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Online · School of Business · Accounting, Economics, and Finance

Advanced Financial Accounting Theory

  • CG
  • Section 8WK
  • 11/08/2019 to 04/16/2020
  • Modified 01/28/2020

Course Description

This advanced course in financial accounting theory presents an in-depth analysis of the historical development of accounting theory and its application to current and future accounting issues. The course utilizes a case approach that provides a blend of theory, practice, and research. The course enhances critical thinking skills by synthesizing the professional accountant’s understanding and knowledge of accounting theory with the resolution of real world accounting problems. The course incorporates a global perspective with respect to the development and analysis of accounting standards.



ACCT 612 and ACCT 511 and ACCT 521 and ACCT 531 and ACCT 622


Theory emphasizes the why of accounting rather than the how. Professional accountants must cope with the increasing pace changes occurring in the world of business because new changes develop new problems, and new problems will warrant new solutions. Knowing the why of accounting can help guide in the development of new practices to solve future problems, and understanding the theory framework of accounting can help in formulating creative solutions to new problems that emerge.

Measurable Learning Outcomes

Upon successful completion of this course, the student will be able to:

  1. Summarize the development of accounting theory.
  2. Examine the proper presentation of financial statements in accordance with GAAP.
  3. Evaluate controversial accounting issues, alternatives, and solutions in light of a biblical worldview.
  4. Relate accounting theory to the practice of accounting.

Course Resources

Required Resource Purchase

Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2017). Financial accounting theory and analysis: Text and cases (12th ed.). Hoboken, NJ: Wiley. ISBN: 9781119186335.

Disclaimer: The above resource provides information consistent with the latest research regarding the subject area. Liberty University does not necessarily endorse specific personal, religious, philosophical, or political positions found in this resource.

Recommended Resource

American Psychological Association. Publication manual of the American Psychological Association (Current ed.). Washington, DC: American Psychological Association.

Additional Materials for Learning 

    1. Computer with basic audio/video output equipment
    2. Internet access (broadband recommended)
    3. Blackboard recommended browsers
    4. Microsoft Office
    5. The textbook website contains links to numerous student resources.

Course Assignments

Textbook readings and presentations

Course Requirements Checklist

After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in Module/Week 1.

Group Discussion Board Forums (6)

The instructor will place the student into a group at the beginning of the course. Discussion Boards are collaborative learning experiences. Therefore, the student is required to create a thread in response to the provided topic for each forum. Each thread must be 400 words and demonstrate course-related knowledge. In addition to the thread, the student is required to reply to 2 other classmates’ threads. Each reply must be 250 words.

Individual Learning Project

The student will write a 12–15-page research-oriented paper in current APA format that focuses on financial accounting theory. The paper must include at least 5–7 peer-reviewed sources in addition to the course textbook and the Bible.

Group Learning Project

The student will write a 10–15-page research-oriented paper in current APA format that focuses on a current exposure draft. The paper must include at least 5 peer-reviewed sources in addition to the course textbook and the Bible. The group will create a PowerPoint presentation based on their findings, as well.

Course Grading

Course Requirements Checklist


Group Discussion Board Forums (6 at 100 pts ea)


Individual Learning Project


Group Learning Project





Late Assignment Policy

Course Assignments, including discussion boards, exams, and other graded assignments, should be submitted on time.

If the student is unable to complete an assignment on time, then he or she must contact the instructor immediately by email.

Assignments that are submitted after the due date without prior approval from the instructor will receive the following deductions:

  1. Late assignments submitted within one week after the due date will receive up to a 10% deduction.
  2. Assignments submitted more than one week and less than 2 weeks late will receive up to a 20% deduction.
  3. Assignments submitted two weeks late or after the final date of the course will not be accepted outside of special circumstances (e.g. death in the family, significant personal health issues), which will be reviewed on a case-by-case basis by the instructor.
  4. Group projects, including group discussion board threads and/or replies, and assignments will not be accepted after the due date outside of special circumstances (e.g. death in the family, significant personal health issues), which will be reviewed on a case-by-case basis by the instructor.

