Record upstream and downstream intercompany transaction journal entries.
Consolidation: Less Than 100% Ownership
Prepare consolidating worksheets under conditions of less than 100% ownership.
Record consolidation and elimination journal entries under conditions of less than 100% ownership and economic unit, parent company, and proportionate consolidation concepts.
Consolidation: 100% Ownership
Prepare consolidating financial statements under conditions of 100% ownership.
Record consolidation and elimination journal entries under conditions of 100% ownership.
Foreign Currency Transactions and Translations
Prepare financial statements translated from foreign currency.
Record foreign currency transactions.
Accounting for Investments
Describe the role of the International Accounting Standards Board.
Distinguish between the cost method and the equity method of accounting.
Explain the cost and equity methods of accounting for investments.
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