Advanced Financial Accounting
General
- Undergraduate; 3rd year, 4th year
- 12 learners; teams of 4
- 8 hours per learner
- Dates set by experience
- Educators assign learners to projects
Preferred companies
- 1 projects wanted
- Canada
- Academic experience
- Any company type
- Any industries
Categories
Skills
Project timeline
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November 8, 2023Experience start
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December 5, 2023Experience end
Overview
- Details
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Looking to elevate your organization, and bring it to the next level? Bring on learners from Cape Breton University to be your learner-consultants, in a project-based experience. Learners will work on one main project over the experience of the semester, connecting with you as needed with virtual communication tools.
Learners in this program/experience will gain an understanding of accounting issues and practices relating to long-term intercorporate investments and financial statement consolidation. Emphasis will be placed on the direct approach of preparing consolidated financial statements. Students are focused on following International Financial Reporting Standards (IFRS), but have also reviewed and are comfortable with GAAP for private enterprises (ASPE). Students can assist with major topics such as investment in equity securities, business combinations, consolidated financial statements, intercompany profits & losses, ownership issues, and other consolidation reporting issues.
- Learner skills
- Financial statements, Generally accepted accounting principles, Controlling interest, Consolidated financial statement, Securities (finance), Online communication, International financial reporting standards, Accounting, Investments, Equities
- Deliverables
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Deliverables are negotiable, and will seek to align the needs of the learners and the organization.
Some final project deliverables might include:
- Preparing consolidated financial statements and calculating goodwill and non-controlling interest.
- Preparing a report on recommended journal entries and disclosures required for investments in equity securities.
Project Examples
Learners in groups of 3-5 will work with your company to identify your needs and provide actionable recommendations, based on their in-depth research and analysis.
Project activities that learners can complete may include, but are not limited to:
- Understanding investments in equity securities and preparing necessary journal entries and any disclosure requirements.
- Using the acquisition method for reporting.
- Preparing required journal entries and balance sheets for business combinations.
- Preparing a consolidated balance sheet for an acquisition of a non-wholly owned subsidiary.
- Preparing consolidated financial statements and calculating goodwill and non-controlling interest.
- Eliminating unrealized intercompany profits in inventory and land.
Additional company criteria
Companies must answer the following questions to submit a match request to this experience:
Be available for a quick phone/virtual call with the instructor to initiate your relationship and confirm your scope is an appropriate fit for the experience.
Provide a dedicated contact person who is available for weekly/bi-weekly drop-ins to address learners’ questions as well as periodic messages over the duration of the project.
Provide an opportunity for learners to present their work and receive feedback.
Provide relevant information and/or data as needed for the project.
How is your project relevant to the experience?