ACC2004 Accounting II
This advanced course builds on foundational knowledge of financial accounting systems, focusing on the application of advanced accounting theories and standards to complex financial scenarios. The course emphasizes interpreting and applying accounting standards, such as IFRS and GAAP, in global economic environments. Students will explore advanced topics in revenue recognition, fair value measurements, and consolidation of financial statements.
Critical distinctions between accrual and cash accounting will be revisited, with a deeper analysis of how different accounting choices affect financial reporting and decision-making. The course also emphasizes advanced accounting for liabilities, equity transactions, and sophisticated financial instruments, including derivatives and hedge accounting.
Key Topics Covered Include:
- Advanced Financial Statement Analysis: Develop a deep understanding of financial statement interpretation, focusing on complex items such as deferred taxes, pensions, and foreign currency transactions.
- Revenue Recognition and Fair Value Measurement: Explore the advanced revenue recognition principles under GAAP and IFRS, including contract management and the use of fair value in financial reporting.
- Consolidation of Financial Statements: Gain expertise in the consolidation process for complex group structures, including accounting for subsidiaries, associates, and joint ventures.
- Advanced Accounting for Liabilities and Equity Transactions: Analyze the accounting treatment for long-term liabilities, equity transactions, stock-based compensation, and dividends.
- Accounting for Derivatives and Hedge Accounting: Learn the principles and rules of accounting for derivatives and hedge accounting, focusing on risk management in financial reporting.
- Advanced Cash Flow Analysis: Develop the ability to interpret and construct detailed statements of cash flows, focusing on complex activities, including mergers and acquisitions and foreign currency translations.
- International Accounting Standards (IFRS) vs. GAAP: Examine the key differences between IFRS and GAAP standards, with a focus on their practical application in global financial reporting environments.
REFERENCE MATERIALS
for
Full-CLC Students
Based on your HESEAP application, you have been awarded full CLC for this course, classifying it as a test-out course, meaning no traditional instruction will be provided. Your CLC award signifies that you possess knowledge, whether gained through prior education or experience, equivalent to or surpassing what would typically be learned in a traditional college setting. Consequently, classroom attendance is not required; however, you are required to successfully pass a final exam for the course.
USILACS remains committed to fostering your academic success. Should you find a refresher necessary or wish to deepen your understanding of the subject, it is recommended that you explore a variety of free online educational resources on the suggested topics below.
Thousands of FREE Online College Courses:
Search Topics: Publications/Videos/Papers
The majority of the exam questions for this course are based upon information contained in the below search topics.
- Financial Accounting Standards Board (FASB)
- Source: https://www.fasb.org
- Description: The official site of the Financial Accounting Standards Board (FASB) provides access to GAAP and updates on accounting standards in the US It serves as an essential resource for understanding US accounting principles, revenue recognition, and financial statement reporting.
- International Financial Reporting Standards (IFRS) Foundation
- Source: https://www.ifrs.org
- Description: The IFRS Foundation’s website offers detailed information on global IFRS standards. This site is valuable for understanding the principles and differences between IFRS and GAAP, especially in global financial reporting.
- AccountingTools: Advanced Financial Accounting
- Source: https://www.accountingtools.com
- Description: AccountingTools provides comprehensive guides on advanced accounting topics, including revenue recognition, consolidation, derivatives, and hedge accounting. This site helps expand practical knowledge of accounting treatments and financial reporting.
- PwC IFRS and GAAP Comparison
- Source: https://www.pwc.com/ifrs
- Description: PwC’s comparison of IFRS and GAAP standards offers valuable insight into the differences between these two accounting frameworks. This resource is critical for professionals dealing with multinational corporations and those interested in international accounting practices.
Please note that USILACS is not the source of the above links; therefore, we do not have control over their accessibility. Some links may no longer be active, and in such cases, we encourage you to copy and paste the title into Google or YouTube to find an alternative source. Should you encounter an inactive link, feel free to contact our academic team at academics@usilacs.org for assistance or to notify them so that the link can be updated.
Occasionally, the links may prompt you to download reference material in PDF format. While we have made every effort to ensure the safety of the sources, we encourage you to take precautions to verify the security of any downloads on your device.
Although comprehensive study materials have been provided, you can search for the topics and titles on Google and YouTube if additional resources are needed.
Tips for Success
Remember that the exams are open-book, meaning you can keep reference materials open in other tabs for easy access during the exam. Some reference materials are extensive, with hundreds of pages. To quickly find answers, follow these steps:
- Choose a keyword or phrase from the exam question.
- Open the reference material.
- Press ‘Ctrl’ + ‘F’ on your keyboard to open a search bar.
- Enter your keyword or phrase and click search. This will display all instances of that word or phrase within the document, allowing for more efficient navigation.