ACC4126

Accounting Theory

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The course presents various assumptions, standards, rules, principles, and objectives forming the foundation for accounting practice in today’s contemporary and complex business environment.  Emphasis will be on financial accounting concepts and the major pronouncements of the FASB and its predecessors.

PREREQUISITE:  Twelve semester hours of upper level accounting. 

UPON COMPLETION OF THE COURSE, THE STUDENT WILL BE COMPETENT IN:

  • Describing the Financial Accounting Standards Board’s (FASB) evolution and its role in contemporary accounting theory and practice.
  • Analyzing financial accounting and financial statement objectives.
  • Analyzing the FASB’s conceptual framework and its role in standard setting.
  • Applying financial accounting standards to asset measurement and presentation.
  • Applying financial accounting standards to liability valuation and presentation.
  • Applying financial accounting standards to equity valuation and presentation.
  • Analyzing standards that apply to measurement and presentation of income determination.
  • Analyzing foreign currency transactions and multinational corporation financial statements.
  • Describing business combinations and preparation of consolidated financial statements.
  • Analyzing components of earnings per share (EPS) and relative dilutive securities.
  • Applying financial accounting standards to business segments.
  • Understanding accounting changes and prior period adjustments.
  • Applying accounting standards to alternative revenue recognition principles.
  • Applying financial accounting standards to tax allocation and deferred taxes.
  • Applying financial accounting standards to complex leases.
  • Analyzing financial accounting standards applying to pensions and post-retirement benefits.
  • Demonstrating the ability to research an accounting issue and determine the appropriate theoretical and/or regulatory resolution using the FASB Accounting Standards Certification.

 

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