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Michael Kustanovich, CPA
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.
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Syllabus
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.
Read more
Syllabus
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.
Read more
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Covers accounting for business combinations and financial statement preparation, essential for financial professionals
Led by Michael Kustanovich, CPA, who has expertise in the field
Explores consolidation adjustments and impairment testing, valuable for practitioners dealing with mergers and acquisitions
Requires familiarity with accounting principles, indicating suitability for intermediate learners seeking to enhance their skills
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Reviews summary
Advanced financial reporting deep dive
According to learners, this course offers a comprehensive and detailed dive into advanced financial reporting topics, particularly business combinations (ASC 805) and consolidated financial statements (ASC 810). Many students praise the clear explanations and the inclusion of practical, real-world examples, finding the material directly applicable to their professional roles. While the subject matter is inherently complex and the course is best suited for those with prior accounting knowledge, learners widely agree it provides a solid foundation and deepens understanding of these intricate standards.
Offers helpful real-world examples.
"Using real-life examples made the concepts much clearer."
"The exercises mirror practical situations I encounter at work."
"I can now apply these consolidation techniques effectively."
"The examples provided helped solidify my understanding."
Covers ASC 805 & 810 in detail.
"The course provides a comprehensive overview of accounting for business combinations..."
"I feel I have a solid understanding of ASC 805 and 810 now."
"Everything from step acquisitions to consolidation is covered."
"Detailed explanations on goodwill impairment and segments."
Assumes prior accounting foundation.
"This course is definitely not for beginners in accounting."
"Make sure you have a solid grasp of intermediate accounting before starting."
"A strong accounting background is essential for success here."
Deals with complex financial topics.
"This topic is inherently complex, and the course navigates it well."
"Be prepared for challenging material, it's truly advanced."
"Requires focus, but rewards the effort in understanding."
"The concepts covered are quite intricate."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements with these
activities:
Find a Mentor in the Accounting Field
Show steps
Seek out a mentor who can provide guidance and support as you learn about accounting for business combinations.
Show steps
-
Identify potential mentors who have experience in accounting for business combinations.
-
Reach out to potential mentors and ask if they are willing to mentor you.
Review FASB ASC 805
Show steps
Review the relevant sections of FASB ASC 805 to reinforce your understanding of the accounting for business combinations.
Show steps
-
Read the sections of FASB ASC 805 that relate to business combinations.
-
Make notes on the key concepts and requirements.
Attend a Workshop on Business Combinations
Show steps
Attend a workshop to learn more about the accounting for business combinations, which will be covered in Module 2.
Show steps
-
Find a workshop on business combinations that is offered by a reputable organization.
-
Register for the workshop and attend all of the sessions.
-
Take notes on the key concepts and requirements.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice Consolidated Balance Sheet by the Acquisition Method
Show steps
Practice the basic steps of preparing consolidated financial statements, which will be covered in Module 2.
Browse courses on
Consolidated Financial Statements
Show steps
-
Read about the different types of business combinations.
-
Practice preparing the consolidated balance sheet as of the acquisition date.
Discuss Consolidation Adjustments
Show steps
Participate in a study group to discuss consolidation adjustments, which will be covered in Module 5.
Browse courses on
Consolidated Financial Statements
Show steps
-
Meet with a group of classmates to discuss consolidation adjustments.
-
Share your understanding of the different types of consolidation adjustments.
-
Work together to solve problems related to consolidation adjustments.
Practice Goodwill Impairment Test
Show steps
Practice the steps involved in the goodwill impairment test, which will be covered in Module 8.
Show steps
-
Read about the different methods for calculating goodwill.
-
Practice calculating the goodwill impairment charge.
Follow a Tutorial on Goodwill Impairment Test
Show steps
Follow a tutorial to learn how to perform the goodwill impairment test, which will be covered in Module 8.
Show steps
-
Find a tutorial on the goodwill impairment test that is offered by a reputable source.
-
Follow the steps in the tutorial to learn how to perform the goodwill impairment test.
-
Practice performing the goodwill impairment test on your own.
Prepare a Consolidated Financial Statement Analysis
Show steps
Complete a project that will test your understanding of how to prepare and analyze consolidated financial statements.
Browse courses on
Consolidated Financial Statements
Show steps
-
Choose a company that has recently acquired another company.
-
Gather the financial statements of the acquiring and acquired companies.
-
Prepare the consolidated financial statements for the combined company.
-
Analyze the consolidated financial statements to identify any trends or areas of concern.
Find a Mentor in the Accounting Field
Show steps
Seek out a mentor who can provide guidance and support as you learn about accounting for business combinations.
