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Course level: Graduate
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, restructuring of troubled debt, and the intricacies of comprehensive income.
- ACC/290 or ACC/290T - Principles of Accounting I or equivalent
- This graduate level course requires proof of completion of a Bachelor's degree. Be prepared to provide documentation during the checkout process.
What you'll learn
Course skills and outcomes
- Describe the financial reporting role and responsibilities of the CPA, including recognition, measurement, and disclosure.
Net and Comprehensive Income
- Explain criteria for calculating capital changes.
- Prepare consolidated financial statements.
- Use short-term and long-term assets and cost determination to the preparation of financial statements.
- Explore financial reporting for leases.
Liabilities and Owners' Equity
- Apply financial instruments as liabilities.
- Prepare pensions liabilities and postretirement benefits.
- Utilize financial reporting of owners' equity for decision-making.
The Importance of Financial Information and Cash Flows
- Use financial and contracting information to perform valuation and credit risk assessment.
- Prepare statement of cash flows.
Advanced Financial Reporting
- Manage inventories.
- Account for inter-corporate investments.