Learning Outcomes

Upon successful completion, the student will be able to:

• Explain the historical evolution of contemporary financial reporting in Canada; the profession's self-regulatory status and relationship with provincial Securities Commissions.
• Interpret the framework within which Canadian Generally Accepted Accounting Principles (GAAP) are developed. Explain the sources which form the hierarchy of GAAP authority in Canada.
• Analyze the GAAP standard setting process in Canada and the notable influences of International Accounting Standards and US Standards.
• Describe and apply various models for financial accounting and reporting.
• Apply single-person decision theory with respect to making an investment.
• Articulate the future evolution of financial reporting both as to the financial statements and the nature, quality and extent of note disclosures thereto in conveying economic events.
• Relate theory discussions to actual contemporary Canadian financial reporting.
• Assess the three hypothesis of positive accounting theory.
• Interpret conflicts between managers and investors.
• Review and demonstrate the application of a theoretical foundation with practical, real-world applications on a topic specific basis.

Effective as of Winter 2012