This course differs from traditional financial accounting classes in that the material is organized according to five broad themes, with particular accounting topics (revenue recognition, lease accounting, etc.) brought in only to the extent that they help elucidate one of the themes. The five themes are: governance and control; quality of earnings; quality of cash flows; consolidation and scope of reporting; fair value reporting and appraisal. Each of these themes contain material in which a large portion of Kellogg students would have an interest. For instance, how boards choose non-GAAP metrics; executive compensation contracts (governance and control); how to assess recurring vs. non-recurring profitability (quality of earnings); the sustainability of cash flows (quality of cash flows); the degree of control of a foreign subsidiary or JV (scope of reporting); the valuation of marketing intangibles, such as brands (fair value reporting). Formal lectures end in Week 9. Week 10 is reserved for group project presentations. An online version of the Week 9 class will be available for students whose summer internships start before the end of the quarter.