5000

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.  Cross-listed with ACC 7000.  Advisor Approval required to enroll.

Analyzes and distinguishes between the reporting requirements of large, generally multinational, corporations focusing on foreign currency transactions, segment reporting, and business combinations, including an emphasis on International Financial Reporting Standards (IFRS). Further concentrates on the rational and critical review of economic data presentation and emerging issues in financial accounting and reporting. Cross-listed with ACC 7100  Advanced Financial Accounting and Reporting.

Analyzes and distinguishes between the studies of federal taxation as it applies to sole proprietorships, partnerships and corporations, including the tax implications and/or consequences of forming, operating, liquidating, and reorganizing such entities. The complex topics of financial tax accounting concepts (e.g., cash and accrual methods of tax accounting, time value of money effects, deferred tax assets/liabilities, permanent/temporary differences, net operating loss carryforwards/carrybacks, etc.), employee compensation, related party transactions, shareholder taxation, and tax planning are also addressed. Prerequisite: ACC 20464 Financing and Investing Activities.  Cross-listed with ACC 7200 Advanced Income Taxation.