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Master Syllabus

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Administrative Unit: Business Administration Department
Course Prefix and Number: BUSI 588
Course Title: Advanced Financial Accounting
Number of:
Credit Hours 3
Lecture Hours 0
Lab Hours 0
Catalog Description:

Policies and procedures used in preparing financial statements of consolidated corporations and partnerships, including foreign currency transactions.  Prerequisite: ACCT 384 or BUSI 584.

Prerequisite(s) / Corequisite(s):

ACCT 384 or BUSI 584.

Text(s): Most current editions of the following:


Fundamentals of Advanced Accounting
By Hoyle, et al. (McGraw-Hill)
Advanced Financial Accounting
By Baker, Lembke, King (McGraw Hill/Irwin)
Course Objectives
  • To understand the policies and procedures used in preparing financial statements of consolidated corporations and partnerships, including foreign currency transactions.
Measurable Learning
  • Describe the various forms of business combinations.
  • Prepare Consolidated Financial Statements at date of acquisition and at subsequent dates.
  • Properly account for changes in Ownership Interest, Indirect Ownership and Reciprocal Stockholdings.
  • Properly account for the elimination of unrealized profit in intercompany sales of inventory, equipment and other assets.
  • Properly account for intercompany debt and cash flows.
  • Properly account for foreign currency transactions.
  • Translate foreign currency financial statements.
  • Properly account for partnerships.
Topical Outline:
  • The Equity Method of accounting for investments
  • Consolidation of financial information
  • Consolidations -- subsequent to the date of acquisition
  • Consolidated financial statements and outside ownership
  • Consolidated financial statements -- Intra-Entity Asset Transactions
  • Variable interest entities, Intra-Entity Debt, consolidated cash flows and other issues
  • Foreign currency transactions and hedging foreign exchange risk
  • Translation of foreign currency financial statements
  • Partnerships: formation and operation
  • Partnerships: termination and liquidation

Recommended maximum class size for this course: 15

Library Resources:

Online databases are available at You may access them using your CougarTrack login and password when prompted.

Prepared by: Thomas Stauder Date: May 14, 2013
NOTE: The intention of this master course syllabus is to provide an outline of the contents of this course, as specified by the faculty of Columbia College, regardless of who teaches the course, when it is taught, or where it is taught. Faculty members teaching this course for Columbia College are expected to facilitate learning pursuant to the course objectives and cover the subjects listed in the topical outline. However, instructors are also encouraged to cover additional topics of interest so long as those topics are relevant to the course's subject. The master syllabus is, therefore, prescriptive in nature but also allows for a diversity of individual approaches to course material.

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