Please contact NYU IT (, 212-998-3333) or NYU Stern IT (, 212-998-0180) for all ZOOM/email/NYU Brightspace/Admin/CapitalIQ issues. Please do not copy/contact me. All emails are sent to the (not email address because NYU Brightspace uses Please contact NYU/Stern to access Log in with the browser profile rather than the profile. Do not write to Almaris or me if you do not get Almaris emails because this issue is between NYU and you.

This course [ACCT-GB.6326.C1] is offered only once in the summer to BS/MS in Accounting students.


This course covers the following topics that are crucial for a graduate degree in accounting. Learning these topics will be intense, but the knowledge gained will be highly useful in your career.

Help and Office



Attendance and penalty for missing classes

Requiring attendance is necessary for several reasons. First, you incorrectly assume that you can catch up on a missed class by watching a recording (if available). Videos do not engage your brain as much as a live class. Second, less than 20% of you watch the recording (if available). You are then lost in class, which provides wrong signals to me as an instructor. Third, your absence hurts class discussions. Fourth, you miss out on feedback if you do not work through the questions I pose in class. Fifth, I lose the feedback since there are fewer questions.

The policy below will be in effect only after the add/drop period.

Without mandatory attendance, attendance is often below 50%. Therefore, though I dislike doing this, I penalize absences. If you anticipate being absent for good reasons, please email me well in advance. Please enter "Excused" on the attendance sheet described below to avoid the penalty if I approve. If you miss a class due to emergencies and cannot tell me in advance, do not panic. Take care of the emergency first, and then email me. I will permit you to change the "Absent" to "Excused." But, if you miss a class without a valid reason, there is a penalty, as stated below.

For sections meeting in 150-190 minute sessions, you would lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY missed session unless you were explicitly excused via email. Thus, if you miss two class sessions, you would lose two grades, and so on.

For sections meeting in 75-80 minute sessions, you would lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY TWO missed sessions unless you were explicitly excused via email. Thus, if you miss four class sessions, you would lose two grades, and so on.

Please sit in the same seat in every class and display your name tags. For zoom classes, you must keep your video on AT ALL TIMES. You must also have a good working headset or mic as it is extremely rude to be inaudible and force me to ask you to repeat yourself. After entering the class, please mark yourself present in the first 20 minutes on the OneDrive sheet (link posted on Brightspace). You will be marked absent if you are more than 20 minutes late unless it is because of factors beyond your control (traffic, subway, interviews running late). You will also be marked absent if you leave the class early unless you have my permission or get it afterward. You will get an F in the course if you are caught cheating on the attendance sheet.

Exams and Grading

Important computer tips for the final


1. Deferred taxes: An introduction

We will skip this part if you are already comfortable with it based on the coverage in prior classes.

Permanent versus temporary differences

2. Deferred taxes: Four key examples

Taxable and deductible temporary differences

3. Deferred taxes: Intermediate issues

Accumulated other comprehensive income

Tax credit carryforwards and tax loss carrybacks and carryforwards

Valuation allowance

4. Investments

Financial investments

When there is no consolidation

Introduction to consolidation

5. Acquisitions: An example to illustrate the overall process

On the acquisition date

After acquisition date

6. Acquisitions: Scope and Consideration paid

Scope of ASC 805

Consideration paid

7. Acquisitions: Acquired assets and liabilities

Acquired assets

Acquired pre-tax liabilities

Deferred tax liabilities and assets


8. Acquisitions: Post-acquisition date accounting



9. Acquisitions: Non-controlling interest

When the parent retains control

When the parent acquires or relinquishes control

10. Foreign Operations

Overview of the process



11. Intercompany transactions

Purchase and sale of inventory and long-lived assets

Intercompany debt

12. Introduction to derivatives

Institutional knowledge

Commonly used derivatives

13. Hedge accounting

The five possibilities