Emphasis on financial reporting topics encountered in current practice. The theory of the firm is explored relative to investing and financing accountability and other issues of business combination and divestiture. Special purpose and variable interest entities and their related reporting and disclosure impact are stressed. Also emphasized are topics related to partnership formation and operation, termination, and liquidation. In addition the course covers accounting aspects related to legal reorganizations and liquidations, accounting for estates and trusts, segment and interim reporting, and the role of the Securities and Exchange Commission in financial reporting. Selected topics in international accounting are introduced. Practice applications with integrated financial, managerial, and income tax accounting cases may be included.