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A characteristic of business is the extensive use of accounting data. The financial accounting course has the general objective of developing students' understanding of the nature, scope, and limitations of accounting information. To achieve this objective the course attempts to: (1) develop students' understanding of the conceptual accounting framework, including the objectives of financial reporting, and (2) develop students' ability to understand and critically evaluate the financial disclosures made by corporations. An issue of particular interest will be the managerial incentive aspects of accounting information and disclosures.

This course is designed to enhance students' understanding of current financial reporting issues through a detailed analysis and comparison of U.S. GAAP and International Financial Reporting Standards. The course will cover the development of accounting standards, implementation of these standards, and how to interpret output from these standards. The course highlights intermediate and advanced financial reporting topics including fair value accounting, consolidation including variable interest entities, foreign currency translation, derivatives and hedging, leases, revenue recognition, pensions, and equity compensation. The course also focuses on evaluating emerging financial reporting issues such as proposed financial reporting standards put forth by U.S. or international standard setting bodies. This course should help students better understand the environment governing global financial reporting and how firms develop financial statement information within this environment.

This course is offered for students requiring specialized training in an area not covered by existing courses. To register, a student must obtain permission from the faculty member who is willing to supervise the reading.