http://www.phoenix.edu
Financial Reporting –
acc545
(3 credits)
This course prepares students to address concepts of financial reporting for roles as CPAs. Students learn important criteria for calculating capital changes, applying concepts of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income.
This graduate-level course is 6
weeks.
To enroll, speak with an Enrollment Advisor.
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Consolidated Financial Statements
- Prepare consolidated financial statements.
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Equities
- Determine the effect of foreign currency translation on other comprehensive income.
- Determine the effect of derivatives and hedging activities on other comprehensive income.
- Construct the equity section of the balance sheet, including note disclosures.
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Liabilities
- Prepare the schedules and notes required for postemployment benefit reporting.
- Create journal entries for a troubled debt restructuring.
- Analyze reporting requirements for different types of debt issuances.
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Assets
- Prepare the note disclosures required for lease transactions.
- Construct the investment section of the balance sheet, including note disclosures.
- Apply fixed asset concepts.
- Apply inventory cost determination concepts.
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Reporting Working Capital Changes
- Prepare a statement of cash flows.
- Calculate amounts to be reported for current liabilities.
- Calculate amounts to be reported for current assets.
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Reporting Issues
- Explain the methodology used to determine deferred taxes.
- Compare and contrast the forms of business structure.
- Describe the professional responsibilities of accountants in financial reporting.
- Explain procedures for reporting accounting changes and error corrections.
- Differentiate among the services provided by auditors.
- The University of Phoenix reserves the right to modify courses.
- While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
- Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
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