The Conceptual Framework – Essential Knowledge for Accounting Professionals ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
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.
Highlights
Foundations of financial reporting. Objective of general purpose financial reporting. Qualitative characteristics of useful financial information. Cost constraint of useful financial reporting. Elements, recognition, and measurement. Notes to the financial statements, and more.
Prerequisites
None.
Designed For
CPAs, CEOs, CFOs, controllers, and other financial managers.
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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $67.00
Member Price $58.00