The objective of the course is to develop a framework for measuring and disclosing transactions and events in business entities. Students should not only learn the nuts and bolts of the financial accounting system, but also build an intuition for measurement that allows them to evaluate and develop measures that are both relevant and representationally faithful to decision makers. After the process of transaction/event measurement, the accounting system requires the recognition/disclosure processes. The combination of both transaction/event measurement and recognition/disclosure creates the financial statements that reflect the economic position and the economic performance of a business entity. The course applies this framework to derive the measurement and recognition/disclosure for specific transactions/events including those involving receivables, inventories, fixed and intangible assets and income taxes. The framework is applicable to other transactions and events that are covered in subsequent financial accounting courses.

Prerequisite: ACCY 202 or equivalent and recommend concurrent enrollment in ACCY 302 for Accountancy majors.

The objectives of this course are to develop an understanding of the link between organizational mission and governance structures and accounting’s role in coordinating, controlling and managing organizations. Students should gain an understanding of how accounting is influenced by, and influences organizational mission, strategy, structure, and the resulting performance measurement and control systems. The course has three major parts. In Part 1, using agency theory as a foundation, students are introduced to the influence of incentives on individuals’ decisions, and how the mission and design of the organization influences the performance measurement and control systems implemented within it. In Part 2, students are introduced to how performance measurement and control systems and their content and format can affect decision making. Students develop an understanding of what costs are and how they relate to revenues, what activities drive costs, and how those drivers affect cost behavior. Then, students use that understanding to develop decision tools. In Part 3, students expand their understanding of uncertainty by looking at common decision traps. Then students explore tools that can be used to help decision makers formally deal with, but not eliminate, uncertainty.

Prerequisite: ACCY 202 or equivalent; BADM 210 or concurrent enrollment or equivalent; and recommend concurrent enrollment in ACCY 301 for Accountancy majors.

The objectives of the course are to help students acquire the fundamental principles of financial reporting and practice applying these principles to solve real-world financial reporting problems. Our central topics are the measurement and reporting of a firm’s liabilities and equity. We study financial reporting standards, evaluate the resulting disclosures and explore the challenges faced in those reporting areas as they apply to current liabilities and contingencies, long-term liabilities, shareholders’ equity, share-based compensation, earnings per share, and the statement of cash flows. Upon completing ACCY 303, students should be able to: Elaborate key objectives of financial reporting and the desired characteristics of financial disclosures; Search, interpret and apply relevant standards when facing a reporting issue; effectively work and communicate in a team environment similar to the professional accounting environment; Make sound ethical decisions.

Prerequisite: ACCY 301 and FIN 221.

The objective of this course is to provide students with tools to recognize when decision makers do not share common goals and/or do not have the best available information on which to base their decisions. We discuss an important framework that highlights the vital roles accounting control systems play in helping to ensure that the right people have the right information and incentives to further organizational goals. Through the lens provided by this framework, we better understand rules and regulations for accounting controls to help ensure members of an organization are adhering to laws, generating reliable financial statements, and being good stewards of company assets. We analyze several fundamental business processes to ensure organizations are adhering to these rules and regulations. Building on this foundation, we use the accounting controls framework to ensure that organizations not only ensure compliance with regulation but also foster innovation and creativity from an empowered set of employees.

Prerequisite: ACCY 301 and ACCY 302.

The objective of this course is to provide students with an integrated foundation for understanding the taxation of individuals, sole proprietors, and property transactions. After successful completion of this course, students should have a broad understanding of key elements of taxation, including what is a tax, a taxable base, and a tax rate structure and how to evaluate tax policy. Students should be able to compute an individual’s federal income tax liability and prepare an individual federal income tax return; understand the basic operating principles that apply to a sole-proprietor and how they are reflected on the individual’s tax return; and understand the tax treatment associated with sales, exchanges, and other dispositions of property. The introductory nature of this course and the number of topics covered necessitates limited coverage in many areas.

Prerequisite: ACCY 202 or equivalent.

