ACC 5100 - Contemporary Issues in Accounting

Credits: 4

The emphasis of this course is on developing and analyzing financial statements and supplemental information including form 10-K, financial statement footnotes, and other documents required by generally accepted accounting principles (GAAP) and the Securities and Exchange Commission (SEC). The course explores how particular transactions and differing accounting treatments may affect financial statements. Theoretical concepts of accounting are emphasized with an examination of standards issued by various organizations such as the Financial Accounting Standards Board (FASB), SEC, and AICPA. The course also examines emerging issues in financial reporting such as revenue recognition, leases, taxes and the implications of adopting IFRS. Accounting research is a component of this course as students learn how to use the FASB codification and interpret results. Examples are also integrated and used to illustrate and discuss the complex financial reporting process and ethical issues confronted by the business community and accounting profession.