ACC-690 at Southern New Hampshire University is a graduate course that SNHU describes as exploring advanced financial reporting topics in accounting for investments, foreign currency transactions, and state and local governmental accounting.
It appears in SNHU's MS in Accounting and in the business analysis and reporting pathway of its CPA certificate.
The three areas have little in common on the surface, which is what makes the course demanding. You move from the equity method and consolidations to exchange rate remeasurement and then to fund accounting with its own measurement basis. Students who keep a clear map of which rules apply where find the course much more manageable.
Course at a Glance
| Item | Details |
|---|---|
| University | Southern New Hampshire University (SNHU) |
| Course code | ACC-690 |
| Level | Graduate |
| Programs | MS in Accounting; CPA certificate (business analysis and reporting pathway) |
| Subject area | Advanced financial reporting under US GAAP and GASB |
| Typical work | Problem sets, consolidation worksheets, currency calculations, government statement analysis |
What ACC-690 Covers
| Area (from SNHU's description) | Typical content |
|---|---|
| Accounting for investments | Fair value, equity method, control and consolidation |
| Foreign currency transactions | Remeasurement of receivables and payables, exchange gains and losses, hedging basics |
| State and local governmental accounting | Fund types, modified accrual, government-wide statements under GASB |
Key Concepts Explained
The Equity Method
When an investor has significant influence, often presumed at 20% to 50% ownership, it records the investment at cost, then adds its share of the investee's profit and deducts dividends received.
Example: A company buys 30% of an investee for $600,000. The investee earns $200,000 and pays $50,000 in dividends. The investor records income of $60,000 (30% x $200,000) and reduces the investment by $15,000 for dividends. The carrying amount becomes $600,000 + $60,000 - $15,000 = $645,000.
Foreign Currency Transactions
Receivables and payables in a foreign currency are remeasured at each balance sheet date, with gains or losses in profit.
Example: A US firm buys inventory for JPY 10,000,000 on credit when JPY 1 = $0.0070 ($70,000). At year end the rate is $0.0068, so the payable falls to $68,000 and a $2,000 exchange gain is recorded.
Two Views of a Government
State and local governments report governmental funds on a modified accrual basis and the government-wide statements on a full accrual basis. A reconciliation explains the differences, such as capital assets and long-term debt that appear only in the government-wide view.
Typical Assignments and How to Approach Them
| Assignment type | What it tests | How to approach it |
|---|---|---|
| Investment problems | Choosing and applying the right method | Decide level of influence first, then the method |
| Consolidation worksheet | Eliminations and non-controlling interest | List each elimination with a reason |
| Currency calculations | Rates and timing | Use a timeline of transaction, reporting and settlement dates |
| Government statements | Fund and government-wide reporting | Prepare the reconciliation between the two views |
Consolidation Basics
When an investor gains control, usually through more than 50% of the voting interest, it consolidates the subsidiary. The parent combines the subsidiary's assets, liabilities, revenues and expenses with its own, eliminates intra-group balances and transactions, and reports any non-controlling interest separately in equity.
Example: A parent buys 80% of a subsidiary for $800,000 when the subsidiary's identifiable net assets have a fair value of $900,000 and the non-controlling interest is valued at $200,000. Goodwill is $800,000 + $200,000 - $900,000 = $100,000. If the parent later sells goods to the subsidiary for $50,000 at a $10,000 profit and they remain in the subsidiary's inventory at year end, that $10,000 unrealised profit is eliminated on consolidation.
Consolidation questions reward method. Set out the acquisition analysis first, then list each elimination entry with a short reason, and only then complete the worksheet.
Where Students Get Stuck
- Treating dividends as income under the equity method. They reduce the investment.
- Missing intra-group eliminations. Sales and balances between group companies must be removed.
- Wrong rate on settlement. Compare settlement with the last remeasured amount, not the original.
- Mixing fund and government-wide bases. Keep them in separate columns or worksheets.
Study Tips for ACC-690
- Make a decision tree for investments: fair value, equity method or consolidation.
- Practice consolidations with simple numbers before tackling complex cases.
- Download a city's annual report and find the reconciliation of fund balance to net position.
- If you are on the CPA pathway, note how these topics align with the exam blueprints.
How We Help with ACC-690
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Frequently Asked Questions
SNHU lists three areas: accounting for investments, foreign currency transactions, and state and local governmental accounting.
SNHU lists it in the MS in Accounting and the business analysis and reporting pathway of its CPA certificate.
When the investor has significant influence over the investee, commonly presumed at 20% to 50% ownership.
Into profit or loss in the period the exchange rate changes.
Fund statements show short-term financial resources; government-wide statements show the full economic picture.
Yes. Send the file; we check eliminations and figures and explain any corrections.