Accounting for Business Combinations and Consolidated Financial Reporting (17-1)

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Overview

6.0 Credits
ONLINE

High quality on-demand CPE courses which are available anytime. All our on-demand CPE courses are in compliance with standards issued by the AICPA and NASBA.

Objectives

After completing this course, you will be able to (1) distinguish situations in which consolidated reporting is necessary from those in which it is not; (2) apply the major principles of the acquisition method of accounting for a business combination, including recognition of goodwill and gain from bargain purchase; (3) account for contingent consideration transferred in a business combination; (4) apply the proper accounting treatment for costs associated with a business combination; (5) prepare consolidated financial statements on, and subsequent to, the acquisition date; (6) account for intraentity transactions and perform the calculations necessary to record the eliminating journal entries; (7) account for changes in a parent’s ownership interest, including deconsolidation of a subsidiary and spin-off transactions; (8) identify the main concepts of the variable interest model; and (9) distinguish between the accounting for taxable and nontaxable business combinations.

Major Topics

Introduction and Definitions, Accounting for Business Combinations -- Acquisition Method, Preparation of Acquisition-Date Consolidated Balance Sheet, Consolidated Financial Reporting Subsequent to Acquisition Date, Intraentity Transactions -- Eliminating Journal Entries, Other Issues -- Changes in Parent’s Ownership Interest and Deconsolidation, Other Issues -- Business Combination Achieved in Stages, Other Issues -- Variable Interest Entities (VIEs), Other Issues -- Taxable and Nontaxable Business Combinations

Prerequisite

None
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