ACC 510: Advanced Financial Accounting

Advanced Financial Accounting covers (among other topics) accounting for foreign investment and transactions denominated in foreign currencies. We also explore the use of derivative securities to hedge risk exposures related to doing business in currencies other than the USD. In Prague, we use examples that involve the hypothetical acquisition of a Czech company by a US firm and explore the complexities cross-border mergers create for US entities. As well, we explore transactions denominated in Czech koruna (CZK) and apply US accounting rules to recognize and report the effects of these transactions. Finally, the use of forward and futures contracts to to hedge against adverse changes in the USD/CZK exchange rate is covered. We’ll also visit the office of an international public accounting firm in Prague.

Our excursion will include an opportunity to visit with the office of a major international public accounting firm headquartered in our destination city where we will interact with staff and partners. A presentation covering the economic environment of the destination city and region is typically offered as well as the chance to hear from a US expat working abroad and a discussion of the challenges and rewards associated with a secondment in a foreign city.