The objective of this course is to provide students with an intensive introduction to assurance services in society. We focus on an examination of assurance services provided by Certified Public Accountants (CPAs) and also considers assurance services beyond financial statement audits conducted by non-CPAs. Students learn that 1) assurance services are a product of multiple judgments made by independent professionals that improve the quality of information for decision makers, 2) the demand for assurance arises endogenously in markets, 3) the properties of such demand depend in part on both assurer and assuree characteristics and on the properties of alternative mechanisms that could improve information quality, 4) the quality of audit supply can vary with the nature of assurer attributes, and 5) the extent to which assertee and asserter organizations demand third-party attestation depends in part on the attributes of assertions. Then the course introduces conceptual frameworks in financial statement auditing and risk assessment concepts, including the traditional Audit Risk Model and Strategic Systems Auditing. Students evaluate organizations' strategic and business risks and companies’ responses to these risks when assessing the risk of material misstatement and risk of material weaknesses in internal controls at the financial statement account and assertion level. We also discuss audit evidence concepts, including triangulation, the nature and benefits of different types of evidence gathering procedures, and the role of professional judgment in evaluating audit evidence.

3 undergraduate hours. 3 graduate hours.

Prerequisite: ACCY 304 or consent of department.

The objective of the course is to learn how to prepare and use financial statement information related to advanced financial reporting topics, such as methods of accounting for mergers and acquisitions, including issues related to the scope and application of current acquisition accounting guidance. The course also covers financial reporting requirements and implications of inter-corporate investments, goodwill impairment, segment reporting, deconsolidation, spin-offs, and equity carve-outs. To achieve this goal, the course considers theoretical, procedural, and practical issues in each of the previously mentioned topical areas. As is the case with most accounting courses, the course primarily focuses on the preparation of financial statements. However, because financial accounting is a means of communicating information about an entity to present and potential investors and creditors, the course also considers the interpretation of financial statements (i.e., by using some real-world annual reports). Upon successful completion of ACCY 410, students should be able to analyze economic events and transactions to prepare accounting entries and financial statements using appropriate accounting concepts, principles, and techniques.

3 undergraduate hours. 3 or 4 graduate hours. Credit is not given toward graduation for both ACCY 410 and ACCY 506 or ACCY 532.

Prerequisite: ACCY 303 or consent of department.

This course provides an introduction to the U.S. federal income tax treatment of corporations and pass-through entities, including Subchapter S corporations, partnerships, and limited liability companies. The course first focuses on the relevant provisions of Subchapter C of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing corporate formation, operations, distributions, and liquidation. The course then shifts focus to the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.

3 undergraduate hours. 3 or 4 graduate hours.

Prerequisite: Senior standing and ACCY 312.

This course explores the intersections of public policy and law, focusing on how policy is created, evaluated, and implemented within its political and social contexts. Through case studies, collaborative learning, and interactive activities, students gain insight into the forces shaping public policy and the impact of social, economic, political, and legal power. The course emphasizes practical applications, encouraging students to think critically about real-world policy issues and develop solutions that address contemporary challenges. Students will also examine how public perception, legal doctrine, and cultural dynamics influence and are influenced by policy decisions.

By the end of the course, students will be able to 1) comprehend and access public policy and processes 2) differentiate between law and policy in theory & practice 3) analyze and construct nuanced policy arguments 4) evaluate & critique contemporary policy issues 5) develop collaborative solutions for policy challenges.

Prerequisite: PS 101, six hours of Political Science credit, or consent of instructor.

Career Pathways in Accountancy (CPA) is an enrichment program for outstanding undergraduate Accountancy majors and those students interested in declaring Accountancy as their major. Our goal for CPA is to accelerate your learning by providing experiences that connect the classroom to real-world accounting and related careers. In CPA you will explore potential accounting-related career paths, build skills for success, and connect with other Accountancy students and professionals. You will build professional skills such as communication and networking skills, via various projects and activities. These skills will not only enhance your future professional career but will also benefit your student experience at Gies.

Prerequisite: Restricted to Gies College of Business Accountancy and Accountancy + DS majors and/or intention to declare Accountancy major.

Course covers the professional standards relating to corporate financial reporting, taxation, auditing and public sector reporting. Serves as a review course for the Uniform Certified Public Accountant (CPA) Examination.

