This course explores the Financial Accounting Standards Board (FASB), its mission, structure, and how it develops accounting standards. It helps CPAs understand the roles of the board and its advisory groups in shaping financial reporting. The course covers the standard-setting process, including how stakeholder input is gathered through comment letters and the post-implementation review process. It also explains the conceptual framework that guides standard development and how changes to accounting standards are communicated.
Publication Date: April 2026
Topics Covered
- Overview of the FASB
- The FASB Standard-Setting Process
- Concept Statements (The Conceptual Framework)
- Accounting Standards Updates (ASUs)
Learning Objectives
- Identify the mission and organizational structure of the FASB
- Recognize the roles of board members and advisory groups in the standard-setting process
- Differentiate among the key advisory groups and their influence on financial reporting standards
- Determine how stakeholder perspectives are incorporated through these groups
- List the steps involved in the FASB standard-setting process
- Identify the role of public comment letters in shaping accounting standards
- Distinguish the purpose and timing of the post-implementation review process
- Select how stakeholder engagement impacts standard development
- Identify the purpose of the conceptual framework in financial accounting
- Recognize the key elements of the concept statements, including reporting objectives and qualitative characteristics
- Differentiate how the conceptual framework guides standard-setting decisions
- List the importance of consistency and transparency in applying GAAP
- Identify the purpose and structure of Accounting Standards Updates (ASUs)
- Recognize how ASUs communicate amendments, clarifications, and technical corrections to GAAP
- Distinguish the practical implications of ASUs for financial statement preparers and auditors
- Determine how to stay current with new ASUs and changes to accounting standards
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (4 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.