Catalogue 2016 - 2017

AC 622 Accounting Theory & Contemp Issues


3 cr.


AC 306 or the equivalent

Course Description

This course examines financial accounting theory on which basic U.S. generally accepted accounting principles (GAAP) and practice are based.  Students will be expected to develop an understanding of internal and external forces that impact accounting policies, how controversies regarding accounting policies are resolved, and how standards are promulgated.  This course also examines International Financial Reporting Standards (IFRS), which are the generally accepted principles used in many other countries, as well as the status of the convergence of U.S. GAAP and IFRS.