The second course in the two-course financial reporting sequence, this course emphasizes accounting theory and practice including special disclosure and reporting problems; international accounting and foreign currency translation; not-for-profit accounting, governmental accounting; business combinations; and consolidated financial statement preparation and analysis.
- Demonstrate proper accounting techniques for partnership formation, earnings distribution, and liquidation.
- Demonstrate understanding of government reporting for state and local government entities.
- Apply proper accounting methodologies for foreign currency transactions and assess; justify and communicate related strategic aspects for hedging of foreign currency transactions.
- Evaluate nonprofit entities from both a governance and financial perspective and create recommendations.
- Assess the strategic implications of business combinations and analyze a variety of asset and stock acquisition scenarios.
- Determine the correct translation method and complete translation for foreign affiliate financial statements.
- Prepare consolidated financial statements using proper work paper procedures.