Chapter 26: Complex Illustrations, Case Studies, and Practice Scenarios

In this section

• Consolidated Financial Statements (Advanced Topics, Eliminations)
  Explore advanced consolidation issues including variable interest entities, partial ownership changes, and intercompany transaction eliminations, with practical examples, diagrams, and best practices for the CPA FAR Exam.
• Business Combinations (Purchase Accounting, Goodwill, Noncontrolling Interests)
  Explore the acquisition method’s comprehensive steps, goodwill measurement, and noncontrolling interest accounting under US GAAP and IFRS, featuring practical examples and diagrams for deeper clarity.
• Foreign Currency Transactions, Translation, and Remeasurement (Overview)
  Master foreign currency transactions, from initial recognition to financial statement translation and remeasurement. Explore how functional and reporting currencies differ, learn best practices, and understand the impact on OCI.
• Additional Advanced Topics: Pushdown Accounting Revisited, Quasi Reorganizations
  Explore in-depth guidance on pushdown accounting after control changes and understand quasi reorganizations, including rare steps, best practices, and illustrative examples.
• Comprehensive Exercises Integrating Multiple FAR Topics
  Explore final capstone scenarios that seamlessly integrate revenue recognition, inventory valuation, property, plant, and equipment transactions, intangible assets, and other advanced FAR concepts into cohesive practice exercises.