ACC 415 Advanced Financial Accounting (3)

Accounting topics relating to consolidation requirements and introduction to the fundamentals of fund accounting, including the general fund, restricted funds, debt service funds, enterprise funds, general long-term account group, general fixed assets accounting group, and accounting entries for encumbrances. Pre: 323 with C- or better.

Subjects:

  • Issues at the date of acquisition
    • Types of acquisitions (direct, indirect, statutory mergers)
    • Recording acquisitions as purchase or pooling
    • Allocating excess of cost over book value
  • Issues subsequent to acquisition
    • Maintaining the investment account (cost vs equity method)
    • Amortizing excess cost over book (specific adjustments to assets, liabilities, expenses, revenues)
    • Upstream vs downstream sales
    • Eliminations for intercompany sales of inventory
    • Eliminations for intercompany receivables/payables
    • Eliminations for intercompany sales of non-current assets, subsequent depreciation
  • Financial Reporting
    • Required disclosures
    • Computing net income due to minority shareholders
    • Segment reporting (Optional)
  • Introduction to the fundamentals of fund accounting
    • General fund
    • Restricted funds
    • Debt Service funds
    • Enterprise funds
    • Government-wide financial statements,
    • Government-wide disclosures,
    • Accounting entries for encumbrances