Accounting (ACCT) 451

Advanced Financial Accounting (Revision 12)

ACCT  451 course cover

Revision 12 is closed for registrations, replaced by current version

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Delivery Mode: Individualized study online with eTextbook

Credits: 3

Area of Study: Applied Studies
(Business and Administrative Studies)

Prerequisite: ACCT 351. ACCT 352 is recommended.

Faculty: Faculty of Business

ACCT 451 is not available for challenge.

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ACCT 451 is designed to cover a selected group of advanced financial accounting topics. More than half of the course is devoted to the related topics of investments in equity securities, business combinations, and the preparation of consolidated financial statements. The remainder of the course covers the translation of foreign currency transactions, the translation of foreign currency financial statements, and accounting for not-for-profit organizations.

ACCT 451 is a is a three-credit option or elective in Athabasca University's Bachelor of Commerce degree program, as well as a required course in the University Certificate in Advanced Accounting. It meets the requirements of the newly unified Chartered Professional Accountants of Canada (CPA) with respect to an advanced financial accounting course.

The minimum prerequisite for this course is a 3-credit course in intermediate accounting (e.g., AU's ACCT 351). However, it is strongly recommended that you complete a 6-credit sequence in intermediate accounting prior to attempting this course (e.g., AU's ACCT 351 and ACCT 352). While it would be possible to succeed in ACCT 451 without taking both of these courses (or their equivalents), the background they provide could make ACCT 451 much easier to work through.


  • Chapter 1: A Survey of International Accounting
  • Chapter 2: Investments in Equity Securities
  • Chapter 3: Business Combinations
  • Chapter 4: Consolidation of Non-wholly Owned Subsidiaries
  • Chapter 5: Consolidation Subsequent to Acquisition Date
  • Chapter 6: Intercompany Inventory and Land Profits
  • Chapter 7: Intercompany Profits in Depreciable Assets and Intercompany Bondholdings
  • Chapter 8: Consolidated Cash Flows and Ownership Issues
  • Chapter 9: Other Consolidation Reporting Issues
  • Chapter 10: Foreign-currency Transactions
  • Chapter 11: Translation and Consolidation of Foreign Operations
  • Chapter 12: Accounting for Not-for-Profit and Public Sector Organizations


Your final grade in this course will be based on three written assignments, a midterm examination, and a final examination. You must write the midterm and the final examination. You must also achieve an overall course grade of at least a “D” (50 percent) and a grade of at least “D” (50 percent) on each examination. If either examination grade is below “D” (50 percent), you will not receive credit for the course, even in your overall course grade exceeds “D” (50 percent). The weighting of the composite mark is as follows:

Assign 1 Assign 2 Midterm Exam Assign 3 Final Exam Total
5% 5% 40% 10% 40% 100%

The examination(s) for this course will be written in the traditional pen and paper format.

To learn more about assignments and examinations, please refer to Athabasca University's online Calendar.

Note: Students planning to transfer this course to a Chartered Professional Accountant designation are advised that they will be required to achieve a grade higher than the minimum passing grade. See CPA Requirements for details.

Course Materials


Registration in this course includes an electronic textbook. For more information on electronic textbooks, please refer to our eText Initiative site.

Hilton, M. W., & Herauf, D. (2013). Modern Advanced Accounting in Canada (7th ed.). Toronto: McGraw-Hill Ryerson. ISBN 978-0-07-105152-1

A print version of the eText may be available for purchase from the publisher through a direct-to-student link provided on the course website; you can also acquire the textbook on your own if you wish.

Other Resources

All other learning resources will be available online.

Athabasca University reserves the right to amend course outlines occasionally and without notice. Courses offered by other delivery methods may vary from their individualized-study counterparts.

Opened in Revision 12, July 14, 2014.

View previous syllabus