With a major in Business Analysis & Reporting


Program Director
: Drs. Paul van Bladel CISA, CCSP

Program:

Within this program a student chooses to add the Business Analysis & Reporting discipline to the three standard disciplines:


Financial Accounting & Reporting: the Financial Accounting and Reporting discipline assesses the students knowledge and skills that a student must demonstrate in the financial accounting and reporting frameworks used by for-profit (public and nonpublic) and not-for-profit entities. The frameworks eligible for assessment include the standards and/or regulations issued by the:

  • Financial Accounting Standards Board (FASB)
  • U.S. Securities and Exchange Commission (U.S. SEC)
  • American Institute of Certified Public Accountants (AICPA)


Auditing & Attestation: the Auditing and Attestation discipline tests the students knowledge and skills that a student must demonstrate when performing the following engagements:

  • Audit engagements include financial statement audits, compliance audits, audits of internal control integrated with an audit of financial statements, audits of entities receiving federal awards or grants and audits of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). Audits include issuer entities subject to the requirements set forth by the Public Company Accounting Oversight Board (PCAOB), nonissuer entities subject to the requirements set forth by the American Institute of CPA’s (AICPA) Auditing Standards Board or governmental entities subject to the requirements of the U.S. Government Accountability Office (GAO) or the Office of Management and Budget (OMB).
  • Attestation engagements include assertion-based examinations, direct examinations and review or agreed-upon procedures engagements that are subject to the requirements set forth by the AICPA’s Auditing Standards Board.
  • Accounting and review service engagements include preparation, compilation and review engagements that are subject to the requirements set forth by the AICPA’s Accounting and Review Services Committee.


Regulation & Taxation: the Taxation and Regulation discipline tests the students knowledge and skills that a student must demonstrate with respect to:

  • U.S. ethics and professional responsibilities related to tax practice
  • U.S. business law
  • U.S. federal tax compliance for individuals and entities with a focus on recurring and routine transactions


Major:

Business Analyses & Reporting: the Business Analysis and Reporting (BAR) major assesses the knowledge and skills a student must demonstrate with respect to:

  • Financial statement and financial information analysis with a focus on an nlCPA’s role in comparing historical results to budgets and forecasts, deriving the impact of transactions, events (actual and proposed) and market conditions on financial and nonfinancial performance measures and comparing investment alternatives.
  • Select technical accounting and reporting requirements under the Financial Accounting Standards Board (FASB) Accounting Standards Codification and the U.S. Securities and Exchange Commission (SEC) that are applicable to for-profit business entities and employee benefit plans.
  • Financial accounting and reporting requirements under the Governmental Accounting Standards Board (GASB) that are applicable to state and local government entities.
Learning Objectives: During the program we will work closely with the student to achieve the following Learning Objectives:
 
nr 
Level 
Expand1Financial Accounting & Reporting: Financial Reporting
Expand2Financial Accounting & Reporting: Select Balance Sheet Accounts
Expand3Financial Accounting & Reporting: Select Transactions
Expand4Auditing: Ethics, Professional Responsibilities and General Principles
Expand5Auditing: Assessing Risk and Developing a Planned Response
Expand6Auditing: Performing Further Procedures and Obtaining Evidence
Expand7Auditing: Forming Conclusions and Reporting
Expand8Regulation and Taxation: Ethics, Professional Responsibilities and Federal Tax Procedures
Expand9Regulation and Taxation: Business Law
Expand10Regulation and Taxation: Federal Taxation of Property Transactions
Expand11Regulation and Taxation: Federal Taxation of Individuals
Expand12Regulation and Taxation: Federal Taxation of Entities
Expand13Business Analysis and Reporting: Business Analysis
Expand14Business Analysis and Reporting: Technical Accounting and Reporting
Expand15Business Analysis and Reporting: State and Local Governments

First Year 

 


Course Description
MAcc Financial Accounting Theory and Standard Settings

This course covers the preparation, review and analysis of financial statements for profit entities and includes the following:

  • General-purpose financial reporting and ratios and performance metrics applicable to for-profit entities prepared under the FASB Accounting Standards Codification.
  • Disclosures specific to public companies including earnings per share prepared under the FASB Accounting Standards Codification and the interim, annual and periodic filing requirements for U.S. registrants in accordance with the rules of the U.S. SEC.
  • Financial statements prepared under special purpose frameworks as described in AU-C Section 800 of the Codification of Statements on Auditing Standards.



