This program begins with a discussion of the effects of changing prices, with a review of guidelines for measuring and presenting voluntary supplementary information in this area.

Continuing on from changing prices, the program examines the preparation of a basic financial statement—the statement of cash flows. The three major types of cash flow activities—operating, investing, and financing—are reviewed in great detail. Illustrations of both the direct method and the indirect method of reporting cash flows from operating activities are presented.

Next, the subject of the accounting requirements for entities with foreign operations is examined. Topics addressed include foreign currency transactions, forward exchange contracts, and foreign currency hedges.

Partnership accounting is comprehensively reviewed. The program highlights recording requirements for all life stages of a partnership, ranging from initial formation through partner withdrawal through liquidation.

The program concludes with separate chapters covering investments in equity securities and business combinations. The cost and equity methods of recording investments in equities are thoroughly examined. Finally, procedures required to prepare consolidated financial statements are explained and illustrated.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the audio CDs and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD or audio CDs that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Software
The user should begin by reviewing the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. As the user studies each chapter, s/he should complete the interactive study questions that appear in the lower panel of the screen. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text that were difficult. When the user is ready, s/he should click on the link at the far left to complete the quizzer. The user should email her/his quizzer statistics using the quizzer submission link in the software and the user's CPE certificate will be mailed to her/him.

Chapter 1 reviews the authoritative guidance on measuring and presenting supplementary information on the effects of changing prices.

Chapter 2 discusses the nature of the operating, investing, and financing activities that make up the statement of cash flows, as well as the differences between the direct and indirect methods of reporting cash flows from operating activities.

Chapter 3 focuses on identifying and recording foreign currency transactions, forward exchange contracts, and foreign currency hedges.

Chapter 4 examines accounting methods for significant transactions in partnerships.

Chapter 5 focuses on the cost and equity methods of accounting for investments in equity securities, as well as the accounting for derivative financial instruments.

Chapter 6 examines the methods of accounting for business combinations, with emphasis on procedures required to prepare consolidated financial statements.

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

• List the differences between monetary and nonmonetary assets and liabilities

• Discuss the measurement and presentation guidelines for voluntary supplementary information on the effects of changing prices

• List the types of cash inflows and outflows that comprise operating, investing, and financing activities

• Explain the various economic indicators used in choosing an entity's functional currency

• Discuss the bonus and goodwill methods used in partnership accounting

• Identify the recording requirements for significant transactions in partnerships, including partnership formation, admission of new partners, withdrawal of partners, and liquidation

• Discuss the different accounting methods for equity securities

• Define what financial instruments and derivatives are and their purpose

• Discuss the three characteristics of derivatives, their recognition in financial statements, and their possible designation as one of three categories of hedges

• Discuss business combinations and related methods of accounting

J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, Inc., which specializes in knowledge transfer. Through a combination of technical writing, training, and targeted consulting, The Madray Group helps businesses, accounting firms, and other organizations understand and implement technical accounting and auditing issues. Mr. Madray earned an undergraduate degree in Accounting and a Master of Professional Accountancy from Clemson University. He is a past member of the AICPA Accounting and Review Services Committee and a current member of the Board of Directors of the SC Association of CPAs. He is the author of numerous publications and articles on accounting and auditing topics. In addition, he speaks to hundreds of groups each year on accounting and auditing topics and has made presentations in more than 40 states. He has more than 15 years of professional experience, including 10 years in public practice. In 1996, he formed The Madray Group to support and facilitate the range of services offered by CPAs to their clients and to enable CPAs to meet the changing needs of their profession. Mr. Madray also serves as a senior lecturer at Clemson University's School of Accountancy and Legal Studies. (Author/Speaker)

Kurt G. Oestriecher, CPA, is a partner with Oestriecher & Company of Alexandria, Louisiana. Mr. Oestriecher is partner in charge of accounting and auditing services, and is also involved in litigation support and small business consulting engagements. In addition to his client responsibilities, Mr. Oestriecher has served as a discussion leader for numerous accounting and auditing courses. Mr. Oestriecher was presented the 1998 and 2005 Outstanding Discussion Leader Award by the LCPA, and received the 2006 AICPA Outstanding Discussion Leader Award. Mr. Oestriecher is a member of the AICPA and the Louisiana Society of CPAs (president, 2002). He has also served on the AICPA Accounting and Review Services Committee (2000-04), and is a past member of the AICPA Council. He is a member of the AICPA Joint Trial Board and the AICPA Virtual Grassroots Panel. (Speaker)