Emphasizes analysis of financial statements. Generally accepted accounting principles are applied in the preparation, analysis and interpretation of financial statements. Particular emphasis is applied to valuation of current and long-term liabilities and stockholders’ equity, and earnings per share. Special topics included are deferred income taxes, long-term investments, and leases. Further consideration is applied to errors and their correction, and statements of cash flow. Comparison and analysis is also made between GAAP and international standards(IFRS).