1 Apply basic accounting concepts, GAAP, and develop explicit criteria for exercising professional judgment in determining the most appropriate accounting policies for particular situations.
Advanced Financial Accounting
This subject continues the study of financial accounting at an advanced level and introduces current topics in accounting relevant to today?s changing environment. It is expected to improve student?s ability to exercise good judgement in determining the most appropriate accounting policies for particular transactions. To this end, the students will develop a more in-depth understanding of the inter-relationships of the objectives of financial reporting, underlying accounting concepts and generally accepted accounting principles. The case study approach will be utilized in appropriate situations. The advanced accounting topics that will be covered intensively are:
i. More complex revenue and expense recognition situations
ii. Long-term corporate investments and business combinations
iii. Foreign currency denominated transactions
iv. The translation of financial statements from foreign companies?
v. Financial reporting for non-business organizations
vi. Interests in joint ventures
Upon successful completion of this subject the student will be able to:
1 Apply basic accounting concepts, GAAP, and develop explicit criteria for exercising professional judgment in determining the most appropriate accounting policies for particular
2. Apply general standards of financial statement presentation and differential reporting.
3. Report on financial instruments applying basic recognition, measurement and disclosure techniques.
4 Identify and explain the theoretical concepts and alternative methods of recording and reporting corporate investments in common shares.
5. Perform the mechanics involved in recording and reporting the acquisition of subsidiary companies using the acquisition method and in preparing financial statements at the date of
acquisition and dates subsequent to acquisition.
6. Record and report for foreign transactions.
7.Perform the mechanics involved in translating the financial statements of Canadian owned foreign operations including consolidation.
8.Explain, record and report on not-for-profit organizations emphasizing the principles and procedures that differ from conventional accounting under GAAP and also explain fund
and deferral accounting .
9.Determine the appropriate accounting and disclosure for interest in joint ventures.
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