The course is designed to provide a foundation in financial accounting. Specific objectives include: a) understanding the framework of financial reporting, including the key elements of Generally Accepted Accounting Principles (GAAP); b) introducing the CPA Canada Handbook as a reference source; c) understanding the objectives of financial reporting; d) basic interpretation of financial accounting information; e) accounting for transactions; f) becoming familiar with the "language of accounting"; g) understanding key elements in the selection of accounting policies or choices in the determination of accounting estimates; h) understanding the workings of a financial reporting system and the interrelationships between the various financial statements; i) introduction to professional judgement, in practice and on professional examinations; j) to become aware of some of the developments to financial reporting upon International Financial Reporting Standards (IFRS) as Canadian GAAP for publicly accountable enterprises (PAEs); k) to obtain a basic understanding of Accounting Standards for Private Enterprises (ASPE) in Canada; l) to commence the process of integrative thinking financial accounting and managerial accounting.