Earn a strong foundation in financial reporting concepts and methods, and use your skills to prepare and analyze financial statements.
This course builds on introductory accounting courses by providing you with a deep understanding of the conceptual foundations and mechanics of financial reporting and accounting standards. The course focuses on the measurement and reporting of the asset side of the balance sheets as well as the measurement of revenues and expenses on income statements. The content of the course is particularly important for students seeking careers in accounting and finance, as well as professionals who want to increase their knowledge of financial accounting.
Before taking this course, you should be familiar with basic accounting terminology, T-accounts, and journal entries. Financial Reporting I will help you become more fluent in accounting and business discussions.
The course places emphasis on firms’ economic transactions and business activities, and the accounting measurements and journal entries we use to measure and report those transactions and activities. You will develop professional judgment and critical thinking skills. You will consider the economics of business activities and events and consider the degree to which financial reports capture the underlying economics. This will enable you to obtain the tools necessary to understand and execute accounting procedures with an increased appreciation of the broader business context in which accounting information is prepared and used in business decisions.
What will you learn
- Understand the broad objectives of financial reporting and with respect to specific transactions
- How to measure, record, and report important business transactions
- How to prepare and analyze financial statements, including balance sheets and income statements
- How to effectively research more complex topic areas in US GAAP using the FASB’s Codification and other resources