Show steps
Show steps
Show steps
- Identify potential mentors who have experience in accounting for business combinations.
- Reach out to potential mentors and ask if they are willing to mentor you.
Review FASB ASC 805
Show steps
Review the relevant sections of FASB ASC 805 to reinforce your understanding of the accounting for business combinations.
Show steps
Show steps
Show steps
- Read the sections of FASB ASC 805 that relate to business combinations.
- Make notes on the key concepts and requirements.
Attend a Workshop on Business Combinations
Show steps
Attend a workshop to learn more about the accounting for business combinations, which will be covered in Module 2.
Show steps
Show steps
Show steps
- Find a workshop on business combinations that is offered by a reputable organization.
- Register for the workshop and attend all of the sessions.
- Take notes on the key concepts and requirements.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice Consolidated Balance Sheet by the Acquisition Method
Show steps
Practice the basic steps of preparing consolidated financial statements, which will be covered in Module 2.
Browse courses on
Consolidated Financial Statements
Show steps
Show steps
Show steps
- Read about the different types of business combinations.
- Practice preparing the consolidated balance sheet as of the acquisition date.
Discuss Consolidation Adjustments
Show steps
Participate in a study group to discuss consolidation adjustments, which will be covered in Module 5.
Browse courses on
Consolidated Financial Statements
Show steps
Show steps
Show steps
- Meet with a group of classmates to discuss consolidation adjustments.
- Share your understanding of the different types of consolidation adjustments.
- Work together to solve problems related to consolidation adjustments.
Practice Goodwill Impairment Test
Show steps
Practice the steps involved in the goodwill impairment test, which will be covered in Module 8.
Show steps
Show steps
Show steps
- Read about the different methods for calculating goodwill.
- Practice calculating the goodwill impairment charge.
Follow a Tutorial on Goodwill Impairment Test
Show steps
Follow a tutorial to learn how to perform the goodwill impairment test, which will be covered in Module 8.
Show steps
Show steps
Show steps
- Find a tutorial on the goodwill impairment test that is offered by a reputable source.
- Follow the steps in the tutorial to learn how to perform the goodwill impairment test.
- Practice performing the goodwill impairment test on your own.
Prepare a Consolidated Financial Statement Analysis
Show steps
Complete a project that will test your understanding of how to prepare and analyze consolidated financial statements.
Browse courses on
Consolidated Financial Statements
Show steps
Show steps
Show steps
- Choose a company that has recently acquired another company.
- Gather the financial statements of the acquiring and acquired companies.
- Prepare the consolidated financial statements for the combined company.
- Analyze the consolidated financial statements to identify any trends or areas of concern.
Career center
Learners who complete Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements will develop knowledge and skills
that may be useful to these careers:
Auditor
Auditor
Auditors ensure the accuracy and fairness of financial statements, which are essential to investors and other stakeholders. This course provides Auditors with a comprehensive understanding of the accounting principles related to business combinations and consolidation, as well as the ability to prepare consolidated financial statements. The course also covers the goodwill impairment test, which is crucial for Auditors to assess the value of a company's intangible assets.
Financial Controller
Financial Controller
Financial Controllers oversee the financial operations of a company, including financial reporting and accounting for business combinations. This course provides Financial Controllers with the knowledge and skills to prepare consolidated financial statements and ensure compliance with accounting standards. The course also covers the goodwill impairment test, which is crucial for Financial Controllers to assess the value of a company's intangible assets.
Manager of Financial Reporting
Manager of Financial Reporting
Managers of Financial Reporting are responsible for the preparation and disclosure of a company's financial statements. This course provides Managers of Financial Reporting with the knowledge and skills to prepare consolidated financial statements and ensure compliance with accounting standards. The course also covers the goodwill impairment test, which is crucial for Managers of Financial Reporting to assess the value of a company's intangible assets.
Vice President of Finance
Vice President of Finance
Vice Presidents of Finance are responsible for the overall financial management of a company. This course provides Vice Presidents of Finance with a deep understanding of the accounting and financial reporting aspects of business combinations, which are essential for making informed financial decisions. The course also covers the goodwill impairment test, which is crucial for Vice Presidents of Finance to assess the value of a company's intangible assets.
Investment Banker
Investment Banker
Investment Bankers facilitate the flow of capital between investors and businesses by advising on mergers, acquisitions, and other financial transactions. This course provides Investment Bankers with a solid foundation in the accounting and financial reporting aspects of business combinations, which are essential for evaluating the financial viability of potential deals. The course also covers the goodwill impairment test, which is crucial for Investment Bankers to assess the value of a company's intangible assets.