Approved for Letter and S/U grading. May be repeated up to 16 hours in separate terms, if topics vary. Credit is not given towards degree requirements. Prerequisite: Consent of the Department. Intended for students enrolled in the BS in Accountancy, MAS, and MSA programs. Students from other UIUC programs must demonstrate that they have taken courses in financial accounting (beyond introductory level), cost/managerial accounting (beyond introductory level), auditing, and taxation.

ACCY 398 utilizes the Becker CPA Review Program. Students verified as enrolled in the course will pay a portion of the Becker fee ($1075, plus shipping and sales taxes if applicable). The Department of Accountancy will provide ordering details to registered students approximately a week before the semester begins. Students must remain enrolled in the course to be eligible for the discounted rate. If your future employer provides Becker, then separate purchase may not be required. There is no option for a retroactive discount or reimbursement if you have previously obtained Becker independently.

Credit: 0, 4, 8, 12, or 16 credits

In this Governmental and Nonprofit Accounting course, students will experience an in-depth study of governmental and nonprofit accounting practices, focusing on financial reporting, budgeting, and fund accounting. Students will gain a comprehensive understanding of the unique accounting principles and regulations applicable to the public and nonprofit sectors. By the end of the course, students will know how to create and analyze financial transactions for governmental and nonprofit entities.

3 undergraduate hours. 4 graduate hours. Credit is not given toward graduation for both ACCY 419 and ACCY 519.

Prerequisite: ACCY 301 or ACCY 501 or consent of department.

Only offered in Spring Semesters.

Tax in Action allows students to gain hands-on experience while providing a valuable service to the community through the Internal Revenue Service’s Volunteer Income Tax Assistance (VITA) program. Students will participate in a training and certification program through the IRS VITA program and will prepare tax returns for members of the community. Students taking the course for two credit hours will serve as team leads. They will be responsible for quality review, progress of the team toward goals and deadlines, training and communication with faculty.

1 undergraduate hour. 1 or 2 graduate hours. May be repeated in separate terms to a maximum of 2 undergraduate or 4 graduate hours.
For 1 Credit Hour Section: Restricted to Junior, Senior, or Graduate Accountancy majors. For 2 credit hour section: Restricted to Master of Accounting Science or Master of Science in Accountancy programs.

Prerequisite: ACCY 312 or ACCY 505 or concurrent enrollment in either or consent of the department.

The objective of this course is to build on the knowledge base from Accy 312 and the further development of skills necessary to be successful as a tax professional. These include the further development of research, writing, computational, and oral communication skills. A tax professional must be able to support the tax treatment of numerous business transactions and the calculation of taxable income. This is done by using primary research sources including the Internal Revenue Code (Code), the Treasury Regulations (Regulations), Revenue Rulings, Revenue Procedures, and Court Cases. The class uses the Internal Revenue Code and Treasury Regulations as it primary texts. All class discussions involve tracking back into the Code and Regulations for support in what is being taught.

4 graduate hours. No professional credit.

Prerequisite: ACCY 312 or ACCY 505, or equivalent, or consent of department.

The objective of this course is to build on the knowledge base from Accy 312 and the further development of skills necessary to be successful as a tax professional. These include the further development of research, writing, computational, and oral communication skills. A tax professional must be able to support the tax treatment of numerous business transactions and the calculation of taxable income. This is done by using primary research sources including the Internal Revenue Code, the Treasury Regulations, Revenue Rulings, Revenue Procedures, and Court Cases. The class uses the Internal Revenue Code and Treasury Regulations as it primary texts. All class discussions involve tracking back into the Code and Regulations for support in what is being taught. The tax law for partnerships is driven by very detailed Treasury Regulations. This is in contrast to the tax law for corporations (covered in Accy 551) that is mainly driven by the Internal Revenue Code. The students learn how to read and use very complex Regulations while dealing with the life cycle of the partnership. The class focuses on the aggregate theory of partnership taxation requiring the students to account for the tax impact at the partnership and partner levels.

4 graduate hours. No professional credit.

Prerequisite: Prerequisite: ACCY 312 or ACCY 505, or equivalent, or consent of department.

