Advanced Financial Accounting

Learn advanced financial accounting from a practicing Certified Public Accountant (CPA)

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Course curriculum

1. 105 Business Acquisition & Expansion
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2. 110 Internal Business Expansion
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3. 115 External Business Expansion
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4. 120 Business Combinations Methods
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5. 125 Internal Expansion Accounting
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6. 130 Forms of Business Combinations
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7. 135 Valuation of Business Entities
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8. 140 Statutory Merger
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9. 145 Acquisition Accounting
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10. 150 Acquisition Accounting Goodwill
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11. 155 Acquisition Accounting Bargain Purchase
12. 160 Other Intangibles
13. 163 Financial Reporting After a Business Combination
14. 166 Measurement Period and Contingent Considerations
15. 169 Consolidation Process Overview
1. 113 One Company Fully Purchasing Another Using Bonds
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2. 101 Practice Problem One Company Creates Fully Owed Subsidiary
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3. 121 One Company Fully Purchases Net Assets of Another Using Common Stock
1. 113 One Company Fully Purchasing Another Using Bonds
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2. 108 Company Purchase Net Asset of Another Company
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3. 121 One Company Fully Purchases Another Using Common Stock
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4. 124 One Company Creates A Fully Owned Subsidiary
5. 127 One Company Purchases Net Assets of Another Exchanging Stock Issued
6. 101 Fully Owned Subsidiary Creation Journal Entry
7. 140 Acquisition & Merger & Liquidation Detailed Problem
1. 205 Accounting Related to Ownership & Control
2. 217 Consolidation Process 100% Owned Subsidiary
3. 209 Securities Carried at Fair Value Accounting
4. 214 Investments Using the Equity Method
1. 222 Consolidation Equity Method Year 2 – P Co. Purchased 100% of Shares of S at Net Asset Price
2. 221 Consolidation Equity Method Year 1 – P Co. Purchased 100% of Shares of S at Net Asset Price
3. 219 Excel Problem Equity Method vs Fair Value Method
4. 228 Consolidation Cost Method Year 2 – P Co. Purchased 100% of Shares of S at Net Asset Price
5. 227 Consolidation Cost Method Year 1 – P Co. Purchased 100% of Shares of S at Net Asset Price
1. 310 Direct & Indirect Control
2. 305 Usefulness of Consolidated Financial Statements
3. 315 Consolidation for Non Wholly Owned Subsidiary
4. 320 Consolidation Calculations Less Then Wholly Owned Subsidiary
1. 326 Consolidation Year 0 P Co. Purchased 90% of Shares of S at 90% of Net Asset Price
2. 327 Consolidation Year 1 P Co. Purchased 90% of Shares of S at 90% of Net Asset Price
1. 326 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 0
2. 327 Consolidation Excel – Non-Wholly Owned Subsidiary Not Goodwill Year 1
3. 328 Consolidation Excel Non-Wholly Owned Subsidiary Not Goodwill Year 2
1. 425 Push Down Accounting
2. 410 Consolidation With Difference Simple Example
3. 420 Intercompany Transactions
4. 405 Consolidation When There is a Book & Fair Value Difference Overview
1. 425 Consolidation 100% Owned Goodwill & PP&E Value Adjustments
2. 437 Push Down Accounting
3. 431 Consolidation 100% Owned Goodwill & Inter-Company Transactions Year 0
4. 427 Consolidation 100% Owned, Land Revaluation, Purchases with Stock Issuance Year 1
5. 433 Consolidation 100% Owned, Goodwill, Fair Value PP&E, & Impairment of Goodwill, Year 1
6. 436 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transactions Year 1
7. 435 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transactions Year 5
1. 425 Consolidation 100% Owned Goodwill & PP&E Value Adjustments Year 0
2. 431 Consolidation 100% Owned Goodwill & Inter-Company Transactions Year 0
3. 427 Consolidation 100% Owned, Land Revaluation, Purchases with Stock Issuance Year 1
4. 436 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transactions Year 1
5. 433 Consolidation 100% Owned, Goodwill, Fair Value PP&E, & Impairment of Goodwill, Year 1
6. 435 Consolidation 100% Owned, Fair Value PP&E Difference, & Intercompany Transactions Year 5
7. 437 Push Down Accounting
1. 510 Consolidations Less Than 100% Owned Subsidiary
1. 539 Consolidation Less than 100% Owned, Fair Value Differ from Book, Year Zero
2. 549 Consolidation Less than 100% Owned, Fair Value Differ from Book, Intercompany Transaction, Year
3. 543 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Year One
4. 544 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Year Two
1. 539 Consolidation Less than 100% Owned, Fair Value Differ from Book, Year Zero
2. 549 Consolidation Less than 100% Owned, Fair Value Differ from Book, Intercompany Transaction, Year
3. 543 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Year One
4. 544 Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Year Two
1. 620 Sale From Parent to Sub Sub Has Not Resold
2. 610 Eliminating Intercompany Transactions
3. 615 Parent Sale to Sub & Sub Resold
4. 625 Inventory Transfers & Transfer Pricing
