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Business Combinations and Consolidated Financial Reporting - v10 (Course Id 883)

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Author : Jae K. Shim, Ph.D., CPA
Course Length : Pages: 60 ||| Review Questions: 21 ||| Final Exam Questions: 20
CPE Credits : 4.0
IRS Credits : 0
Price : $35.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 883

Description :

This course reviews the two standards reflected in the Codification as ASC 805, Business Combinations, and ASC 810, Consolidation. These statements, which require prospective treatment for new business combinations having fiscal years beginning after December 15, 2008, mandate what is referred to as the acquisition method. This course highlights recent FASB guidance in the definition of a business, simplifying the test for goodwill impairment, and private company goodwill alternative.

This course emphasizes both the theory and practice relating to the acquisition method standards. A comparison of old (e.g., poolings of interest and purchase methods) and acquisition method rules will prepare practitioners for dealing with the variety of practices they will encounter at their clients or employers. This course also addresses the preparation of consolidated financial statements, the appropriate treatment of the costs affecting a combination, and other related issues. 

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 02-Jan-2021
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 883

Keywords : Accounting, Business, Combinations, Consolidated, Financial, Reporting, v10, cpe, cpa, online course
Learning Objectives :

Chapter 1
Business Combinations

After studying this chapter you will be able to:
  • Analyze transactions under the new definition of a business
  • Recognize the accounting and reporting requirements for a business combination using the acquisition method
  • Recognize accounting alternative for goodwill available to private (nonpublic) companies

Chapter 2
Consolidated Financial Reporting

After studying this chapter you will be able to:
  • Recognize when financial statement consolidation is appropriate
  • Identify how consolidation is reported and disclosed
  • Calculate different valuations recorded in a combined financial statement
Course Contents :

Chapter 1:    Business Combinations

Learning Objectives


Relevant Accounting Pronouncements

General Rules

Definition of Business


Key Concepts

Forms of Business Combinations

The Acquisition Method

Accounting and Reporting Under the Acquisition Method

Statutory Merger

Statutory Consolidation


Treatment of Intangible Assets

Definition of Goodwill under the Acquisition Method

Treatment of Goodwill

Chapter 1 Review Questions - Section 1

Income Statement Reporting

Direct Combination Costs and Stock Issuance Costs

Restructuring Costs

Preacquisition Contingencies

Contingent Consideration

Pushdown Accounting

Contrast of Acquisition Method with Purchase and Pooling of Interests Methods

Steps to Accounting under the Acquisition Method

Research and Development Costs Acquired as Part of a Business Combination

Income Taxes


Chapter 1 Review Questions - Section 2

Chapter 2:    Consolidated Financial Reporting

Learning Objectives

Relevant Authoritative Pronouncements

Exceptions to Consolidation of Majority Owned Subsidiaries

Steps to Achieve Consolidation

Consolidation Worksheet Entries and Examples

Comprehensive Consolidation Problem—Acquisition Method

Consolidation of Noncontrolling (Minority) Interests

Chapter 2 Review Questions - Section 1

Contrast of Acquisition and Purchase Methods for Noncontrolling (Minority) Interests


Consolidation Reporting—Other Topics


Accounting for Transfers of Financial Assets (ASC 860)

Accounting Treatment

Variable Interest Entities (VIEs)

Fair Value Option Relating to VIEs

Private Companies



Combined Financial Statements

Chapter 2 Review Questions - Section 2

Appendix - Annual Report Reference

International Business Machines Corporation


CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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