ACCT 613 - Advanced Topics in Accounting

Advanced topics include accounting for local governments, not-for-profit organizations, foreign currency transactions and translation, and equity investments.

Prerequisites: ACCT 612 with grade C or better.
Possible Instructional Methods: On-ground, or Hybrid, or Online-Asynchronous.
Grading: A-F grading only.
Student Learning Outcomes - Upon successful completion of this course students will be able to:
 

1. Calculate gains or losses for transactions denominated in a foreign currency.
2. Demonstrate how hedging works and explain hedge accounting.
3. Identify appropriate method to account for equity investments, including fair value and equity method of accounting.
4. Explain consolidation issues and the development of FASB Accounting Standards Codification on consolidation.
5. Prepare consolidated financial statements with fully-owned and partially-owned subsidiaries as of the date of acquisition and for subsequent periods, including intercompany transfer of assets.
6. Demonstrate the translation of foreign currency financial statements and explain their impacts on the consolidated financial statements.
7. Identify the format and content of an Annual Comprehensive Financial Report for state and local governments.
8. Describe the accounting for encumbrances, nonexchange revenue transactions, expenditures, and interfund activities for state and local governments.
9. Identify the format and content of financial statements for private not-for-profit organizations.
10. Measure, record, and report revenues and expenses for private not-for-profit organizations.