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. This course is available to take individually or as part of a degree or certificate program. To enroll, speak with an Enrollment Advisor.

Reporting Issues

  • Differentiate among the services provided by auditors.
  • Explain procedures for reporting accounting changes and error corrections.
  • Describe the professional responsibilities of accountants in financial reporting.
  • Compare and contrast the forms of business structure.
  • Explain the methodology used to determine deferred taxes.

Reporting Working Capital Changes

  • Calculate amounts to be reported for current assets.
  • Calculate amounts to be reported for current liabilities.
  • Prepare a statement of cash flows.

Assets

  • Apply inventory cost determination concepts.
  • Apply fixed asset concepts.
  • Construct the investment section of the balance sheet, including note disclosures.
  • Prepare the note disclosures required for lease transactions.

Liabilities

  • Analyze reporting requirements for different types of debt issuances.
  • Create journal entries for a troubled debt restructuring.
  • Prepare the schedules and notes required for postemployment benefit reporting.

Equities

  • Construct the equity section of the balance sheet, including note disclosures.
  • Determine the effect of derivatives and hedging activities on other comprehensive income.
  • Determine the effect of foreign currency translation on other comprehensive income.

Consolidated Financial Statements

  • Prepare consolidated financial statements.

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