This is the third course in a three course sequence on Financial Accounting for Accounting and Financial Controllership students. This course examines issues in financial reporting for both the perspectives of both the preparer and the user. The course makes reference to the US accounting standards and the International financial accounting standards. Topics will include investments, accounting for derivative financial instruments, foreign currency issues, revenue recognition, accounting for deferred taxes, accounting changes and error analysis, statement of cash flows and basic financial statement analysis.

CILO-1: Students will be able to understand the accounting for debt investments and equity investments, and be able to apply fair value option. CILO-2: Students will be able to understand the accounting for impairments of investments. CILO-3: Students will be able to understand the revenue recognition issues related to the contracts. CILO-4: Students will be able to understand the accounting for income taxes. CILO-5: Students will be able to understand the accounting for Leases for both lessee and lessors. CILO-6: Students will be able to understand the accounting procedures for accounting changes and understand how to perform an error analysis. CILO-7: Students will be able to understand how to prepare a statement of cash flow under direct and indirect method.