The focus of this course is on exploring ,in more depth, the rationale and structure of accounting theory which underlining the current accounting and the financial reporting process. The primary purpose of this course is to expose students to the basic concepts, principles & assumption underlined the accounting procedures & financial statements. Key accounting & financial reporting issues and their alternative treatments will be examined on light of the conceptual framework and users of financial information needs. The focus will be on the assumptions & principles underlined the financial statements, the concept of income recognition, the measurement & recognition issues related to Revenues & Expenses, the valuation & reporting issues related to Assets, Liabilities & Owner Equity and the analysis of the financial statements items.