University of Arkansas − Fort Smith
5210 Grand Avenue
P. O. Box 3649
Fort Smith, AR 72913−3649
479−788−7000
General Syllabus
ACCT 4023 Advanced Accounting
Credit Hours: 3
Lecture Hours: 3
Laboratory Hours:
Prerequisite: ACCT 3013 Intermediate Accounting II and
Admission to the College of Business or consent of instructor
Effective Semester: Fall 2007
I.
Course Information
A. Catalog Description
Advanced study of accounting concepts and problems in the areas of business
combinations, partnerships, and international accounting.
II.
Student Learning Outcomes
A. Subject Matter
Upon successful completion of this course, the student will be able to:
1. Account for equity investments using the cost, fair value and equity methods of
accounting.
2. Understand the differences in the financial statements between consolidations under
the purchase method and the pooling-of-interest method.
3. Account for goodwill and the potential impairment of goodwill.
4. Prepare consolidated financial statements for related entities.
5. Understand the interim and segment reporting rules and the related disclosures that
are required.
6. Account for foreign currency transactions and hedges and be able to restate financial
information into the US dollar.
7. Be acquainted with standard setting processes and financial accounting and
reporting requirements in other countries.
8. Understand financial accounting for partnerships.
B. University Learning Outcomes
This course enhances student abilities in the following areas:
Communication Skills
Read and comprehend information, express ideas effectively in written and spoken
form, and listen effectively.
Global and Cultural Perspectives
Understand international accounting differences due to cultural differences.
Analytical Skills
Identify problems, isolate its components, organize information for decision making,
establish criteria for evaluation and draw appropriate conclusions.
Quantitative Reasoning
Read and analyze numerical data, create models, draw inferences, and support
conclusions.
III. Major Course Topics
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The Equity Method of Accounting for Investments
Consolidated Financial Information
Consolidations – Subsequent to the Date of Acquisition
Consolidated Financial Statements and Outside Ownership
Intercompany Asset Transactions
Variable Interest Entities, Intercompany Debt, and Consolidated Cash Flows
Segment and Interim Reporting
Foreign Currency Transactions and Hedging Foreign Exchange Risk
Translation of Foreign Currency Financial Statements
Worldwide Accounting Diversity and International Standards
Financial reporting and the SEC
Partnerships: Formation and Operations
Partnerships: Termination and Liquidation