MAcc Accounting Analyses

This course covers planning and risk assessment and design of procedures responsive to identified risks. The course includes the following:

  • Engagement strategy and engagement planning.
  • Internal and external factors related to understanding an entity and its environment including basic economic concepts such as supply and demand and business cycles.
  • Understanding an entity’s control environment and business processes including an understanding of the COSO Internal Control – Integrated Framework, entity-level controls and the design of internal controls, IT environment and related IT general controls. The IT environment consists of an entity’s IT infrastructure, applications, processes to manage access to the IT environment and program change control, including personnel responsible for those processes.
  • SOC 1® reports as they affect the audit of user-entity financial statements.
  • Materiality including performance materiality or tolerable misstatement.
  • Assessing and responding to risks of material misstatement, whether due to fraud or error.
  • Planning for and using the work of others including management’s specialists and auditor’s specialists.
  • Specific areas of engagement risk including compliance with laws and regulations, accounting estimates, related parties and requirements for single audits in accordance with the Uniform Guidance for Single Audits.


To the extent applicable, the audits of financial statements of employee benefit plans subject to ERISA are eligible for testing in each group and topic in this Area.




MAcc Advanced Financial Reporting

This course covers the financial accounting and reporting requirements in the FASB Accounting Standards Codification that are applicable to select balance sheet accounts for both for-profit and not-for-profit entities. The course content includes the following:

  • Cash and cash equivalents.
  • Trade receivables.
  • Inventory.
  • Property, plant and equipment.
  • Investments, including financial assets at fair value, financial assets at amortized cost and equity method investments.
  • Intangible assets, with a focus on finite-lived intangible assets.
  • Payables and accrued liabilities.
  • Long-term debt, including notes and bonds payable and debt covenant calculations.
  • Equity transactions, specifically focusing on equity issuance, stock dividends, stock splits and treasury stock.


This course also covers the financial accounting and reporting requirements in the FASB Accounting Standards Codification that are applicable to select transactions for both for-profit and not-for-profit entities, including the following:

  • Accounting changes and error corrections.
  • Contingencies and commitments.
  • Revenue recognition, specifically focusing on recalling and applying the five-step model and accounting for contributions received by not-for-profit entities.
  • Accounting for income taxes.
  • Fair value measurement concepts and classification within the fair value hierarchy.
  • Leases, specifically focusing on recalling and applying lessee accounting requirements.
  • Subsequent events.



MAcc Not for Profit Governmental Accounting

This course covers the preparation, review and analysis of financial statements for not-for-profit entities and foundational concepts related to the accounting requirements for state and local governments, including the following:

  • General-purpose financial reporting and ratios and performance metrics applicable to not-for-profit entities prepared under the FASB Accounting Standards Codification.
  • State and local government concepts including measurement focus, basis of accounting and determining the appropriate funds to record activities in accordance with the GASB Codification of Governmental Accounting and Financial Reporting Standards.



MAcc Auditing Theory

This course covers ethics, professional responsibilities and general principles of auditing, including the following:

  • Ethics and independence including understanding and applying the AICPA Code of Conduct and the ethical and independence requirements of the U.S. Securities and Exchange Commission (SEC), PCAOB, GAO and Department of Labor (DOL).
  • Professional skepticism including the critical assessment of evidence and the need to apply knowledge and experience to make informed decisions.
  • Nature, scope and terms of engagements including engagement preconditions.
  • Requirements for engagement documentation and communication with management or those charged with governance.
  • Understanding of audit and assurance quality on an engagement and responsibilities within a firm.


To the extent applicable, the audits of financial statements of employee benefit plans subject to ERISA are eligible for testing in each group and topic in this Area.




MAcc Advanced Auditing

This course covers performing procedures and obtaining evidence. It includes the following:

  • Use of data and information including requesting, preparing and transforming data, reliability of data and information and data analytics.
  • Sufficient appropriate evidence including sources of evidence and concluding on whether evidence obtained achieves the engagement’s planned objectives.
  • Sampling techniques including appropriate populations, sample size, stratification and extrapolation of results.
  • Performing procedures to obtain evidence including tests of controls, tests of details, analytical procedures and external confirmations.
  • Specific matters that require special audit consideration such as accounting estimates, investments in securities, inventory, litigation, claims and assessments, going-concern and testing transactions related to federal awards during a single audit.
  • Misstatements and internal control deficiencies including preparing a summary of misstatements and determining their effect on the financial statements and the nature, timing and extent of procedures.
  • Written representations requested from management.
  • Subsequent events including identification of subsequent events and the impact to an entity’s financial statements and disclosures. To the extent applicable, the audits of financial statements of employee benefit plans subject to ERISA are eligible for testing in each group and topic in this Area.


This course also covers engagement reporting and includes the following:

  • Reporting on auditing and attestation engagements including factors to consider when forming an opinion, types of opinions and the appropriate form and content of a report.
  • Considerations for performing preparation engagements.
  • Considerations for reporting on compilation and review engagements, including the appropriate form and content of a report.
  • Considerations for reporting on compliance aspects as part of an audit engagement or an attestation engagement related to compliance with a specific requirement or rule.
  • Other reporting considerations when performing engagements, including consistency, other information, review of interim financial information, supplementary information, special-purpose frameworks and additional reporting requirements under GAO Government Auditing Standards.



