The disciplines of finance cannot be practiced properly without a thorough understanding of the accounting measurements which enter so importantly into its decision processes. Conversely, the purposes and process of financial accounting cannot be adequately understood without a thorough understanding of the needs of the users for the outputs of the accounting system. Thus it is fair to say that accountants need to know a great deal about the needs for information of the end users of their product without necessarily becoming fully conversant with all of the intricacies, theories, and controversies within the fields of finance and investments. Conversely, those in the fields of finance and investments should have a good understanding of the current theories, assumptions and rules for measurement and reporting accounting information, without necessarily needing the detailed mastery of accounting. They need to acquire the analytical ability to reconstruct significant transaction on the basis of information provided in financial statements and their related notes.
Accounting is an information system.
As such it comprises a collection of ideas, requirements, constraints, procedures, processes, and standards that are organized so as to allow communication of information between parties. To accomplish this we need to understand something about user needs, as well as knowing a lot about reporting requirements and options. Our study and learning methods will include lectures, discussions, reading, problem solving, case analysis, and computer modeling. The student will learn to research, to communicate technical information verbally and in writing, to analyze situations, to make informed judgments, and to resolve conflicting points of view. Financial Reporting and Analysis.