The FASB Conceptual Framework

OL1562  |  On Demand Course  |  Update  |  Self-Study

Description

Accounting is a man-made science, built on principles that require a consistent framework to ensure comparability and reliability in practice. This course introduces participants to the FASB Conceptual Framework, which serves not only as the foundation for developing accounting standards but also as a guide for applying sound judgment in practice.

Jeff Sailor will cover the key elements of the framework, focusing on recognition, measurement, qualitative characteristics, and disclosure requirements. The course will draw on all eight chapters of Statement of Financial Accounting Concepts (Concept 8), bringing clarity to how the framework supports financial reporting. Jeff's signature video parodies will also be featured, offering memorable reinforcement of the material.

Credits

Number of Credits Type of Credits
2.00 Accounting

Designed For

CPAs and other accounting professionals involved in financial reporting and standard application.

Highlights

  • Purpose and structure of the FASB Conceptual Framework
  • Recognition and derecognition criteria
  • Measurement concepts and approaches
  • Qualitative characteristics of useful financial information
  • Elements of financial statements
  • Footnote disclosure requirements
  • Relationship between the framework and standard-setting
  • Practical application of the framework in accounting decisions

Objectives

At the end of this course, you will be able to:

  • Describe the structure and purpose of the FASB Conceptual Framework.
  • Identify the primary qualitative characteristics of financial information.
  • Apply the requirements for recognition and derecognition of financial elements.
  • Apply concepts for measurement within financial reporting.
  • Describe the criteria for footnote disclosures.
  • Explain the role of concepts in guiding standard-setting.
  • Analyze how the framework supports consistency and comparability in reporting..
  • Evaluate the usefulness of the framework when exercising professional judgment.

Notes

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Prices

Member (Early Bird)
$89.00
Non-Member (Early Bird)
$129.00
Member
$89.00
Non-Member
$129.00
Your Price: $129.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

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Instructors

Jeff Sailor

Jeff Sailor, CPA, received a master's degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software.

Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional "boring CPE." Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights with humor in high-energy presentations. He's also adept at presenting complex topics in a very practical, easy-to-understand manner, thus earning him rave reviews for more than 20 years. Jeff currently presents seminars, webcasts, and in-house instruction for Western CPE. He's also a featured speaker at national conferences as well as at state and regional meetings.

For more than 10 years, Jeff has served as an AICPA peer reviewer, focusing on small firms and sole practitioners. He also served on the Resource Committee for the Private Company Financial Reporting Committee (PCFRC). Jeff has spoken at two NASBA national conferences on how to make education more engaging for practitioners.

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