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In this advanced level course, students explore various theories that underlie financial accounting and reporting. The concept of present value accounting in ideal conditions and the theory of decision making under uncertain conditions is examined. Securities market efficiency is considered and related to capital asset pricing models. Problems related to information advantage and a manager's motivation are given close attention. An attempt is made to reconcile the potentially conflicting roles of financial reporting in meeting the needs of investors and managers. The concept of economic consequences is explained and related to decision usefulness and efficient securities market theory. Conflicting versions of positive accounting theory are compared and related to management behaviour. Conflicts between parties to executive compensation and debt contracts are examined and related to earnings management issues. Accounting standard setting processes are examined from the perspective of both economic issues and political issues, including the trend towards convergence of differing accounting standards internationally.