ACA110 - Advanced Financial Reporting

Outline information
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Last revision date Feb 7, 2019 12:35:47 PM
Last review date Mar 18, 2019 12:15:00 AM

Subject Title
Advanced Financial Reporting

Subject Description
This course continues the study of financial accounting at an advanced level and introduces current topics in accounting relevant to today?s changing environment. The goal of the course is to improve students? ability to exercise good judgement in determining the most appropriate accounting policies for particular transactions. To this end, the students will develop a more in-depth understanding of the inter-relationships of the objectives of financial reporting, underlying accounting concepts and generally accepted accounting principles. The case study approach will be used and advanced accounting topics that will be covered intensively are:

  1. More complex revenue and expense recognition situations
  2. Long-term corporate investments and business combinations
  3. Foreign currency denominated transactions
  4. The translation of financial statements from foreign companies
  5. Financial reporting for non-business organizations
  6. Interests in joint ventures

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see

The minimum grade to pass this course is C (60%) and the minimum program GPA to graduate from the Advanced Accounting & Finance program is 60% or C.


Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Apply basic accounting concepts, GAAP, and develop explicit criteria for exercising professional judgment in determining the most appropriate accounting policies for particular situations.
  2. Apply general standards of financial statement presentation and differential reporting.
  3. Report on financial instruments applying basic recognition, measurement and disclosure techniques.
  4. Identify and explain the theoretical concepts and alternative methods of recording and reporting corporate investments in common shares.
  5. Perform the mechanics involved in recording and reporting the acquisition of subsidiary companies using the acquisition method and in preparing financial statements at the date of acquisition and dates subsequent to acquisition.
  6. Record and report on the alternative approached to accounting for foreign transactions.
  7. Perform the mechanics involved in translating foreign transactions of a Canadian company & the financial statements of Canadian owned foreign operations including consolidation.
  8. Explain, record, and report on not-for-profit organizations emphasizing the principles and procedures that differ from conventional accounting under GAAP and also explain find and deferral accounting.
  9. Determine the appropriate accounting and disclosure for interest in joint ventures.

Academic Integrity
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Please visit the Academic Integrity website to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.