Advanced Financial Accounting: Acquisitions & Consolidations
What you'll learn
- Evaluate financial and operational implications of acquisitions, recognizing goodwill and intangible assets.
- Analyze consolidation techniques for parent-subsidiary financial statements, eliminating intercompany transactions.
- Compare accounting for less than wholly owned subsidiaries, using equity method and proportionate consolidation.
- Assess impact of acquiring subsidiaries above book value, calculating goodwill and non-controlling interest.
- Apply accounting principles for intercompany inventory transfers, eliminating unrealized profits/losses.
- Evaluate consolidation process for noncurrent assets and services, eliminating intercompany gains/losses.
- Analyze accounting treatment for intercompany indebtedness, eliminating loans and interest income/expense.
- Evaluate reporting issues in consolidation, including foreign currency transactions and translation.
- Apply principles for interim and segment reporting, recognizing segment information and related-party transactions.
- Analyze SEC requirements for financial reporting and disclosure, filing periodic reports and applying GAAP.
- Solid understanding of basic accounting principles and financial statement analysis
- Familiarity with intermediate accounting concepts
Welcome to the comprehensive Advanced Financial Accounting course, a deep dive into the complex world of acquisition and consolidation in financial reporting. This course provides you with a solid understanding of these critical topics.
Key Topics Explored:
Acquisition & Investments:
Understanding the process of acquiring and investing in other entities, including fair value assessments and recognition of noncontrolling interests.
Analyzing the impact of these transactions on financial statements and reporting requirements.
Consolidations of Wholly Owned Subsidiaries:
Exploring the consolidation process for subsidiaries fully owned by the parent company.
Eliminating intercompany transactions and preparing consolidated financial statements.
Consolidations of Less Than Wholly Owned Subsidiaries:
Examining the consolidation procedures for subsidiaries where the parent company does not have full ownership.
Accounting for noncontrolling interests and their effect on financial reporting.
100% Owned Subsidiary Purchased at More Than Book Value:
Understanding the accounting treatment when a parent company acquires a wholly owned subsidiary at a price exceeding its book value.
Assessing the implications for consolidation and financial reporting.
Under 100% Owned Subsidiaries Acquired at More Than Book Value:
Analyzing the consolidation process when a parent company acquires less than full ownership of a subsidiary at a price exceeding its book value.
Accounting for noncontrolling interests and their impact on consolidated financial statements.
Inventory Transfer Intercompany:
Evaluating the accounting treatment for intercompany transfers of inventory between related entities.
Understanding the impact on consolidated financial statements and inventory valuation.
Consolidation-Transfer of Noncurrent Assets & Services:
Examining the consolidation procedures for intercompany transfers of noncurrent assets and services.
Analyzing the effect on consolidated financial statements and related party disclosures.
Understanding the accounting treatment for intercompany loans and indebtedness.
Assessing the impact on consolidated financial statements and related disclosures.
Consolidation Ownership & Other Reporting Issues:
Exploring various ownership structures in consolidated financial reporting.
Addressing additional reporting issues, such as changes in ownership and related party transactions.
Consolidation-Foreign Currency Transactions & Reporting Issues:
Analyzing the accounting treatment for foreign currency transactions within a consolidated entity.
Understanding the reporting requirements and translation of foreign entity financial statements.
Interim Reporting & Segment Reporting:
Exploring the unique considerations for interim financial reporting and segment reporting.
Assessing the disclosure requirements and reporting standards set by regulatory bodies.
Securities & Exchange Commission (SEC) Reporting:
Understanding the reporting requirements imposed by the SEC on publicly traded companies.
Analyzing the impact of SEC regulations on financial reporting and disclosure practices.
With comprehensive presentations, practical demonstrations, and hands-on Excel exercises, you'll gain a deep understanding of advanced accounting principles. Access downloadable textbooks, supplemental materials, and Excel templates to enhance your learning experience.
This course is designed for accounting professionals, auditors, financial analysts, and students seeking expertise in advanced financial accounting. Enroll today to master the intricacies of acquisition, consolidation, and financial reporting in the ever-evolving accounting landscape.
Who this course is for:
- Accounting professionals seeking to enhance their knowledge and skills in advanced financial accounting.
- Finance professionals involved in consolidation and financial reporting processes.
- Students pursuing degrees in accounting, finance, or related fields.
- Business owners and managers interested in understanding complex accounting concepts.
- Individuals preparing for professional certifications such as the CPA exam.
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.