Advanced Accounting

The Advanced Accounting course assists students in accounting for advanced situations encountered by accountants. Students will review generally accepted accounting principles for business combinations, consolidated financial statements, and advanced financial statement presentation issues. Students will also perform accounting research on advanced accounting topics including accounting for software, share based compensation, derivatives and hedge accounting and other advanced complex and emerging topics.

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

• • Explaining accounting research and application of accounting standards. 
  • Reviewing the accounting standard setting process in the US.
  • Preparing a set of consolidated financial statements using complex consolidated concepts and terms.   
  • Defining concepts of and preparing journal entries to account for business combinations.   
  • Identifying and calculating goodwill and other indefinite-lived intangible assets reported in financial statements and preparing entries. 
  • Analyzing emerging reporting frameworks. 
  • Researching appropriate notes and disclosures to make for advanced accounting topics.
  • Analyzing notes to financial statements for relevant information to stakeholders.  
  • Defining elements and preparing required financial statement note disclosures for certain advanced topics.
  • Identifying, interpreting and applying accounting standards to capitalized software costs.
  • Identifying, interpreting and applying accounting standards for research and development costs.
  • Identifying interpreting and applying accounting standards for compensation costs associated with share-based payment arrangements. 
  • Identifying interpreting and applying accounting standards for preparing statements for defined contribution employee benefit plans. 
  • Identifying, interpreting and applying accounting standards for characteristics of derivatives and hedge accounting.

• Demonstrating the application of artificial intelligence in accounting research.

• • Reviewing the accounting standard setting process in the US.

• Researching appropriate notes and disclosures to make for advanced accounting topics.

ACQUIRED SKILLS 

• Research accounting standards relevant to a business
• Prepare a research memo
• Prepare journal entries for a consolidation