The objective of the course is for students to develop an understanding and facility with tax research methodology in the context of both the rules of tax procedure and various aspects of substantive tax law - individual, corporate, and advanced corporate tax - which afford tax planning opportunities. Students will understand how to find the most relevant authority to support their client’s position, how to analyze that authority in the context of the most current IRS positions, legislative actions, and common law decisions, and how to formulate conclusions which will best serve the objectives of the client, maximizing opportunity while managing audit risk. Moreover, they will learn how to write memoranda to their senior managers and partners that convey their findings concisely and professionally. Tax planning in the current public accounting environment combines procedural skills with substantive skills, and challenges the practitioner to consider the structure and transactional plan for each client’s future. Tax planning allows the practitioner to provide real value to clients and, for that reason, is the part of practice that is most highly valued today, both in public accounting firms and in-house with corporate clients. The practice environment has become much more competitive in recent years, and this course provides the opportunity for students to develop the research skills which allows them to spot issues pointing to potential audit challenges or planning opportunities and which, in turn, sets them apart in a competitive workplace environment.

1 to 4 graduate hours. No professional credit. May be repeated with consent of the department.

Prerequisite: ACCY 312 or ACCY 505, or equivalent, or consent of the department.

Only offered in Fall Semesters.

The objectives of this course are to help students understand the financial reporting standard setting process and the competing models for communicating financial information, including how these models affect initial and subsequent measurement and disclosure of financial transactions. The course focuses on research, critical thinking, and analysis so that students can achieve the following objectives: 1. Describe the models that underlie US GAAP and influence the standard-setting process. 2. Understand the content and purpose of FASB Concept statements. 3. Understand the structure of the FASB Accounting Standards Codification. 4. Apply selected financial reporting standards to specific fact-patterns in order to determine appropriate measurement, classification and disclosure. 5. Evaluate specific financial reporting standards with respect to adherence to the concepts and principles embodied in the FASB Concept statements. 6. Communicate conclusions and support professional judgments regarding financial reporting standards.

4 graduate hours. No professional credit.

Prerequisite: ACCY 410 and enrollment in the BS/MAS in Accountancy program or consent of department.

This course focuses on the role of professional and ethical standards for auditing and assuring services public and private company financial statements. In addition, the course discusses the role of auditing and assurance services in corporate governance. The course discusses the demand for assurance services and the demand for audit and assurance standards. Over the course of the semester, this course ‘walks through’ an entire audit by selectively surveying auditing standards, both AICPA and PCAOB, and academic literature to focus on the conduct of auditing and assurance services. The course addresses the entire audit process from client acceptance and risk assessment to types of opinions issued. Cases, class presentations, group discussions and other projects emphasize the importance of independent thinking, teamwork, and communication for professional accounting practice. Guest presenters from practice also provide students with meaningful insights from practitioners. The course also instructs in the ‘how-to’ of auditing, providing cases and task-based simulations enabling students to do hands-on auditing, which prepares them for a career in auditing.

4 graduate hours. No professional credit.

Prerequisite: ACCY 405 and enrollment in the BS/MS in Accountancy program or consent of department.

The objective of this course is to provide the student with knowledge and skills necessary to analyze, interpret, understand, and use financial information to make informed decisions. Financial reporting is discussed from a user’s perspective, rather than a preparer’s perspective. That is, students become aware of issues facing users of financial statements. The students learn to use a variety of tools to break apart financial reports into meaningful units for analysis, forecast financial statements, and value a firm. The course requires the student to think critically about issues for which there are no “correct” answers. Hence, the analysis and conclusions must be based on sound assumptions and well-constructed analysis and arguments.

2 or 4 graduate hours. No professional credit. May be repeated up to 4 hours, if topics vary for iMSA and online students that complete the first part of the course content in a 2-hour section (part A) and then complete the remainder of the class in a second 2-hour section (part B). Credit is not given toward graduation for both ACCY 517 and ACCY 531.

Prerequisite: ACCY 410 or concurrent enrollment; or ACCY 500 or equivalent; or ACCY 502 or equivalent; and enrollment in graduate degree program or consent of department.

