Accounting (ACCT) 451

Advanced Financial Accounting (Revision 13)

ACCT 451

Revision 13 is closed for registrations, see current revision

View previous revision

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.

Check availability


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: Conceptual and Case Analysis Framework for Financial Reporting
  • 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: (A) Intercompany Profits in Depreciable Assets; (B) Intercompany Bondholdings
  • Chapter 8: Consolidated Cash Flows and Changes in Ownership
  • 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


To receive credit for this course, you must achieve an overall course grade of at least D (50 percent) . In addition, you must achieve a grade of at least 50% on each examination. If your grade on either the midterm examination or the final examination is below the minimum passing grade, you will not receive credit for this course, even if your overall course grade is D (50 percent) or better.

The weighting of the composite mark is as follows:

Activity Weighting
Assignment 1 7.5%
Assignment 2 7.5%
Midterm Exam 45%
Final Exam 40%
Total 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. (2016). Modern Advanced Accounting in Canada (8th ed.). Toronto, ON: McGraw-Hill Ryerson. ISBN-13: 978-1-25-908755-4

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 13, November 15, 2017.

View previous revision