1.

Introduction to Financial Accounting

Definition and purpose of financial accounting
Users of financial statements
Basic accounting principles and concepts
2. Accounting Equation and Double-Entry System
The accounting equation: Assets = Liabilities + Equity
Double-entry bookkeeping
Debits and credits
Journal entries
3. Financial Statements
Income Statement (Profit & Loss Statement)
Revenues
Expenses
Net income/loss
Balance Sheet
Assets
Current assets (e.g., cash, accounts receivable, inventory)
Non-current assets (e.g., property, plant, equipment)
Liabilities
Current liabilities (e.g., accounts payable, short-term debt)
Long-term liabilities (e.g., long-term debt, bonds payable)
Equity
Common stock
Retained earnings
Statement of Cash Flows
Operating activities
Investing activities
Financing activities
Statement of Changes in Equity
4. Recording Transactions
Identifying transactions
Recording journal entries
Posting to the ledger
Preparing a trial balance
5. Adjusting Entries
Types of adjusting entries
Accruals (accrued revenues and expenses)
Deferrals (prepaid expenses and unearned revenues)
Depreciation
Inventory adjustments
Preparing adjusted trial balance
6. Closing Entries and the Accounting Cycle
Closing temporary accounts
Preparing post-closing trial balance
Completing the accounting cycle
7. Financial Statement Analysis
Ratio analysis
Liquidity ratios (e.g., current ratio, quick ratio)
Solvency ratios (e.g., debt to equity ratio)
Profitability ratios (e.g., gross profit margin, net profit margin)
Efficiency ratios (e.g., inventory turnover, accounts receivable turnover)
Horizontal and vertical analysis
Trend analysis
8. Revenue Recognition and Measurement
Criteria for revenue recognition
Timing of revenue recognition
Measurement of revenue
9. Inventory Accounting
Inventory costing methods
First-In, First-Out (FIFO)
Last-In, First-Out (LIFO)
Weighted average cost
Inventory valuation
Lower of cost or market rule
10. Accounting for Receivables
Types of receivables
Accounting for bad debts
Direct write-off method
Allowance method
Notes receivable
11. Accounting for Long-Term Assets
Acquisition and disposal of long-term assets
Depreciation methods
Straight-line method
Declining balance method
Units of production method
Amortization of intangible assets
Impairment of assets
12. Accounting for Liabilities
Current liabilities
Long-term liabilities
Bonds payable
Issuance and pricing of bonds
Amortization of bond premium/discount
Contingent liabilities
13. Equity Accounting
Common and preferred stock
Additional paid-in capital
Treasury stock
Dividends
Cash dividends
Stock dividends
Stock splits
14. Cash Flow Statement
Direct and indirect methods
Classification of cash flows
Operating activities
Investing activities
Financing activities

1. Intermediate Financial Reporting and Standards

Generally Accepted Accounting Principles (GAAP)
International Financial Reporting Standards (IFRS)
Conceptual framework for financial reporting
Disclosure requirements
2. Detailed Financial Statements Preparation
Comprehensive income statement
Components of other comprehensive income
Detailed balance sheet presentation
Classified balance sheet
Statement of cash flows
Preparation using direct and indirect methods
Statement of changes in equity
Reconciliation of opening and closing balances
3. Revenue Recognition (Advanced)
Revenue from contracts with customers (IFRS 15 / ASC 606)
Five-step model for revenue recognition
Performance obligations
Variable consideration and significant financing components
4. Accounting for Complex Financial Instruments
Derivatives and hedging activities
Types of derivatives (futures, options, swaps)
Hedge accounting
Convertible securities
Preferred shares
5. Investment Accounting
Accounting for investments in debt and equity securities
Held-to-maturity
Available-for-sale
Trading securities
Equity method of accounting
Consolidation of financial statements
Parent-subsidiary relationships
Non-controlling interest
Intercompany transactions and eliminations
6. Lease Accounting
Lessee accounting under IFRS 16 / ASC 842
Recognition and measurement of right-of-use assets and lease liabilities
Lessor accounting
Operating vs. finance leases
7. Accounting for Income Taxes
Current tax expense and payable
Deferred tax assets and liabilities
Temporary vs. permanent differences
Tax rate changes and their impact on deferred taxes
Net operating losses (NOLs) and carryforwards
8. Pension and Postretirement Benefits
Defined benefit vs. defined contribution plans
Accounting for pension expense
Actuarial assumptions
Funded status of pension plans
Postretirement health care benefits
9. Foreign Currency Transactions and Translation
Foreign currency transactions
Spot rates and forward rates
Translation of foreign currency financial statements
Functional currency
Translation methods (current rate method, temporal method)
Remeasurement gains and losses
10. Segment Reporting
Definition of operating segments
Aggregation criteria
Disclosure requirements for segment information
11. Interim Financial Reporting
Accounting principles for interim periods
Revenue and expense recognition for interim periods
Disclosure requirements
12. Earnings per Share (EPS)
Basic EPS calculation
Diluted EPS calculation
Impact of convertible securities, stock options, and warrants
Anti-dilutive securities
13. Statement of Cash Flows (Advanced)
Detailed preparation of cash flow statement
Non-cash investing and financing activities
Indirect method complexities
14. Accounting Changes and Error Corrections
Types of accounting changes
Change in accounting principle
Change in accounting estimate
Change in reporting entity
Retrospective vs. prospective application
Correction of errors in previously issued financial statements
15. Disclosure Notes to Financial Statements
Summary of significant accounting policies
Subsequent events
Contingencies and commitments
Related party transactions
These topics build on the basics of financial accounting and delve into more
complex and detailed aspects of financial reporting and analysis.