The objective of this course is to introduce the basic concepts in acquiring, processing, mining, and visualizing data, with an emphasis on data relevant to accountancy and business in general. By completing this course, students will learn how to develop programs in the Python programming language to perform data analytics including fundamental machine learning concepts. This objective is achieved by first introducing basic programing constructs and demonstrating how they can be used to process data. Next, more advanced data analytics focused programming concepts are introduced including arrays and data frames. Finally, basic machine learning techniques are introduced and demonstrated on analytic tasks including classification, regression, cluster finding and anomaly detection, and dimensional reduction. A particular emphasis is placed on how these techniques are best used in production environments.

2 or 4 graduate hours. No professional credit. May be repeated up to 4 hours for iMSA and online students that complete the first part of the course content in a 2-hour section (part A) and then complete the remainder of the class in a second 2-hour section (part B).

Prerequisite: Enrollment in graduate accounting program or consent of the department.

This course is an interactive incubator that allows students to cultivate their data analytic skills and apply them to realistic, relevant business and accounting scenarios. The purpose of the course is to develop students’ knowledge regarding the role, methods, and implications of business and data analytics in accounting. Building on prior coursework on the fundamentals of analytics and related statistical analyses, this course provides students the opportunity to apply related theoretical and practical principles to a variety of accounting scenarios, including audit, fraud identification and detection, financial and tax issues, and managerial accounting. After completing this course, students should (1) have a foundational understanding of the role of business / data analytics in accounting and (2) be able to apply this knowledge to real-world clients, business decisions, etc.

4 graduate hours. No professional credit.

Prerequisite: ACCY 570.

MAS students pursuing the Data Analytics concentration will need to select a Data Elective. Students will choose one from the following list:

ACCY 512
ACCY 571 (Spring Only)
ACCY 574
ACCY 550 & 554 (Spring Only. Each course is 2 credit hours and an 8 week course. Both courses must be taken for full credit)

Since many of these courses can provide ACCY Electives credit as well, the course descriptions for all elective courses can be found below.

In this Governmental and Nonprofit Accounting course, students will experience an in-depth study of governmental and nonprofit accounting practices, focusing on financial reporting, budgeting, and fund accounting. Students will gain a comprehensive understanding of the unique accounting principles and regulations applicable to the public and nonprofit sectors. By the end of the course, students will know how to create and analyze financial transactions for governmental and nonprofit entities.

3 undergraduate hours. 4 graduate hours. Credit is not given toward graduation for both ACCY 419 and ACCY 519.

Prerequisite: ACCY 301 or ACCY 501 or consent of department.

Only offered in Spring Semesters.

The objectives of this course are to develop an understanding of how management control systems influence organizational mission, strategy, structure, and the resulting performance, and to develop student skills of gathering and analyzing data for decisions. We discuss many examples of decision situations using cases from the real world. Using agency theory as our foundation, we explore what motivates individuals’ behavior and the conflicts this can create in an organizational context. We then examine how organizations and the accounting systems within them can be structured to reduce those conflicts and direct individuals towards actions that benefit the organization and the individuals themselves. We examine how allocation of decision rights, design of performance measurement systems, and design of incentive systems can influence managers and employees’ behavior and performance. We then work on hands-on examples for incorporating data analytics into management decision making. Students develop research design and data analysis skills.

4 graduate hours. No professional credit.

Prerequisite: Enrollment in graduate accounting degree program or consent of department.

The objective of this course is to understand the accounting profession’s responsibility to act in the public interest. This course introduces professional guidance that enables accountants to uphold the obligation to act in the public interest while meeting their professional responsibilities to employers and clients. Students investigate ethical issues in the context of business and accounting practices with a special focus on “gray areas” that do not have a single, correct solution. Topics include professional standards, trust relationships, professions, values, norms and ethical theories, public interest, business purpose, corporate governance, and behavioral ethics.

3 or 4 graduate hours. No professional credit.

Only offered in Spring Semesters.

The objective of this one-semester graduate course is to give students a fairly comprehensive introduction to financial statement fraud and fraud examination on historical, conceptual, and operational levels. A major objective is to change the way students see the world which will help them to perform their jobs with their eyes wide open and the recognition that frauds can happen anywhere. After completing this course students will not be fraud examination experts, but they will understand the nature and extent of many financial statement frauds and will understand the basic process of fraud examination. A secondary objective is to expose students to the forensic investigation practice in public accounting firms. This exposure may drive them to a career in forensic accounting investigation.