Disability Assistance

Students with a disability and those with medical conditions associated with pregnancy may contact Liberty University’s Online Office of Disability Accommodation Support (ODAS) at [email protected] for accommodations.  Such accommodations require appropriate documentation of your condition.   For more information about ODAS and the accommodations process, including how to request an accommodation, please visit Requests for accommodations not related to disabilities or pregnancy must be directed to the Registrar’s Office, which generally handles medical needs support.

If you have a complaint related to disability discrimination or an accommodation that was not provided, you may contact ODAS or the Office of Equity and Compliance by phone at (434) 592-4999 or by email at [email protected].  Click to see a full copy of Liberty’s Discrimination, Harassment, and Sexual Misconduct Policy or the Student Disability Grievance Policy and Procedures.

Course Attendance

In an effort to comply with U.S. Department of Education policies, attendance is measured by physical class attendance or any submission of a required assignment within the enrollment dates of the course (such as examinations, written papers or projects, any discussion board posts, etc.) or initiating any communication with one’s professor regarding an academic subject. More information regarding the attendance policy can be found in the Academic Course Catalogs. Regular attendance in online courses is expected throughout the length of the term. Students who do not attend within the first week of a sub-term by submitting a required academic assignment (such as the Course Requirements Checklist, an examination, written paper or project, discussion board post, or other academic activity) will be dropped from the course. Students who wish to re-engage in the course are encouraged to contact Academic Advising to discuss their enrollment options. Students who begin an online course, but at some point in the semester cease attending, and do not provide official notification to withdraw, will be assigned a grade of “FN” (Failure for Non-Attendance). Students wishing to withdraw from courses after the official start date should familiarize themselves with the withdrawal policy.

Grading Scale

A- B+ B B- C+ C C- D+ D D- F
940-1010 920-939 900-919 860-899 840-859 820-839 780-819 760-779 740-759 700-739 680-699 679 and below

For courses with a Pass/NP final grade, please refer to the Course Grading section of this syllabus for the assignment requirements and/or point value required to earn a Passing final grade.

Add/Drop Policy

The full policy statement and procedures are published in the Policy Directory.

Honor Code

Liberty University comprises a network of students, Alumni, faculty, staff and supporters that together form a Christian community based upon the truth of the Bible. This truth defines our foundational principles, from our Doctrinal Statement to the Code of Honor. These principles irrevocably align Liberty University’s operational procedures with the long tradition of university culture, which remains distinctively Christian, designed to preserve and advance truth. Our desire is to create a safe, comfortable environment within our community of learning, and we extend our academic and spiritual resources to all of our students with the goal of fostering academic maturity, spiritual growth and character development.

Communities are predicated on shared values and goals. The Code of Honor, an expression of the values from which our Doctrinal Statement was born, defines the fundamental principles by which our community exists. At the core of this code lie two essential concepts: a belief in the significance of all individuals, and a reliance on the existence of objective truth.

While we acknowledge that some may disagree with various elements of the Code of Honor, we maintain the expectation that our students will commit to respect and uphold the Code while enrolled at Liberty University.

Adherence to the principles and concepts established within facilitates the success of our students and strengthens the Liberty community.

The Code of Honor can be viewed in its entirety at


ACCT 632

Textbook: Schroeder et al., Financial Accounting Theory and Analysis (2017).


Reading & Study




Schroeder et al.: chs. 1–2

1 presentation

Course Requirements Checklist

Class Introductions

Group DB Forum 1

Individual Learning Project – Proposed Theory Topic






Schroeder et al.: chs. 3–4

1 presentation

Group DB Forum 2



Schroeder et al.: chs. 5–6

1 presentation

Group DB Forum 3



Schroeder et al.: chs. 7–8

1 presentation

Individual Learning Project



Schroeder et al.: chs. 9–10

1 presentation

Group DB Forum 4



Schroeder et al.: chs. 11, 15

1 presentation

Group DB Forum 5



Schroeder et al.: chs. 12–13

1 presentation

Group DB Forum 6



Schroeder et al.: chs. 14–16

1 presentation

Group Learning Project




DB = Discussion Board

NOTE: Modules/Weeks 1-7 begin on Monday morning at 12:00am. (ET) and end on Sunday night at 11:59 p.m. (ET). Module/Week 8 begins on Monday at 12:00 a.m. (ET) and ends Friday night at 11:59 p.m. (ET).