This covers the FASB Conceptual Framework for Financial Reporting, providing CPAs with a clear understanding of the principles that form the basis of U.S. GAAP. The course reviews the objective of financial reporting, the reporting entity concept, and the key qualitative characteristics of useful financial information. It explains the elements of financial statements along with recognition and derecognition criteria. It also covers measurement and presentation guidelines, as well as notes to the financial statements. This course is designed to give professionals lasting knowledge that remains relevant beyond frequent updates and supports effective accounting decisions.
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
$40.00!
| Author: | Kelen Camehl |
| Course No: | ACT-BACKGAAP-29005 |
| Recommended CPE: | 4.00 |
| 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
- Identify the primary objective of general purpose financial reporting.
- Recognize the types of information financial statements are intended to convey.
- Distinguish the limitations inherent in financial reporting.
- Determine the criteria used to define a reporting entity.
- Identify the fundamental qualitative characteristics of financial information.
- Recognize the enhancing qualitative characteristics and their impact on financial reporting.
- Differentiate between relevance and faithful representation.
- Determine the effect of materiality on financial information relevance.
- Recall the role of the cost constraint in financial reporting decisions.
- Identify the elements of financial statements and their interrelationships.
- Determine the criteria for recognizing financial statement elements.
- Identify characteristics of various financial statement accounts.
- Differentiate between revenues and gains as well as expenses and losses.
- Identify common measurement bases used in financial reporting.
- Determine factors that influence the selection of measurement bases.
- Recognize principles of presentation, including classification and aggregation.
- Select disclosure principles that enhance financial statement transparency.