LIST ALL THE ADVANCED LEVEL TOPICS & SUBTOPICS OF FINANCIAL ACCOUNTING
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Here is a list of advanced-level topics and subtopics in financial accounting:

1. Advanced Financial Reporting and Analysis

Advanced consolidation techniques
Variable interest entities (VIEs)
Special purpose entities (SPEs)
Segment reporting complexities
Discontinued operations
Reporting requirements for public companies (e.g., SEC filings)
2. Fair Value Measurement and Reporting
Fair value hierarchy (Level 1, Level 2, Level 3)
Valuation techniques
Disclosures about fair value measurements
Impairment of assets under fair value accounting
3. Financial Instruments (Advanced)
Advanced topics in derivative accounting
Embedded derivatives
Complex hedging strategies
Hybrid financial instruments
Impairment of financial instruments under IFRS 9 / ASC 326
4. Business Combinations and Consolidated Financial Statements
Acquisition method of accounting
Identifiable assets and liabilities
Goodwill and bargain purchase gains
Non-controlling interest
Step acquisitions
Complex consolidation issues
5. International Accounting Standards
Differences between IFRS and US GAAP
Convergence projects between IASB and FASB
Adoption of IFRS in various jurisdictions
Translation of financial statements for multinational companies
6. Accounting for Complex Transactions
Share-based payments
Stock options
Restricted stock
Performance shares
Earnings management and accounting manipulation
Accounting for restructurings and reorganizations
7. Government and Non-Profit Accounting
Fund accounting principles
Governmental financial reporting (GASB standards)
Accounting for non-profit organizations (FASB standards)
Donor-restricted funds and endowments
8. Environmental and Social Reporting
Sustainability reporting
Environmental liabilities
Corporate social responsibility (CSR) reporting
Integrated reporting
9. Advanced Lease Accounting
Sale and leaseback transactions
Leveraged leases
Subleases
Real estate leases
10. Complex Revenue Recognition Issues
Multiple-element arrangements
Principal vs. agent considerations
Long-term contracts
Percentage of completion method
Completed contract method
11. Advanced Topics in Income Tax Accounting
Tax accounting for business combinations
Uncertain tax positions
Accounting for income taxes in foreign jurisdictions
Intraperiod tax allocation
12. Financial Statement Fraud and Forensic Accounting
Detection of financial statement fraud
Fraudulent financial reporting techniques
Forensic accounting techniques
Legal and ethical considerations in forensic accounting
13. Accounting for Intangibles (Advanced)
Valuation and amortization of intangible assets
Research and development costs
Goodwill impairment testing
Internally generated intangible assets
14. Segment and Interim Reporting (Advanced)
Complex issues in segment reporting
Interim reporting under different regulatory environments
Impact of seasonality and cyclicality on interim reporting
15. Regulatory and Ethical Considerations
Regulatory framework and compliance
Ethics in financial reporting
Sarbanes-Oxley Act (SOX) advanced topics
Corporate governance and ethical behavior in accounting
16. Special Topics in Financial Accounting
Hedge accounting in depth
Multi-currency consolidation
Advanced issues in pension and postretirement benefit accounting
Real estate accounting complexities