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U.S. generally accepted accounting principles (GAAP) 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 discuss how the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) presents all relevant U.S. accounting and financial reporting literature in a single, authoritative offering. 

Who Should Attend: 

Accountants and Finance professionals

CFOs, CEOs

Legal and Compliance professionals

Board members and Audit Committee members

Any professional having a need to research FASB standards

Topics Covered

We examine 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.

Learning Objectives

  • Explore the history behind generally accepted accounting principles (GAAP) and the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) project.
  • Examine how to simplify the Codification.
  • Discover the various standard setters.
  • Explore the benefits and application of the Codification Research System.
  • Explore how to navigate the Codification Structure.
  • Explore how to use the Codification Research System.
  • Explore how to apply research processes through an example.
Last updated/reviewed: November 13, 2019

Included In Certifications

This course is included in the following Certification Programs:

18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley (SOX) Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Conducting An Audit In Accordance With GAAS - Part 1
  13. Conducting An Audit In Accordance With GAAS - Part 2
  14. Conducting An Audit In Accordance with GAAS - Part 3
  15. Introduction to Accounting for Income Taxes Based on Income
  16. Practical Application For Accounting For Income Taxes Based On Income Part 1
  17. Practical Application For Accounting For Income Taxes Based On Income Part 2
  18. FASB Codification Research System

3 Reviews (16 ratings)Reviews

5
Member's Profile
Very helpful overview of codification. Particularly appreciated the example of how the old research method compares to the new way.
4
Member's Profile
Very helpful session. I think it was longer than it needed to be, though.
5
Anonymous Author
Thank you for explaining the codification and providing an example

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:01Introduction to Simplifying the FASB Codification Research System
  6:16About the Codification
  7:10FASB Codification Simplifying the Systems
  10:53Standard Setters
  2:40Codification Research System
  3:27Codification Structure
  15:14Codification Structure Continued
  3:47Using the Research Codification System
  15:53Researching a Revenue Recognition Issue: Comparing Old and New Example & Summary
CONTINUOUS PLAY
  1:09:21Simplifying the FASB Codification Research System
SUPPORTING MATERIALS
  PDFSlides: Simplifying the FASB Codification Research System
  PDFSimplifying the FASB Codification Research System Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM