This course offers a practical overview of the FASB’s Conceptual Framework for Financial Reporting, giving CPAs a solid grasp of the concepts that guide U.S. GAAP. It covers the purpose of financial reporting, the reporting entity, and the key qualities of useful information. The course also reviews the elements of financial statements, recognition and derecognition criteria, measurement concepts, presentation principles, and the role of notes. Designed for professionals who want lasting, big-picture understanding, this course helps strengthen accounting decisions in a changing standards environment.
Course Publication Date:
September 27, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Kelen Camehl |
| Course No: | ACT-CONCEPT-29005 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Explain the primary objective of general purpose financial reporting.
- Identify the key types of information financial statements convey.
- Describe the criteria for defining a reporting entity.
- Recognize the fundamental qualitative characteristics of useful financial information.
- Explain the role of enhancing qualitative characteristics in financial reporting.
- Understand how materiality and cost constraints affect the preparation and use of financial information.
- Identify the key elements of financial statements and how they relate.
- Explain the criteria for recognizing and derecognizing financial statement elements.
- Distinguish between revenues and gains, and between expenses and losses.
- Describe common measurement bases and factors influencing their selection.
- Understand presentation principles, including classification and aggregation.
- Recognize the role of disclosures in enhancing financial statement transparency.