4 graduate hours. No professional credit.

Prerequisite: Enrollment in graduate accounting degree program or consent of the department. This class is restricted to MAS and MSA students: Accountancy-UIUC.

Both ACCY 550 & 554 are only available in the Spring and both must be taken to receive 1 ACCY Elective or Data Elective credit. Both courses are 2 credit hours and 8-week courses.

ACCY 550: Multistate Taxation
The objective of this course is to explore state and local tax laws prevalent in the United States, with a primary focus on sales taxes, income taxes, and property taxes. The course will consider the historical progression of state and local taxation, the power of states to tax (and the limitations on that power), and planning strategies for minimizing the impact of state and local taxation. After completing this course, students will be able analyze how individuals and entities with multistate activities should allocate business and non-business income across states and discuss tax planning strategies to minimize state and local taxation.

2 graduate hours. No professional credit.

Prerequisite: ACCY 312 or ACCY 505, or equivalent, or consent of the department. Restricted to students enrolled in a graduate accounting degree program.

ACCY 554: International Taxation
Our customers love the comfort that comes with six-months free support. Our dedicated support forum makes interacting with us hassle-free and efficient. Accountancy 554 is a capstone course in the MAS-Tax graduate program which incorporates the substantive rules from Accountancy 551 Corporate Income Taxation and Accountancy 552 Partnership Taxation to introduce students to the U.S. rules for outbound and inbound international transactions. As an introduction to taxing cross-border transactions, students will learn the fundamentals of multistate taxation, including the concept of formulary apportionment (unitary taxation) vs. separate entity taxation. The students then learn both the substantive rules and the regulatory environment associated with the taxation of non-U.S. persons (individuals and entities) engaging in multinational transactions coming into the U.S. – so-called “inbound” transactions – and then proceed to the rules for U.S. persons (individuals and entities) engaging in multinational transactions directed out of the United States – so-called “outbound” transactions. Equipped with a strong foundation in both inbound and outbound, the students are then able to master the fundamentals of international tax planning, including transfer pricing planning and international reorganizations.

2 or 4 graduate hours. No professional credit.

Prerequisite: Credit or concurrent enrollment in ACCY 505, ACCY 507, or ACCY 551, or equivalent, or consent of the department. Restricted to students enrolled in a graduate accounting degree program.

The objective of this course is to introduce techniques for acquiring and analyzing different types of business-relevant data in a consistent manner. By completing this course, students will learn how to acquire data from different sources including Internet-accessible sites, relational databases, and social media; to transform these data into a usable manner; to perform complex analysis on text data; to perform network analysis on connected data; to leverage probabilistic concepts to perform robust statistical predictions, to perform time series analysis, and to perform standard hypothesis testing. These objectives are achieved by using the Python programming language and standard modules to interact with data in different formats, to use SQL to work with a relational database, to analyze text, graph, and time series data. In these different analyses, a priority is given to applications that are relevant to accountancy specifically and business in general.
2 or 4 graduate hours. No professional credit. May be repeated up to 4 hours for iMSA and online students that complete the first part of the course content in a 2-hour section (part A) and then complete the remainder of the class in a second 2-hour section (part B).

Only available in the Spring Semester.

Prerequisite: Enrollment in graduate accounting program or consent of the department.

The objective of this course is to explore empathy-driven and data-driven approaches to problem-solving in the domain of risk. It introduces students to common psychological biases that arise when decision makers evaluate risk and approaches to accommodate these biases when developing solutions. Students learn how to use Tableau to explore large datasets and visualize findings for stakeholders. The course introduces Enterprise Risk management as a framework to build risk-awareness and explore issues in identifying, assessing, measuring, communicating, and monitoring risk.

4 graduate hours. No professional credit.

Prerequisite: Enrollment in MAS or MSA program.

This course explores the intersection of audit and business strategy. Build high-demand skills in risk management, stakeholder communication,  and ethical leadership. Learn how internal audit creates value, not just compliance, and how managers use audit insights to drive smarter decisions.

4 graduate hours. No professional credit.

Prerequisite: ACCY 405 or 504 or consent of the department

Only offered in Fall Semesters.