The Financial Reporting Specialization offered by the University of Illinois at Urbana-Champaign is a comprehensive program focusing on the role of financial accounting principles and processes in creating and reporting an organization’s financial statements. This specialization enables learners to utilize financial accounting principles to create and/or process an organization’s financial statements and analyze financial statements to assess an organization’s financial position.
The specialization comprises five courses, including Accounting Analysis I and II, which delve into the collection, processing, and communication of accounting information about economic entities to interested parties. Learners will gain insights into the measurement and disclosure of assets, liabilities, and equity, as well as the analysis of cash flows. The Capstone project allows participants to apply the concepts and techniques obtained through all the courses to a real-world accounting project.
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The Financial Reporting Specialization comprises five courses, including Accounting Analysis I: The Role of Accounting as an Information System, Accounting Analysis I: Measurement and Disclosure of Assets, Accounting Analysis II: Measurement and Disclosure of Liabilities, Accounting Analysis II: Accounting for Liabilities and Equity, and the Financial Reporting Capstone project.
This course is the first in a five-course Financial Reporting Specialization that covers the collection, processing, and communication of accounting information about economic entities. Learners will gain insights into financial accounting principles, creation, and processing of financial statements, and the analysis of financial statements to assess an organization’s financial position. The course provides a comprehensive understanding of the accounting process used to prepare financial statements and the measurement of assets, liabilities, equities, income, and financial disclosures. Learners are also introduced to the Statement of Cash Flows and concepts involving revenue recognition and profitability analysis.
This course is the second in the Financial Reporting Specialization and focuses on the measurement and disclosure of assets. Learners will review key asset categories underlying the Balance Sheet concepts, including cash, receivables, inventory, long-lived assets, tangible and intangible long-lived assets, as well as debt and equity investments. The course delves into the measurement and reporting issues involving these assets, such as acquisition, disposition, impairment, and proper treatment of expenditures made after acquisition.
This course focuses on the recognition, measurement, and subsequent accounting for various types of liabilities, including current liabilities and contingencies, long-term debt, lease accounting, and pension accounting. Learners will discuss relevant accounting standards and principles used to measure and disclose these items in the financial statements.
The fourth course in the specialization focuses on the recognition, measurement, and subsequent accounting for equity, pensions, share-based compensation, and cash flows utilizing the FASB Accounting Standards Codification and other resources. Learners will gain comprehensive insights into the accounting processes for these components.
The Capstone project is the culminating project in the Financial Reporting Specialization. Participants will have the opportunity to combine the concepts and techniques obtained through all the courses and apply them to a real-world accounting project, allowing for a comprehensive demonstration of the knowledge and skills acquired throughout the specialization.
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