This course covers the theory and practice of corporate financial reporting. It highlights the development of generally accepted accounting principles (GAAP) and accounting policy choices from two perspectives. First, the course examines accounting policy making at the macro (standard setter) level as well as examines the past, present, and future role of standard setters in formulating accounting policy. As part of the course, students examine the interactions among corporations, the accounting profession, and users of financial statements in accounting policymaking. Another critical part of the course will be to evaluate current developments in financial reporting (e.g., FASB’s proposed Accounting Standards Updates). Second, from the micro or company level, cases are used to evaluate accounting conventions, particularly with regard to how those decisions reflect economic reality and the quality of earnings. Fall term. Required for all students.