1. 637 Consolidation Down Stream & Upstream Sales Fully Adjusted Equity Method
2. 645 Consolidation Down Stream & Upstream Sales-Modified Equity Method
3. 639 Consolidation Down & Upstream Sales Fully Adj. Equity Method
1. 637 Consolidation Down Stream & Upstream Sales-Fully Adjusted Equity Method
2. 645 Consolidation Down Stream & Upstream Sales Modified Equity Method
3. 639 Consolidation Down & Upstream Sales Fully Adj. Equity Method
1. 720 Depreciable Asset Transfer
2. 710 Transfer of Long-Term Assets & Services Overview
3. 715 Equity Method and Land Transfer
1. 743 Consolidations NCI, Intercompany Transfer of Equipment & Land
2. 742 Consolidations NCI Intercompany Transfer of Equipment, & Goodwill Impairment
1. 810 Intercompany Debt Transfers Overview
1. 825 Consolidation NCI, Bond Sale from S to P at a Premium
2. 824 Consolidation NCI, Bond Sale from P to S at Premium
3. 838 P1 Consolidation NCI, P Purchases S Bonds from Third Party in Year of Consolidation
4. 826 Consolidation NCI, Bond Sale from S to P at Discount
5. 835 P2 Consolidation NCI, P Purchases S Bonds from Third Party at Discount Part 2
6. 838 P2 Consolidation NCI, P Purchases S Bonds from Third Party in Year of Consolidation Part 2
7. 835 P1 Consolidation NCI, P Purchases S Bonds from Third Party at Discount Part 1
1. 824 Consolidation NCI, Bond Sale from P to S at Premium
2. 825 Consolidation NCI, Bond Sale from S to P at Premium
3. 826 Consolidation NCI, Bond Sale from S to P at Discount
4. 835 P1 Consolidation NCI, P Purchases S Bonds from Third Party at Discount
5. 835 P2 Consolidation NCI, P Purchases S Bonds from Third Party at Discount
1. 935 Subsidiary Purchases Shares from Parent
2. 925 Subsidiary Sells Additional Shares to Parent
3. 945 Consolidation & Subsidiary Stock Dividends
4. 915 Consolidation Parent Sale of Subsidiary Shares
5. 940 Consolidation When there is Complex Ownership Structure
6. 920 Subsidiary Sells Additional Shares to Nonaffiliate
7. 910 Consolidation & Preferred Stock
1. 934 Consolidation, NCI & P Sells Portion of S Stock
2. 936 Consolidation, NCI & S Issues More Stock to P
3. 932 Consolidation, NCI & Preferred Stock
1. 934 Consolidation, NCI & P Sells Portion of S Stock
2. 936 Consolidation, NCI & S Issues More Stock to P
3. 932 Consolidation, NCI & Preferred Stock
1. 1010 Consolidated Statement of Cash Flows
2. 1020 Consolidation - Interim Acquisition
3. 1030 Consolidation & Income Taxes
4. 1035 Consolidated Earnings Per Share
1. 1028 Consolidated Statement of Cash Flows
2. 1029 Consolidated Statement of Cash Flows Direct Method & Reconciliation
3. 1033 Consolidated Statement of Cash Flows Direct Method Gain on Sale
4. 1038 Midyear Purchase of Controlling Interest
5. 1039 Tax Allocation in Consolidated Balance Sheet
6. 1042 Earnings per share with convertible securities
1. 1028 Consolidated Statement of Cash Flows Indirect Method
2. 1029 Consolidated Statement of Cash Flows Direct Method & Reconciliation
3. 1033 Consolidated Statement of Cash Flows Direct Method Gain On Sale
4. 1038 Midyear Purchase of Controlling Interest
5. 1039 Tax Allocation in Consolidated Balance Sheet
6. 1042 Earnings Per Share With Convertible Securities
1. 1110 Foreign Currency Exchange Rates
2. 1120 Foreign Currency Transactions
3. 1125 Forward Exchange Financial Instruments
4. 1130 Forward Exchange Contracts
1. 1133 Purchases & Sales Involving Foreign Currency
2. 1138 P2 Forward Contract to Hedge Commitment Agreement to Purchase
3. 1138 P3 Forward Contract as a Cash Flow Hedge
4. 1138 P4 Forward Contract for Speculative Purposes Only
5. 1140 C1 Forward Exchange Contract to Manage Foreign Currency Net Asset Position
6. 1140 C2 Forward Exchange Contract to Hedge Foreign Currency Payable Commitment
7. 1140 C3 A1 Forward Exchange Contract Designated as Cash Flow Hedge & Re-Designated as Fair Value Hed
8. 1140 C3 A2 Forward Exchange Contract Designated as Cash Flow Hedge from Time the Contract is Made to
9. 1140 C4 Forward Exchange Contract for Speculation Only
1. 1133 Purchases & Sales Involving Foreign Currency
2. 1138 P1 Forward Contract to Manage Foreign Currency Risk from Purchase
3. 1138 P2 Forward Contract to Hedge Commitment Agreement to Purchase
4. 1138 P3 Forward Contract as a Cash Flow Hedge
5. 1138 P4 Forward Contract for Speculative Purposes Only
6. 1140 C A1 Forward Exchange Contract Designated as Cash Flow Hedge & Re-Designated as Fair Value Hedg
7. 1140 C1 Forward Exchange Contract to Manage Foreign Currency Net Asset Position
8. 1140 C2 Forward Exchange Contract to Hedge Foreign Currency Payable Commitment
9. 1140 C3 A2 Forward Exchange Contract Designated as Cash Flow Hedge from Time the Contract is Made to
10. 1140 C4 Forward Exchange Contract for Speculation Only
1. 1210 Attempts to Converge to One Set of Global Accounting Standards
2. 1220 Functional Currency
3. 1225 Translation vs Remeasurement
4. 1230 Translate Financial Statements of Foreign Subsidiary
5. 1240 Remeasure Financial Statement of Foreign Subsidiary
6. 1245 Other Foreign Operations Issues

About this course

$49.99
156 lessons
51 hours of video content

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Description

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.

Who this course is for:

Accounting Students
Accounting Professionals

Robert (Bob) Steele CPA CGMA CPI MStax

Instructor

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele’s teaching philosophy is to make content applicable, understandable, and accessible.

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge.