The main objective of this course is to provide participants with a solid framework for understanding and analysing financial statements. The course achieves this by imparting participants with a thorough understanding of the fundamental principles and elements of accounting and financial reporting and exposing them to key accounting measurement topics and issues as they relate to the preparation and analysis of financial statements. After demonstrating how financial statements are generated and introducing the techniques of financial analysis, the course discusses conceptual and technical problems in measuring the performance, assets, and liabilities of firms. It then deals in depth with specific accounting issues such as inventories, long-lived assets, and on and off-balance-sheet liabilities. The course concludes with a discussion of the role of financial statement analysis in historical performance evaluation, financial forecasting, and valuation of firms.