Advanced Financial Accounting

Advanced Financial Accounting

Advanced Financial Accounting

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

Language: english

Note: 4.4/5 (539 notes) 67,194 students

Instructor(s): Robert (Bob) Steele

Last update: 2020-12-26

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

  • 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
  • Example Probs-Under 100% Owned Subsidiaries Acquired at More Than Book Value
    • 539 Consolidation Less than 100% Owned, Fair Value Differ from Book, Year Zero
    • 543 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Y
    • 544 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Y
    • 549 Consolidation Less than 100% Owned, Fair Value Differ from Book, Intercompan
  • Excel Probs – Under 100% Owned Subsidiaries Acquired at More Than Book Value
    • 539 Consolidation Less than 100% Owned, Fair Value Differ from Book, Year Zero
    • 543 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Y
    • 544 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Y
    • 549 Consolidation Less than 100% Owned, Fair Value Differ from Book, Intercompan
  • Inventory Transfer Intercompany
    • 610 Eliminating Intercompany Transactions
    • 615 Parent Sale to Sub & Sub Resold
    • 620 Sale From Parent to Sub Sub Has Not Resold
    • 625 Inventory Transfers & Transfer Pricing
  • Example Probs-Inventory Transfer Intercompany
    • 637 Consolidation Down Stream & Upstream Sales Fully Adjusted Equity Method
    • 639 Consolidation Down & Upstream Sales Fully Adj. Equity Method
    • 645 Consolidation Down Stream & Upstream Sales-Modified Equity Method
  • Excel Probs-Inventory Transfer Intercompany
    • 637 Consolidation Down Stream & Upstream Sales-Fully Adjusted Equity Method
    • 639 Consolidation Down & Upstream Sales Fully Adj. Equity Method
    • 645 Consolidation Down Stream & Upstream Sales Modified Equity Method
  • Consolidation-Transfer of Noncurrent Assets & Services
    • 710 Transfer of Long-Term Assets & Services Overview
    • 715 Equity Method and Land Transfer
    • 720 Depreciable Asset Transfer
  • Example Probs-Consolidation-Transfer of Noncurrent Assets & Services
    • 742 Consolidations NCI, Intercompany Transfer of Equipment, & Goodwill Impairmen
    • 743 Consolidations NCI, Intercompany Transfer of Equipment & Land
    • 748 Consolidations NCI, Loss on Intercompany Transfer of Equipment
  • Excel Probs-Consolidation-Transfer of Noncurrent Assets & Services
    • 742 Consolidations NCI Intercompany Transfer of Equipment, & Goodwill Impairment
    • 743 Consolidations NCI, Intercompany Transfer of Equipment & Land
    • 748 Consolidations NCI, Loss on Intercompany Transfer of Equipment
  • Consolidation-Intercompany Indebtedness
    • 810 Intercompany Debt Transfers Overview
  • Example Probs-Consolidation-Intercompany Indebtedness
    • 824 Consolidation NCI, Bond Sale from P to S at Premium
    • 825 Consolidation NCI, Bond Sale from S to P at a Premium
    • 826 Consolidation NCI, Bond Sale from S to P at Discount
    • 835 P1 Consolidation NCI, P Purchases S Bonds from Third Party at Discount Par
    • 835 P2 Consolidation NCI, P Purchases S Bonds from Third Party at Discount Part
    • 838 P1 Consolidation NCI, P Purchases S Bonds from Third Party in Year of Consol
    • 838 P2 Consolidation NCI, P Purchases S Bonds from Third Party in Year of Consol
  • Excel Probs–Consolidation-Intercompany Indebtedness
    • 824 Consolidation NCI, Bond Sale from P to S at Premium
    • 825 Consolidation NCI, Bond Sale from S to P at Premium
    • 826 Consolidation NCI, Bond Sale from S to P at Discount
    • 835 P1 Consolidation NCI, P Purchases S Bonds from Third Party at Discount
    • 835 P2 Consolidation NCI, P Purchases S Bonds from Third Party at Discount
    • 838 Consolidation NCI, P Purchases S Bonds from Third Party in Year of Consolida
  • Consolidation Ownership Problems
    • 910 Consolidation & Preferred Stock
    • 915 Consolidation Parent Sale of Subsidiary Shares
    • 920 Subsidiary Sells Additional Shares to Nonaffiliate
    • 925 Subsidiary Sells Additional Shares to Parent
    • 935 Subsidiary Purchases Shares from Parent
    • 940 Consolidation When there is Complex Ownership Structure
    • 945 Consolidation & Subsidiary Stock Dividends
  • Practice Probs-Consolidation Ownership Problems
    • 932 Consolidation, NCI & Preferred Stock
    • 934 Consolidation, NCI & P Sells Portion of S Stock
    • 936 Consolidation, NCI & S Issues More Stock to P
  • Excel Probs-Consolidation Ownership Problems
    • 932 Consolidation, NCI & Preferred Stock
    • 934 Consolidation, NCI & P Sells Portion of S Stock
    • 936 Consolidation, NCI & S Issues More Stock to P
  • Consolidation – Other Reporting Issues
    • 1010 Consolidated Statement of Cash Flows
