Accounting Theory

Course Description

This course focuses on accounting conceptual framework, accounting concepts, standard setting measurement and recognition issues, and characteristics of accounting information. Students in this course will develop research skills in accounting decision making using the FASB pronouncements.

Topics and Objectives

The FASB, the Conceptual Framework, and Accounting Research

  • Describe the authoritative sources of accounting information.
  • Analyze the role and ethical considerations of judgment and decision making in accounting.
  • Evaluate the conceptual framework developed by the Financial Accounting Standards Board (FASB).

Objectives of Financial Reporting

  • Describe the objectives of financial reporting and its role in the economy.
  • Analyze current controversies in financial reporting.
  • Summarize the role of ethics in financial reporting.

Qualitative Characteristics of Accounting Information

  • Describe the process by which standards are set.
  • Assess the implications of the Hierarchy of Accounting Qualities.
  • Debate the practicality of having one set of standards for all types of organizations.

Recognition and Measurement

  • Analyze the relationship between measurement and recognition.
  • Explain recognition criteria in the context of specific accounting items, transactions, and events.
  • Assess the effects of uncertainty on the recognition of assets and liabilities.
  • Assess the limitations of current measurement and recognition criteria.

Elements of Financial Statements

  • Compare and contrast capitalization and expensing.
  • Evaluate the effect of accounting changes on financial reporting.
  • Analyze the criteria for determining accounting policies.

Cash Flow, Present Value, and Future Trends

  • Debate the role of present value measurement.
  • Apply the concept of fresh start measurement to appropriate situations
  • Assess the role of risk and uncertainty in accounting measurements.
  • Assess the impact on the accounting profession of congressional influence in the standard-setting process.

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