**NOTE: You should complete the Accounting Analysis I: The Role of Accounting as an Information System course or be familiar with the concepts taught there before beginning this course.**

This course is the second course in a five-course Financial Reporting Specialization that covers the collection, processing, and communication of accounting information (via financial reports) about economic entities to interested parties (i.e., managers and external stakeholders such as stockholders and creditors). To gain the most relevant knowledge from these courses, learners should have taken a basic accounting course prior to this Specialization (which can be done through Coursera courses, such as any accounting course from the Fundamentals of Accounting Specialization: https://www.coursera.org/specializations/accounting-fundamentals). This Specialization focuses on accounting concepts, principles and theory with an emphasis on problems that arise in applying these concepts for external reporting purposes. Specific emphasis is placed on measurement of assets, liabilities, equities and income, as well as disclosure of additional information that may assist users understand the financial reports. In this course, we will begin our review of key asset categories underlying the Balance Sheet concepts that were introduced in the previous course. We will begin our trek down the Balance Sheet by reviewing cash and receivables, which are normally the two assets listed first. We will continue our trek down the Balance Sheet by looking at inventory and long-lived assets, which are normally two of the largest asset values. We will review the measurement and reporting issues involving Inventories and the corresponding cost of goods sold expense in the Income Statement. In the latter half of this course we will conclude our review of key asset categories by looking at both tangible and intangible long-lived assets that are so vital to the production of goods and services. This will entail discussion of both acquisition and disposition of property, plant and equipment as well as cost allocation. Next, we will discuss possible impairment of these assets as well as the proper treatment of expenditures made after acquisition. Lastly, we will review how to identify and account for debt and equity investments. The University of Illinois at Urbana-Champaign, consistently ranked as one of the nation's top three accounting programs, now offers a master’s in accounting at a very affordable tuition rate and is completely online. The iMSA is a full Master of Accountancy program and students graduate with an MS that is highly recognized. Try an open course or two, then apply for admission into the credit-bearing version as you may be eligible to take credit-bearing courses during the application process. If you are missing any prerequisites for the full degree, you can complete Coursera courses to demonstrate readiness and strengthen your application for the iMSA. For more information on this exciting iMSA online program, refer to this link: https://www.coursera.org/degrees/imsa

This course focuses on the recognition, measurement and subsequent accounting for various types of liabilities. The content includes:

- Current liabilities and contingencies, such as accounts payable, accrued expenses, warranties, and pending litigation - Accounting for long-term debt, including the issuance, payment of interest, amortization, and extinguishment of debt instruments. - Lease accounting from the perspective of both the lessee and the lessor - Pension accounting, including the calculation of benefit obligations, plan assets, and net periodic benefit cost We will discuss the relevant accounting standards and principles used to measure and disclose these items in the financial statements. This course is the third course in the Financial Reporting Specialization offered by the University of Illinois at Urbana-Champaign.

This course is the fourth course in a five-course Financial Reporting Specialization. This course focuses on the recognition, measurement, and subsequent accounting for equity, pensions, share-based compensation, and cash flows utilizing the FASB Accounting Standards Codification and other resources.

The Capstone is the culminating project in the Financial Reporting Specialization. You will have the opportunity to combine the concepts and techniques obtained through all the courses in this specialization (Accounting Analysis I: The Role of Accounting as an Information System, Accounting Analysis I: Measurement and Disclosure of Assets, Accounting Analysis II: Measurement and Disclosure of Liabilities, and Accounting Analysis II: Accounting for Liabilities and Equity) and apply them to a real world accounting project. The Capstone project will be 3 weeks long. You must take the Capstone project class after taking all the other courses in this Specialization.