ACNT 1371 - Financial Accounting Reporting Standards I

3 Credits (2 hrs. lec., 3 hrs. lab.) A study of financial reporting and disclosure issues with the emphasis on the use of corporate financial statements and their accompanying footnotes. Covers the theoretical structure of financial accounting, required financial statements, and operating assets. This course is for students who possess a Bachelor’s degree and is part of the Advanced Technical Certificate in Professional Accountancy. You must contact Karen Russom at: Karen.N.Russom@lonestar.edu to register for this course. Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACCT 2301
Course Outcomes
1 - Understand the significance of the FASB’s conceptual framework.
2 - Apply the rules issued by authoritative standard setting bodies.
3 - Identify and analyze ethical standards issued by professional organizations.
4 - Record complex journal entries over various topics.
5 - Identify and explain financial statement elements and prepare financial statements and related note disclosures.
6 - Apply the concepts of the time value of money to income measurement.
7 - Understand the procedures to account for cash and accounts receivable.
8 - Perform inventories and measurement procedures.
9 - Perform accounting procedures for the acquisition of property, plant and equipment and intangible assets; and related to utilization, impairment and disposition of operational assets.
10 - Compare and contrast the difference between International Financial Reporting Standards and Generally Accepted Accounting Principles (GAAP).