This course covers the accounting for business combinations (ASC 805), the preparation of consolidated financial statements (ASC 810), and other related topics including, but not limited to: step-by-step acquisition, deconsolidation, segments reporting, and the goodwill impairment test. This course begins with a discussion of the scope of ASC 805 and the differences between business combinations and asset acquisitions. Next, the course explores the measurement and recognition principles of the acquisition method to account for business combinations. Then, the course covers the consolidation process. You will learn how to prepare the consolidated financial statements and make all of the necessary consolidation adjustments.
Offered By
Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements
University of Illinois at Urbana-ChampaignAbout this Course
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Flexible deadlines
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Shareable Certificate
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100% online
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Advanced Level
Approx. 25 hours to complete
English
Subtitles: French, Portuguese (European), Russian, English, Spanish
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Advanced Level
Approx. 25 hours to complete
English
Subtitles: French, Portuguese (European), Russian, English, Spanish
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Start working towards your Master's degree
This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign.
If you are admitted to the full program, your courses count towards your degree learning.
Syllabus - What you will learn from this course
1 hour to complete
Course Orientation
You will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
1 hour to complete
3 videos (Total 5 min), 4 readings, 1 quiz
3 hours to complete
Module 1: Control of a Business
In this module, you will be introduced to the concepts of control over a business. You will learn different accounting methods used to account for investments in equity securities, the basics of control, the scope of "Business Combination" (ACS 805), as well as the methods to record an acquisition of a group under asset acquisition and business combination.
3 hours to complete
5 videos (Total 30 min), 1 reading, 5 quizzes
2 hours to complete
Module 2: Acquisition Method
In this module, you will be introduced to the acquisition method of accounting for a business combination. You will learn the measurement principles for an acquisition and the goodwill equation to calculate the goodwill or gain from a bargain purchase as a result of the business combination. You will also learn how to prepare the consolidated financial statements on the business combination date.
2 hours to complete
4 videos (Total 30 min), 1 reading, 4 quizzes
2 hours to complete
Module 3: Components of Consideration Transferred in a Business Combination
In this module, you will be introduced to different components of consideration transferred in a business combination. You will learn the measurement principles of share-based payment awards and will examine a real-life merger between Express Scrips and Medco companies. Moreover, you will be introduced to the concept of contingent consideration and learn the methods to classify, recognize, and record contingent considerations.
2 hours to complete
4 videos (Total 36 min), 1 reading, 3 quizzes
3 hours to complete
Module 4: Assets Acquired and Liabilities Assumed
In this module, you will gain a deeper understanding of the assets acquired and liabilities assumed in a business combination. You will be introduced to different types of identifiable assets acquired, such as defensive intangible assets and in-process research and development (IPR&D), and the rules to recognize and measure them under US GAAP and IFRS. You will also learn the difference between a taxable transaction and a non-taxable transaction, and how to calculate deferred taxes on an acquisition date.
3 hours to complete
5 videos (Total 35 min), 1 reading, 5 quizzes
Reviews
- 5 stars78.47%
- 4 stars16.66%
- 3 stars1.38%
- 2 stars0.69%
- 1 star2.77%
TOP REVIEWS FROM ADVANCED FINANCIAL REPORTING: ACCOUNTING FOR BUSINESS COMBINATIONS AND PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS
by KRJul 1, 2020
Excellent class for anyone in financial reporting looking to brush up on some more technical areas.
by ASJul 2, 2022
Brilliant topics and explanations. really insightful to me and will recommend it to my colleagues.
With regards,
Ali
by CHMar 18, 2021
A well-structured and delivered course. The only peeve I had was the writing in some of the lecture videos. It was difficult to understand at times.
by YMAug 9, 2021
This is a rare intermediate accounting course I was looking for. Well supported by good course materials and lectures are easy to understand.
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