ACC 7000 ACCOUNTING THEORY (3)

Examines and evaluates the theories underlying the practice of accounting and financial reporting. The conceptual basis of U.S. generally accepted accounting principles (U.S. GAAP) is reviewed within the context of policy setting, the economics of reporting regulation, and in comparison with International Financial Reporting Standards (IFRS. A historical perspective on the evolution of the theories is provided as part of the rationale for the treatment of the financial statement elements. The course also addresses contemporary developments including sustainability reporting under ISSB standards, the role of professional ethics under the AICPA Code of Professional Conduct, and the alignment of accounting theory with the CPA Evolution licensure framework.