M.S. in Accountancy (Professional Accountancy)

The Master of Science in Accountancy with a concentration in Professional Accounting will prepare you for a career in public accounting, corporate settings, or government enterprises. This widely respected program offers a rigorous course of study taught by top tax and accounting professionals with expertise in a broad range of topics.

Founded in 1974, LIU Post’s School of Professional Accountancy holds the proud distinction of being the first independent school of professional accountancy in the nation.

Learn from faculty members who are proven pioneers in their field and bring real-world experience into the classroom, and study curriculum that incorporates the latest technology and software applications in the digital accounting and taxation fields.

Network with NYC’s leading firms through our extensive internship program, and meet accounting professionals face-to-face during our campus events. Our graduates are recruited by the “Big Four” global accounting firms as well as international, national, regional, and local accounting firms, corporations, and government agencies.

The M.S. in Accountancy is registered by the New York State Education Department to qualify for a one-year reduction of the experience requirement for CPA licensure. It is intended for those individuals who have completed an undergraduate degree in accounting at an accredited college or university and who wish to fulfill the 150-hour requirement.

Typical Sequence

Core Requirements - 12 credits required from the following:
Course Credits
ACC 742 Financial Statement Analysis or ACC 709 Corporate Financial Reporting 3
ACC 750 Advanced Accounting Information Systems 3
ACC 753 Advanced Assurance Services and Computer Auditing 3
TAX 760 Tax Research or TAX 726 Tax Strategies for Management Decisions and Planning 3
Total credits required 12
Concentration Requirements

Professional Accounting Concentration - 9 credits required from the following:
Course Credits
ACC 720 Not-for-Profit Entity Accounting 3
ACC 754 Fraud Examination 3
ACC 760 International Accounting 3
ACC 790 Accounting Seminar 3
Other 700-level accounting or taxation courses with approval of graduate advisor 3
Total credits required 9
Elective Courses Outside of the Accounting Discipline - 9 credits required
Course Credits
Graduate course electives taken with the approval of the graduate advisor 9
Total Credits Required to complete the program 30

Course Description

ACC 709 Corporate Financial Reporting

This course involves the study of authoritative pronouncements on accounting principles that guide reporting financial position, results of operations, and changes in cash flow. It includes case studies and analysis of published financial reports. The purpose of this course is to attempt to bring theory and practice closer together through application of concepts and methods of accounting.
On Occasion, 3 credits

ACC 720 Not-for-Profit Entity Accounting

This course provides an in-depth study of the accounting for government and other nonprofit organizations. The course focuses on the various governmental funds and group of accounts of these public entities. In addition, attention is given to other nonprofit organizations such as colleges, universities and hospitals.
On Occasion, 3 credits

ACC 742 Financial Statement Analysis

This course provides a survey of analytical tools and techniques used to evaluate financial statements. Financial and corporate reports are analyzed for solvency, quality of earnings, investments, and forecasting implications. Emphasis is placed on ratio and trend analysis for the detection and interpretation of strengths, weaknesses and problems areas.
Annually, 3 credits

ACC 750 Advanced Accounting

Information Systems
This course provides an advanced examination of accounting information systems (AIS). It includes issues relating to the design and development of AIS with emphasis on the software selection process, hands-on experience in designing accounting information systems using a data base approach, various considerations during the systems development life cycle, and the impact of new and emerging technologies on AIS applications and controls.
Bi-Annually, 3 credits

ACC 753 Advanced Assurance Services and Computer Auditing

This course provides an advanced review of assurance services and an in-depth analysis of computer auditing. Students study current and emerging applications of assurance services, including information systems assurance. The course also focuses on the collection and evaluation of evidence using statistical sampling techniques and hands-on computer assisted audit tools and techniques (CAATTs).
Annually, 3 credits

ACC 754 Fraud Examination

The nature of fraud, elements of fraud, fraud prevention, fraud detection, fraud investigation, design and use of controls to prevent fraud, and methods of fraud resolution are examined in this course. The role of fraud examination to perform a variety of antifraud and forensic accounting engagements including, but not limited to, investigating suspected fraud, investigating assertions of fraud, developing fraud loss estimates and performing acquisition due diligence are also considered.
On Occasion, 3 credits

ACC 790 Accounting Seminar

Current trends in accounting and the accounting profession are analyzed. A review of relevant pronouncements, exposure drafts and discussion memoranda issued in accounting and auditing is conducted. New developments are examined for their significance to the practicing accountant.
Prerequisite: Completion of required
Accounting Core
On Occasion, 3 credits

TAX 620 Tax Accounting

This course will provide the participant with an in-depth analysis of the code, regulations, rulings and cases go time-value of money concepts and required adjustments for changes in accounting methods. Materials are introduced via lecture, open class discussion and review of selected case studies.
Annually, 3 credits

TAX 625 Federal Taxation of Estates, Gifts and Trusts

A detailed study of the gift and estate tax provisions of the Internal Revenue Code is covered. An introduction to the income taxation of trusts and estates is also provided.
Bi-Annually, 3 credits

TAX 726 Tax Strategies and Business Decisions

This course includes an examination of how taxes impact the business environment and affect management decision making. Using a planning approach, students learn how to adapt to constantly changing tax rules and assess their future impact. The objective of the course is to provide the student with a framework to assess and predict how taxes affect business activities and participants, including customers, suppliers, employees, investors, and competitors. M.S. in Taxation students and M.S. in Accountancy students in the taxation concentration may not receive credit for this course.
On Occasion, 3 credits

TAX 729 State and Local Taxation

In-depth analysis of “Nexus,” Uniform Division of Income for Tax Purposes Act, the unitary principle, the multi-state taxes compact regulations and P.L. 86-272. Various landmark Supreme Court decisions pertaining to multi-state taxation are discussed. Emphasis is placed on New York State Income, Franchise and Sales Taxes for those entities doing business in New York State.
Bi-Annually, 3 credits

