Apply and understand the procedures for intercompany transactions. Understand the concept and procedures for translating foreign currency financial statements. Apply the proper accounting procedures for formation and liquidation of a partnership. Understanding the procedures and purposes for segment reporting. The textbook decision for this course is made by the instructor.
Student needs a basic function calculator.
The course covers a theoretical discussion of accounting entities. Corporate combinations, pooling of interest and purchase acquisitions are studied. A worksheet format is used to complete the procedures for consolidating subsidiary and parent operations for presentation in the annual report of operations. Translation procedures for foreign currency financial statements are studied in addition to the procedures for accounting for foreign currency transactions, commitments and speculation in foreign currency. The requirements for determining reportable segments of a company and the disclosure of segment information in footnotes to financial statements is studied.