Simplifying the FASB Codification Research System

Author: Lynn Fountain

CPE Credit:  2 hours for CPAs

U.S. GAAP standards have been cobbled together and revised by various parties for more than 50 years. Their patchwork nature has made it time consuming and complex to research accounting/financial reporting issues. In this course, we will discuss how the FASB ASC presents all relevant U.S. accounting and financial reporting literature in a single authoritative offering.

Join Lynn Fountain, CPA, CGMA, CRMA, as she examines concepts critical to use the Codification in critical real-world applications. Before the Codification, accounting standards lacked a consistent and logical structure.
For the last 50 years, U.S. GAAP consisted of thousands of standards with multiple standard setters. Old U.S. GAAP were difficult to interpret, and complexity of the standards made it hard for users to stay up to date. Problems with the old standards increased financial reporting risk and led to inefficiencies that increased cost.

Generally accepted accounting principle (GAAP) are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices. GAAP incorporates key concepts that should be employed when developing financial information and financial statements.

Publication Date: May 2019

Designed For
Accountants and Finance professionals, CFOs, CEOs, Legal and Compliance professionals, Board members and Audit Committee members, and any professional having a need to research FASB standards.

Topics Covered

  • About the Codification
  • Simplifying Codification
  • Standard Setters
  • Codification Research System
  • Codification Structure
  • Using the Research Codification System
  • Critical Codification concepts using real-world applications

Learning Objectives

  • Recognize the history behind GAAP and the Codification project
  • Describe how to simplify the Codification
  • Differentiate the various standard setters
  • Identify the benefits and application of the Codification Research System
  • Recognize how to navigate the Codification Structure
  • Identify how to use the Research Codification System
  • Recognize and apply research processes through an example
  • Describe the result of the FASB Codification process
  • Identify the FASB Interpretation Statements (FIN)
  • Recognize the purpose of a Staff Accounting Bulletin issued by the SEC
  • Describe the term "topic" related to the Codification system

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $62.00

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