TAX 760 Tax Research

Sources of legislative, administrative and legal precedents are discussed. Utilization of IRS publications, tax reporters, and judicial and statutory authority is explained. An introduction to computer-based tax research tools and techniques is included. Several research projects using these materials are required. Written and oral techniques for presenting research results are discussed. The presentation of three written research papers is required. This course is taught primarily on a distance learning basis. Assignments are prepared on and submitted via the Internet and weekly discussion board questions are discussed. The participant must have access to a computer with Internet access.
Annually, 3 credits

TAX 762 Procedures and Practices in Federal Taxation

Among topics considered are preparation of tax returns, due dates and extensions, techniques for gathering information and preparation of returns, statute of limitations, tax examinations, appeals procedures in the IRS, request for rulings, collection matters, tax fraud, and professional responsibility of taxpayer’s representatives.
Bi-Annually, 3 credits

TAX 771 Corporate Taxation

This course reviews the tax aspects of corporate formations, including corporate characteristics, transfers to controlled corporations, corporate capital structure, the income tax calculations for corporate entities and elections. Topics covered include corporate stockholder relationships, corporate distributions, corporate redemptions and partial liquidation, accumulated earnings, and personal holding companies.
Prerequisites: TAX 620, TAX 760
Annually, 3 credits

TAX 772 Corporate Reorganizations and Consolidations

Coverage includes reorganizations, recapitalization, acquisitions and disposal of assets, mergers, acquisitive and divisive reorganizations as well as corporate tax attributes.
Prerequisite: TAX 771
Bi-Annually, 3 credits

TAX 773 Consolidated Returns

This course deals with the principles and mechanics of consolidated returns including eligibility, computation of consolidated tax liability, inter-company transactions, inventory adjustments, basis of property, net operating losses, earnings and profits and separate return limitations.
Prerequisite: TAX 771
On Occasion, 3 credits

TAX 775 Partnerships and Limited Liability Entities

A study of Subchapter K of the Internal Revenue Code and regulations pertaining to that Subchapter. The tax problems associated with partnership formation, operation, liquidation and distributions are covered. Acquisitions of a partnership interest, problems associated with a partner’s guaranteed payment, optional basis adjustment of partnership property and other current materials are examined The tax ramifications of Limited Liability Companies (LLC) and Partnerships (LLP) are discussed.
Prerequisites: TAX 620, TAX 760
Bi-Annually, 3 credits

TAX 776 Subchapter S Corporations

This course is an in-depth study of the federal tax ramifications of operating the S Corporation. The election, operation, termination and special rules associated with the S Corporation status are examined. Tax planning for the S Corporation is also emphasized.
Prerequisite: TAX 771
Bi-Annually, 3 credits

TAX 777 Estate Planning

In general, this course covers estate planning techniques for the individual. The course includes study of the factors to be considered in planning an estate, including life insurance, trusts, specific legacies, provisions for protection of a going business, and estate and gift tax provisions of the Internal Revenue Code, especially with respect to marital deduction, powers of appointment, exemptions and jointly owned property.
Prerequisite: TAX 625
On Occasion, 3 credits

TAX 779 Tax Exempt Organizations

In this course, the tax laws governing the creation and operation of tax exempt organizations are studied. Compliance requirements governed by the Internal Revenue Service are also reviewed.
Prerequisites: TAX 620, TAX 760
On Occasion, 3 credits

TAX 780 Fundamentals of Qualified Employee Benefit Plans

This course is an in-depth study of ERISA. The course is geared towards an understanding of the pension and profit-sharing rules required for plan qualification. Emphasis is placed upon the establishment of a qualified plan for both incorporated and unincorporated forms of business.
On Occasion, 3 credits

TAX 788 International Taxation

This course covers the taxation of United States persons investing or doing business abroad and nonresident aliens and foreign corporations having nexus with the United States. Topics covered include, among others, the foreign tax credit, Subpart F income, controlled foreign corporations, tax treaties, sourcing rules and expatriate taxation.
Prerequisite: TAX 771
Bi-Annually, 3 credits

TAX 790 Seminar in Current Developments in Taxation

Current trends in federal taxation are analyzed. Tax cases, rulings and new developments are examined for their significance to tax practitioners.
Prerequisite: Completion of required taxation core.
On Occasion, 3 credits

TAX 791 Independent Study

Directed independent reading and research projects in an area selected by the student with the approval of a faculty member sponsor. The student is expected to prepare a substantial integrative written report at the conclusion of the semester. Prerequisite: Permission of the Director of the School of Professional Accountancy.
On Occasion, 3 credits

BLW 701 Law for Business Managers

This course examines the current legal environment of business and how it affects the decision-making process for managers of business enterprises. The topics covered include ethics, contracts, torts, intellectual property, international transactions, employment agreements, real property, consumer protection, forms of business organizations, and debtor/creditor relations.
On Occasion, 3 credit

GBA 521 Financial Accounting and Reporting

This course examines basic accounting concepts and methods and their significance to management and other users of financial statements. Topics include an introduction to fundamental accounting concepts; the measurement and reporting of income, financial position, and cash flows; and the measurement and reporting of assets, liabilities, and stockholders’ equity. Ethical issues are considered throughout this course.
Every Semester, 3 credits

Degree Requirements

Students are required to maintain a 3.0 cumulative grade point average. If the student does not maintain this standard, the school’s Academic Standing Committee will review his or her performance and will make a recommendation concerning the students’ potential to complete successfully the Master of Science program to the Director. The Director makes the final disposition on such cases.