    • 1020 Consolidation – Interim Acquisition
    • 1030 Consolidation & Income Taxes
    • 1035 Consolidated Earnings Per Share
  • Practice Probs-Consolidation – Other Reporting Issues
    • 1028 Consolidated Statement of Cash Flows
    • 1029 Consolidated Statement of Cash Flows Direct Method & Reconciliation
    • 1033 Consolidated Statement of Cash Flows Direct Method Gain on Sale
    • 1038 Midyear Purchase of Controlling Interest
    • 1039 Tax Allocation in Consolidated Balance Sheet
    • 1042 Earnings per share with convertible securities
  • Excel Probs-Consolidation – Other Reporting Issues
    • 1028 Consolidated Statement of Cash Flows Indirect Method
    • 1029 Consolidated Statement of Cash Flows Direct Method & Reconciliation
    • 1033 Consolidated Statement of Cash Flows Direct Method Gain On Sale
    • 1038 Midyear Purchase of Controlling Interest
    • 1039 Tax Allocation in Consolidated Balance Sheet
    • 1042 Earnings Per Share With Convertible Securities
  • Consolidation – Foreign Currency Transactions
    • 1110 Foreign Currency Exchange Rates
    • 1120 Foreign Currency Transactions
    • 1125 Forward Exchange Financial Instruments
    • 1130 Forward Exchange Contracts
  • Practice Probs – Foreign Currency Transactions
    • 1133 Purchases & Sales Involving Foreign Currency
    • 1138 P2 Forward Contract to Hedge Commitment Agreement to Purchase
    • 1138 P3 Forward Contract as a Cash Flow Hedge
    • 1138 P4 Forward Contract for Speculative Purposes Only
    • 1140 C1 Forward Exchange Contract to Manage Foreign Currency Net Asset Position
    • 1140 C2 Forward Exchange Contract to Hedge Foreign Currency Payable Commitment
    • 1140 C3 A1 Forward Exchange Contract Designated as Cash Flow Hedge & Re-Designat
    • 1140 C3 A1 Forward Exchange Contract Designated as Cash Flow Hedge & Re-Designat
    • 1140 C3 A2 Forward Exchange Contract Designated as Cash Flow Hedge from Time the
    • 1140 C4 Forward Exchange Contract for Speculation Only
  • Excel Probs – Foreign Currency Transactions
    • 1133 Purchases & Sales Involving Foreign Currency
    • 1138 P1 Forward Contract to Manage Foreign Currency Risk from Purchase
    • 1138 P2 Forward Contract to Hedge Commitment Agreement to Purchase
    • 1138 P3 Forward Contract as a Cash Flow Hedge
    • 1138 P4 Forward Contract for Speculative Purposes Only
    • 1140 C A1 Forward Exchange Contract Designated as Cash Flow Hedge & Re-Designate
    • 1140 C1 Forward Exchange Contract to Manage Foreign Currency Net Asset Position
    • 1140 C2 Forward Exchange Contract to Hedge Foreign Currency Payable Commitment
    • 1140 C3 A2 Forward Exchange Contract Designated as Cash Flow Hedge from Time the
    • 1140 C4 Forward Exchange Contract for Speculation Only
  • Consolidation – Foreign Entity Reporting Issues & Translation
    • 1210 Attempts to Converge to One Set of Global Accounting Standards
    • 1220 Functional Currency
    • 1225 Translation vs Remeasurement
    • 1230 Translate Financial Statements of Foreign Subsidiary
    • 1230 Translate Financial Statements of Foreign Subsidiary
    • 1240 Remeasure Financial Statement of Foreign Subsidiary
    • 1245 Other Foreign Operations Issues
  • Practice Probs – Foreign Entity Reporting Issues & Translation
    • 1226 Translation & Journal Entries
    • 1227 Translation, Consolidated Comprehensive Income, & Stockholders’ Equity
    • 1228 Remeasurement, Consolidated Net Income, & Stockholders’ Equity
    • 1229 Proof of Translation Adjustment
  • Excel Probs – Foreign Entity Reporting Issues & Translation
    • 1226 Translation & Journal Entries
    • 1227 Translation, Consolidated Comprehensive Income, & Stockholders’ Equity
    • 1228 Remeasurement, Consolidated Net Income, & Stockholders’ Equity
    • 1229 Proof of Translation Adjustment
    • 1239 Foreign Currency Remeasurement (AICPA Adapted)
    • 1240 Foreign Currency Translation
  • Interim Reporting & Segment Reporting
    • 1310 Segment Reporting Overview
    • 1315 Threshold Tests for Segment Reporting
    • 1320 Enterprisewide Disclosures
    • 1325 Interim Financial Reporting Rules
  • Practice Probs – Interim Reporting & Segment Reporting
    • 1319 Estimated Annual Tax Rate
    • 1323 Segment Reporting
    • 1326 Interim Income Statement & Tax Estimate with Q1 Loss
  • Excel Probs – Interim Reporting & Segment Reporting
    • 1319 Estimated Annual Tax Rate
    • 1323 Segment Reporting
    • 1325 Interim Income Statement & Tax
    • 1326 Interim Income Statement & Tax Estimate with Q1 Loss
  • Securities & Exchange Commission (SEC)
    • 1410 SEC Structure & Regulatory Authority
    • 1420 Registering Securities with SEC Process
    • 1425 Periodic Reporting Requirements
    • 1430 Requirements for Management Reporting Laws
    • 1440 Disclosure Requirements

 

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