ACC-702, Advanced Topics in Financial Reporting II, is the second part of a two-course graduate sequence at Southern New Hampshire University that begins with ACC-701.
SNHU's public catalog gives little detail on how the sequence divides its content, so your syllabus is the authority on topics, prerequisites and assessment. In general terms, part II continues the advanced US GAAP work of part I and takes you into the remaining specialist areas.
By this stage the problems are long, the guidance is detailed and the marker expects professional precision. Students who struggle usually do so because one early step in a multi-stage problem goes wrong and everything after it follows. Good method, careful labeling and regular self-checks matter as much as technical knowledge.
Course at a Glance
| Item | Details |
|---|---|
| University | Southern New Hampshire University (SNHU) |
| Course code | ACC-702 |
| Level | Graduate (700-level) |
| Sequence | Part II; follows ACC-701 |
| Subject area | Advanced financial accounting under US GAAP |
| Typical work | Problem sets, research memos, case analyses, exams |
Specialist Areas Often Covered in Advanced Reporting
Check your syllabus to see which of these fall in ACC-702. Advanced financial reporting courses commonly include:
| Topic | Key guidance | What you do |
|---|---|---|
| Foreign currency transactions | ASC 830 | Record exchange gains and losses on receivables and payables |
| Translation and remeasurement | ASC 830 | Convert a foreign subsidiary's statements and report the adjustment |
| Derivatives and hedging | ASC 815 | Account for hedges of currency or interest rate risk |
| Segment reporting | ASC 280 | Identify operating segments and required disclosures |
| Partnerships | Partnership agreements | Allocate income and record admission or withdrawal of partners |
| Governmental and not-for-profit | GASB and ASC 958 | Apply fund accounting and net asset classes |
Key Concepts Explained
Foreign Currency Transactions
When a US company buys or sells on credit in a foreign currency, the receivable or payable is remeasured at each balance sheet date. The change is a transaction gain or loss in net income.
Example: A company buys inventory for 100,000 euros on credit when the rate is $1.10. The payable is recorded at $110,000. At year-end the rate is $1.15, so the payable is now $115,000 and the company records a $5,000 exchange loss. If it pays when the rate is $1.12, the payable falls to $112,000 and a $3,000 gain is recognized in the new year.
Translation Versus Remeasurement
The method depends on the subsidiary's functional currency. If the functional currency is the local currency, statements are translated (current rate method) and the adjustment goes to other comprehensive income. If the functional currency is the US dollar, statements are remeasured (temporal method) and the adjustment goes to net income.
Partnership Income Allocation
Partnership problems follow the agreement exactly: salaries, interest on capital, then a residual split, even if that creates a negative residual.
Example: Net income is $90,000. A and B each receive a $30,000 salary allowance and 10% interest on capital of $100,000 and $50,000. Allowances total $60,000 + $15,000 = $75,000, leaving $15,000 split equally. A receives $30,000 + $10,000 + $7,500 = $47,500; B receives $30,000 + $5,000 + $7,500 = $42,500.
Handling Research and Disclosure Tasks
Advanced reporting assignments often ask what a company must disclose, not just how to record an entry. For disclosure questions, find the relevant ASC topic, read its disclosure section and list each requirement before writing. Then check a real company's annual report to see how the disclosure looks in practice; this helps you write requirements in plain language rather than copying the Codification.
Always separate what is required from what is optional or merely common practice.
Typical Assignments and How to Approach Them
| Assignment type | What it tests | How to approach |
|---|---|---|
| Foreign currency problem | Rates and timing | List each date and rate before recording anything |
| Translation worksheet | Method choice and balancing | Decide the functional currency first, then apply rates line by line |
| Research memo | Use of authority | Cite the ASC paragraph and apply it to the facts |
| Exam | Accuracy under time | Practice complete problems with a timer |
Where Students Get Stuck
- Using the wrong rate. Historical, average and current rates each have a place; map them before calculating.
- Misplacing the adjustment. Translation adjustments go to OCI; remeasurement gains and losses go to net income.
- Skipping steps in partnership allocations. Follow the agreement in order, even when the residual is negative.
- Mixing GASB and FASB rules. Governmental entities follow GASB; private not-for-profits follow FASB ASC 958.
Study Tips for ACC-702
- Revisit your ACC-701 consolidation notes; later topics often build on them.
- Make a one-page rate chart for translation and remeasurement.
- Work at least one complete exam-style problem every week.
- Read the disclosure notes of a multinational company's annual report.
How We Help with ACC-702
Send the problem set, data files, rubric and your workings. A financial reporting writer can explain the method, prepare a custom worked solution for reference, or review your worksheet and memo for errors. See our accounting assignment help guide for support across other courses.
GradeEssays is independent of Southern New Hampshire University. We provide tutoring and reference material: understand the method, then complete and submit your own work under SNHU's academic integrity policy. Orders are written from scratch and refunded in full if late.
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Frequently Asked Questions
ACC-702 continues the ACC-701 sequence. Check SNHU's registration requirements and your syllabus for the formal prerequisite.
SNHU's syllabus sets the topic list. Advanced reporting part II courses commonly include foreign currency, hedging, partnerships and governmental or not-for-profit accounting.
The currency of the primary economic environment in which an entity operates. It decides whether statements are translated or remeasured.
Under the current rate method, they go to other comprehensive income, not net income.
Advanced financial reporting topics overlap with the FAR section, so the work supports exam preparation.
Yes. Send the file and instructions and we will trace errors and explain each correction.