Business Combinations and Consolidated Financial Reporting (4 hrs)

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Course Description

Business Combinations & Consolidated Financial Reporting – 4 hrs. CPE

The accountant is frequently called upon to advise management of the impact of proposed business combinations, as well as to prepare consolidated financial statements for completed transactions. Knowledge of the emerging accounting rules in this area is critical in supporting both functions. This course explains the characteristics of a business and identifies transactions required the application of business combination accounting, which refers to acquisition method in ASC 805, Business Combinations. This course also explains how to apply the consolidation guidance in ASC 810, Consolidation.

Course Information

Price: $59
This course is included in our Mega CPE Special.


Course No. 7085
Format: Online pdf (88 pages). Printed book available.
Prerequisites: Basic accounting
Advance Preparation:None
Level: Basic
CPE Credit: 4 hrs.
Field of Study: Accounting
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: February 2022

Objectives

Upon completion of this course you should be able to:

          • Recognize major principles in a business combination and consolidations
          • Identify events that require the application of business combination accounting
          • Recognize how to account for transactions under the acquisition method
          • Identify considerations for noncontrolling interests
          • Recognize when financial statement consolidation is appropriate
          • Recognize how consolidation is reported and disclosed

Course Contents

Chapter 1: Business Combinations
Major Principles
Overview of Accounting Standards
Structure of a Combination
Pushdown Accounting
Determination of a Business
General Rules
Elements of a Business
Definition of a Business
Comprehensive Illustrations: Business Determination
Acquisition of Brands
Acquisition of Loan Portfolio
Acquisition of a Manufacturing Facility
Acquisition Method
General Rules
Other Considerations
Treatment of Goodwill Postacquisition
General Rules
Impairment Model
Goodwill Alternative
Other Matters
Contingent Consideration
Disclosures
Comprehensive Illustration: Business Combination Accounted for Under the Acquisition Method

Chapter 2: Consolidated Financial Reporting
Major Principles
Overview of Accounting Standards
Special Purpose Entities
Spin-Offs
Variable Interest Entities
Determination of a Primary Beneficiary
Fees Arrangement
Private Companies
Noncontrolling (Minority) Interests
Presentation and Disclosures
General Rules
Eliminations
Disclosure
Comprehensive Illustration: Consolidation
Other Matters
Combined Financial Statements
Transfers of Financial Assets (ASC 860)

Appendix: WarnerMedia-Discovery Merger

 

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