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.
If you have any questions, or if you want to become part of our team