COMM 5130 Advanced Financial Accounting

This course covers advanced financial accounting topics. The primary objective of this course is to provide an in-depth understanding of financial reporting issues related to business combinations, intercorporate investments, consolidated financial statements, corporate restructurings, and international transactions and operations. These transactions often have a major impact on the financial statements, and understanding the economic substance of the transactions and the way(s) they are reflected in corporate financial statements is critically important for professional accountants and financial analysts. Fall term. Combined undergraduate/graduate course.

Note: We recommend all accounting students to have had a course that focuses on accounting issues related to business combinations. Tax students who plan to work on corporations sometime in their career should strongly consider taking this course. Preparing consolidated returns requires an understanding of the complex rules detailed in the consolidated return regulations.  Fortunately, these regulations closely follow the logic of preparing consolidated financial statements, which is one of the topics covered in this course.