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Contemporary Accounting Theory

This course is designed to systematize the theoretical foundations provided by all previous financial accounting courses. The aim of this course is to provide students with a general survey of financial accounting theory and policy. Students should emerge from this course with (1) increased knowledge about accounting research and the standards-setting process; (2) familiarity with various financial accounting paradigms; and (3) an in-depth understanding of the major problem areas in financial accounting. Topics include: various theories of income; alternative asset valuation bases; experimental applications in published financial statements; new developments in accounting theory; and current issues and problems in accounting.