This course provides an in-depth analysis of the Financial Accounting theory, concepts, and procedures underlying the preparation and analysis of financial statements for corporate organizations.  Accounting principles and concepts are analyzed as developed from a theoretical and historical environment and are then applied to specific business transactions and decision situations.  It further looks into the development of the conceptual framework; review of the accounting process; techniques underlying the preparation and analysis of financial reports (the income statement, the balance sheet and statement of cash flows); time value of money and the accounting for economic resources (Cash and receivables) in the business. Due to the dynamic nature of accounting, the latest IFRSs (International Financial Reporting Standards) are also included for a contemporary approach.