MAcc Taxation

This course covers U.S. ethics and professional responsibilities related to tax practice through the following topics:

  • Ethics and Responsibilities in Tax Practice — Requirements based on Treasury Department Circular 230 and the rules and regulations for tax return preparers.
  • Licensing and Disciplinary Systems — Requirements of state boards of accountancy to obtain and maintain the CPA license.
  • Federal Tax Procedures – Understanding federal tax processes and procedures, including audits and appeals, appropriate disclosures, substantiation, penalties and authoritative hierarchy.
  • Legal Duties and Responsibilities – Understanding legal issues that affect the CPA and their practice. Area III of the REG section blueprint covers federal tax compliance related to routine and recurring property transactions for individuals and entities.


The course also covers federal tax compliance related to routine and recurring property transactions for individuals and entities. Included is the following:

  • Basis of an asset purchased for use in a trade or business, and the related depreciation of the asset.
  • Basis of an asset converted from personal to business use, and the related depreciation of the asset.
  • Basis of assets held by individuals.
  • Basis of intangible assets.
  • Cost recovery (depreciation and amortization) of assets held for use in a trade or business.


The course also covers federal tax compliance related to routine and recurring transactions and issues for individuals. The course includes the following:

  • Inclusion and exclusion of amounts for purposes of calculating gross income, adjusted gross income and taxable income.
  • Reporting of income from pass-through entities, including the proper handling of items on an individual’s tax return.
  • Loss limitations, filing statuses available to a taxpayer, the role of tax credits and safe harbor requirements for estimated taxes.


And finally the course covers federal tax compliance related to routine and recurring transactions and issues for entities, including the following:

  • Required adjustments to book income to determine taxable income.
  • Computation of taxable income for C corporations, including state and local tax issues, and allowable tax credits.
  • Determination of ordinary business income (loss) and separately stated items for S corporations and partnerships, and the impact of current year transactions on the owner’s basis in the entity.
  • Classification options for limited liability companies, eligibility and election of S corporation status and types of tax-exempt organizations.



MAcc Business Law

This course covers several business law concepts focused on the legal implications of business transactions and issues as they relate to accounting, auditing and financial reporting. Included is the following:

  • Government regulation of business, specifically employment taxes, worker classification laws, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the Foreign Corrupt Practices Act of 1977 and the Patient Protection and Affordable Care Act.
  • Areas of agency, contracts, debtor-creditor relationships and business structure. – The Uniform Commercial Code under the topics of contracts and debtor-creditor relationships. – Legal aspects of business entity selection, formation, operation and termination.



MAcc Management Accounting & Finance

This course covers historical, current and prospective analysis of the financial statements. It includes the following:

  • Financial statement analysis, including comparison of current period financial statements to prior period or budget and interpretation of financial statement fluctuations and ratios.
  • Non-financial and non-GAAP measures of performance, including use of the balanced scorecard approach and interpretation of non-financial and non-GAAP measures to assess an entity’s performance and risk profile.
  • Managerial and cost accounting concepts and the use of variance analysis techniques.
  • Budgeting, forecasting and projection techniques.
  • Factors that influence an entity’s capital structure, such as leverage, cost of capital, liquidity and loan covenants.
  • Financial valuation decision models used to compare investment alternatives.
  • The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management framework, including how it applies to environmental, social and governance (ESG) related risks.
  • The effect of changes in economic conditions and market influences on an entity’s business.



MAcc Business Analysis & Reporting

This course covers financial accounting and reporting requirements in the FASB Accounting Standards Codification that are applicable to technical accounting and reporting topics. Included is the following:

  • Indefinite-lived intangible assets, including goodwill.
  • Internally developed software.
  • Revenue recognition, specifically focusing on the analysis and interpretation of agreements, contracts and other supporting documentation to determine whether revenue was appropriately recognized.
  • Stock compensation.
  • Research and development costs.
  • Business combinations.
  • Consolidated financial statements, specifically focusing on topics including variable interest entities, noncontrolling interests, functional currency and foreign currency translation adjustments.
  • Derivatives and hedge accounting.
  • Leases, specifically focusing on recalling and applying lessor accounting requirements and analyzing the provisions of a lease agreement to determine whether a lessee appropriately accounted for the lease.
  • Public company reporting topics, specifically focusing on Regulation S-X, Regulation S-K and segment reporting.
  • Financial statements of employee benefit plans.


The oourse also covers GASB’s financial accounting and reporting requirements for state and local governments under the GASB standards and interpretations. Included are the following:

  • Basic concepts and principles of the government-wide, governmental funds, proprietary funds and fiduciary funds financial statements.
  • Preparing government-wide, governmental funds, proprietary funds and fiduciary funds financial statements and other components of the financial section of the annual comprehensive financial report.
  • Deriving the government-wide financial statements and reconciliation requirements.
  • Accounting for specific types of transactions such as net position, fund balances, capital assets, long-term liabilities, interfund activity, nonexchange revenue, expenditures and expenses and budgetary accounting within the governmental entity financial statements.



Overview First Year
 

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