Contemporary Accounting Issues

Catalog description

This course provides the theoretical foundations of major accounting issues, the conceptual framework, recent pronouncements of the Financial Accounting Standards Board (FASB), the rationale for revenue and expense recognition and issues of controversy. The statements of the FASB provide the structure for the course. Emphasis is placed on the most recent standards suchas accounting for income taxes and post-retirement benefits. Selected specialized industry standards are also examined. Established standards are analyzed from a theoretical standpoint including leases, earnings per share, exchanges of property, and accounting changes. Alternative theories are also explored including references to current research. The course is not a foundation course but one that is intended to build on previous knowledge acquired by the student. (Previously NJCU Course ACCT-754)