • 320 Consolidation Calculations Less Then Wholly Owned Subsidiary
    10:27

  • 326 Consolidation Year 0 P Co. Purchased 90% of Shares of S at 90% of Net Asset
    14:38
  • 327 Consolidation Year 1 P Co. Purchased 90% of Shares of S at 90% of Net Asset
    18:59

  • 326 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 0
    18:58
  • 327 Consolidation Excel – Non-Wholly Owned Subsidiary Not Goodwill Year 1
    26:04
  • 328 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 2
    23:04

  • 405 Consolidation When There is a Book & Fair Value Difference Overview
    24:27
  • 410 Consolidation With Difference Simple Example
    08:31
  • 420 Intercompany Transactions
    07:59
  • 425 Push Down Accounting
    09:39

  • 425 Consolidation 100% Owned Goodwill & PP&E Value Adjustments
    13:57
  • 427 Consolidation 100% Owned, Land Revaluation, Purchases with Stock Issuance Ye
    14:54
  • 431 Consolidation 100% Owned Goodwill & Inter-Company Transactions Year 0
    11:42
  • 433 Consolidation 100% Owned, Goodwill, Fair Value PP&E, & Impairment of Goodwil
    18:10
  • 435 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
    21:52
  • 436 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transac
    23:13
  • 437 Push Down Accounting
    17:03

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 14,855 Reviews
  • 307,509 Students
  • 91 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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