Corporate Accountant
Corporate Accountant
Corporate Accountants are responsible for managing the financial operations of a company. This course provides Corporate Accountants with a comprehensive understanding of the accounting principles related to business combinations and consolidation, as well as the ability to prepare consolidated financial statements. The course also covers the goodwill impairment test, which is essential for Corporate Accountants to assess the value of a company's intangible assets.
Chief Financial Officer (CFO)
Chief Financial Officer (CFO)
Chief Financial Officers (CFOs) are responsible for the overall financial health of a company. This course provides CFOs with a deep understanding of the accounting and financial reporting aspects of business combinations, which are essential for making informed financial decisions. The course also covers the goodwill impairment test, which is crucial for CFOs to assess the value of a company's intangible assets.
Certified Public Accountant (CPA)
Certified Public Accountant (CPA)
Certified Public Accountants (CPAs) provide a wide range of accounting and auditing services to businesses and individuals. This course provides CPAs with the knowledge and skills to audit and prepare consolidated financial statements, including accounting for business combinations. The course also covers the goodwill impairment test, which is crucial for CPAs to assess the value of a company's intangible assets.
Director of Accounting
Director of Accounting
Directors of Accounting oversee the accounting and financial reporting operations of a company. This course provides Directors of Accounting with a deep understanding of the accounting and financial reporting aspects of business combinations, which are essential for making informed financial decisions. The course also covers the goodwill impairment test, which is crucial for Directors of Accounting to assess the value of a company's intangible assets.
Financial Analyst
Financial Analyst
Financial Analysts provide valuable guidance to businesses by making recommendations and evaluating the feasibility of potential investments. This course helps build a foundation for a career as a Financial Analyst by providing an in-depth understanding of the financial reporting process, including the preparation of consolidated financial statements and accounting for business combinations. The course also covers the goodwill impairment test, which is an essential tool for Financial Analysts to assess the value of a company's intangible assets.
Forensic Accountant
Forensic Accountant
Forensic Accountants investigate financial crimes and fraud. This course provides Forensic Accountants with the knowledge and skills to analyze financial statements and identify potential financial irregularities, including those related to business combinations and the goodwill impairment test.
Financial Risk Manager
Financial Risk Manager
Financial Risk Managers identify and manage financial risks within a company. This course provides Financial Risk Managers with the knowledge and skills to assess the financial impact of business combinations and the goodwill impairment test on a company's financial performance.
Consultant
Consultant
Consultants provide expert advice to businesses on various aspects of their operations, including financial management. This course equips Consultants with the knowledge and skills to advise clients on accounting for business combinations and the preparation of consolidated financial statements. The course also covers the goodwill impairment test, which is an important tool for Consultants to assess the value of a company's intangible assets.
Tax Accountant
Tax Accountant
Tax Accountants specialize in taxation and accounting. This course provides Tax Accountants with the knowledge and skills to understand the tax implications of business combinations and the goodwill impairment test.
Portfolio Manager
Portfolio Manager
Portfolio Managers make investment decisions for individuals and institutions. This course provides Portfolio Managers with the knowledge and skills to analyze financial statements and make informed investment decisions, including assessing the impact of business combinations and the goodwill impairment test on a company's financial performance.
For more career information including salaries, visit:
OpenCourser.com/course/6kwc5g/advanced
Reading list
We've selected six books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Advanced Financial Reporting: Accounting for Business Combinations and Preparation of Consolidated Financial Statements.
As a widely used textbook in accounting education, this book offers a comprehensive overview of intermediate accounting concepts and procedures. While it covers a broad range of topics, it provides a solid foundation for understanding the accounting for business combinations and the preparation of consolidated financial statements.
As the official standard issued by the IASB, this document provides the authoritative guidance on the preparation of consolidated financial statements under IFRS. It is essential reading for professionals who need to stay up-to-date with the latest international accounting requirements.
This professional guide provides a clear and concise overview of the consolidation process. It covers the key principles and procedures involved in consolidating financial statements, making it a useful reference tool for accountants and financial analysts.
This comprehensive textbook provides a solid foundation in financial reporting and analysis. It covers the essential concepts and principles underlying the preparation and interpretation of financial statements, including those related to business combinations and consolidations.
This practical guide provides a clear understanding of the accounting for intangible assets. It offers practical guidance and case studies to assist professionals in identifying, valuing, and reporting intangible assets in accordance with applicable accounting standards.
Save
This comprehensive textbook provides an in-depth analysis of financial statement analysis and reporting. It covers the essential concepts and techniques used to evaluate the financial performance and condition of companies, including those related to business combinations and consolidations.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/6kwc5g/advanced
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Level
Advanced
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University of Illinois at Urbana-Champaign
Instructor
Michael Kustanovich, CPA
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