The accounting sessions will cover fundamental accounting concepts and how they manifest themselves in the three primary statements—the balance sheet, the income statement, and the statement of cash flows. The discussion of basic concepts will lead into some of the most important questions faced by the financial community today: accounting for intangible assets and contingent liabilities, when to recognize revenue, and the tension between cash-basis, accrual-basis, and fair value accounting. Myriad high profile accounting scandals over the last decade brought into public view the importance of organizational governance and accounting’s central role in the governance process. The Sarbanes-Oxley reforms, fair disclosure regulations, and the role of auditors and audit committees will be discussed.