This half day program will cover the basic concepts of bookkeeping, accounting and financial reporting giving the participant an understanding of the foundational concepts of generally accepted accounting principles (U.S. GAAP). It also addresses the use of this financial data in analyzing the operating results and financial strength of an enterprise. Moreover, it covers the recent change in financial reporting from historical cost (entry level) to fair value (exit level) measurement for displaying and disclosing an enterprise’s economic events and condition. The resulting focus on the concept of using different measurement bases and accounting principles for public and private companies will be discussed along with the convergence of U.S GAAP and International Financial Reporting Standards (IFRS) with the intended goal of having one high quality set of accounting principles used globally within the not too distant future.