ACC (0201) 710 - Financial Reporting Practice

Credits: 3.00

Students will discuss such topics in accounting as are relevant to their focus on pursuing careers in accounting. Using real-life companies’ financial statements as examples, students will learn how to present corporate financial statements in accordance with generally accepted accounting principles in the U.S.

Course Learning Goals: At the end of this course, students will:

1. Have a strong understanding of the financial reporting environment including the role of the different authoritative bodies in the regulation of financial reporting in the U.S.

2. Have a firm grasp of the accounting cycle and the information that is recorded and reported for assets, liabilities, equity, revenues, expenses, and cash flows of business enterprises.

3. Have an in-depth knowledge of how the information pertaining to various assets and liabilities as well as special items such as fair value, deferred taxes, pensions, and leases is disclosed in the Notes to Financial Statements for business enterprises.

4. Have a higher-level understanding of the presentation and disclosure of variable interest entities, related party transactions, commitments and contingencies, off-balance sheet transactions, and subsequent events.