Accounting for Business Combinations and Consolidated Financial Reporting

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

Additional Info:

Access the OnDemand Course:

• Login: Please login to the course at http://www.ficpa.org/gleimsso.
• Enter the OnDemand Course: Once logged, in, click on the Online CPE: Transcript button.
• Access the OnDemand Course: Click the Continue button next to the OnDemand title that you are registered for.
  

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