Description
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.
