Course Description:

This five-day course addresses several topics in advanced accounting. It will covers financial accounting theory and practice as applied to accounting for business combinations under purchase and pooling methods, consolidated financial statements, and foreign currency transactions.

 Course Goal:

To enhance the participants’ Knowledge, Abilities and Skills necessary to understand financial accounting theory and practice as applied to accounting for business combinations, consolidated financial statements, and foreign currency transactions

Course Objective:

By the end of the course the participant will be able to:

1. Distinguish between the purchase method and pooling of interest method,
2. Prepare entries for two companies, each with goodwill, direct and indirect acquisition costs, issue costs,
3. Prepare determination and distribution of excess schedules.
4. Perform comparison of 100% purchase and pooling; record investments and prepare consolidated balance sheets,
5. Prepare elimination entries using the equity method and cost method,
6. Prepare consolidated worksheets.
7. Prepare journal entries to account for contracts that are denominated in foreign currency, and prepare a translated trial balance along with the necessary consolidation entries.

Course Outline:

1. The Equity Method of Accounting for Investments
2. Consolidation of Financial Information
3. Consolidations – Subsequent to the Date of Acquisition
4. Consolidated Financial Statements and Outside Ownership
5. Foreign Currency Transactions and Hedging Foreign Exchange Risk
6. Translation of Foreign Currency Financial Statements
7. Worldwide Accounting Diversity and International Accounting Standards

Who Can Benefit?

Vice Presidents of finance, controllers, senior finance managers, executives Accountants, and Financial Affairs personnel