Accounting Theory

Catalog description

Analysis of Generally Accepted Accounting Principles (GAAP) and a detailed review of Financial Accounting Standards, including the theoretical foundations of GAAP. This course may also be offered for qualifying education credit for CPA examinations by Texas community colleges that meet Texas State Board of Public Accountancy standards. The purpose of the course is to develop accounting thought that can be applied to the practical understanding of the financial reporting process, the accounting profession, and the controversial role of accounting in today's dynamic business environment. Major course topics include the nature of accounting theory; the historical development of accounting; the Financial Accounting Standards Board (FASB) Conceptual Framework project; and the influence of standard setting agencies on the economic consequences of financial reporting. Department Chair approval required.