Inside the FASB – How Financial Accounting Standards Are Developed ON DEMAND

Overview

This course explores the Financial Accounting Standards Board (FASB), its mission, structure, and how it develops accounting standards. It helps CPAs understand the roles of the board and its advisory groups in shaping financial reporting. The course covers the standard-setting process, including how stakeholder input is gathered through comment letters and the post-implementation review process. It also explains the conceptual framework that guides standard development and how changes to accounting standards are communicated.

Highlights

Overview of the FASB. Mission, purpose, and board composition. Financial Accounting Standards Advisory Council (FASAC). FASB challenges. Engaging with the FASB. The FASB standard-setting process. Concept statements. Objective of general purpose financial reporting, and more.

Prerequisites

None.

Designed For

CPAs, CEOs, CFOs, controllers, and other financial managers.

Objectives

Identify the mission and organizational structure of the FASB. Recognize the roles of board members and advisory groups in the standard-setting process. Differentiate among the key advisory groups and their influence on financial reporting standards. Determine how stakeholder perspectives are incorporated through these groups. Recall the steps involved in the FASBstandard-setting process. Identify the role of public comment letters in shaping accounting standards. Distinguish the purpose and timing of the post-implementation review process. Select how stakeholder engagement impacts standard development. Identify the purpose of the conceptual framework in financial accounting, and more.

Preparation

None.

Notice

None.