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Author: |
Kelen Camehl, CPA, MBA |
Course Length: |
Pages: 53 ||| Word Count: 25,838 ||| Review Questions: 12 ||| Final Exam Questions: 20 |
CPE Credits: |
4.0 |
IRS Credits: |
0 |
Price: |
$35.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This expanded course dedicates separate chapters to the objective of financial reporting, the reporting entity, and the qualitative characteristics of useful financial information.
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Frequently Asked Questions: |
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Description: |
This course covers the FASB Conceptual Framework for Financial Reporting, providing CPAs with a clear understanding of the principles that form the basis of U.S. GAAP. The course reviews the objective of financial reporting, the reporting entity concept, and the key qualitative characteristics of useful financial information. It explains the elements of financial statements along with recognition and derecognition criteria. It also covers measurement and presentation guidelines, as well as notes to the financial statements. This course is designed to give professionals lasting knowledge that remains relevant beyond frequent updates and supports effective accounting decisions. |
Usage Rank: |
36250 |
Release: |
2025 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
Internal: Ethics: Mastering the Conceptual Framework Process - CPE Course
Internal: GAAP CPE Courses For CPAs (GAAP topic list)
External: The Conceptual Framework (Financial Accounting Standards Board - FASB)
External: Conceptual Framework for Financial Reporting (Wikipedia overview)
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
17-Jan-2026 |
NASBA Course Declaration: |
Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Keywords: |
The Backbone of GAAP: What Every CPA Should Know About the Conceptual Framework - CPE course |
Learning Objectives: |
Chapter 1
Chapter 2
Chapter 3
Chapter 4
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Course Contents: |
Chapter 1 - Objective of Financial Reporting and the Reporting Entity Learning Objectives Chapter Overview Introduction Objective of General Purpose Financial Reporting Information Provided by Financial Reports The Reporting Entity Conclusion Review Questions Chapter 2 - Qualitative Characteristics of Useful Financial Information Learning Objectives Chapter Overview Introduction Qualitative Characteristics of Useful Financial Information Fundamental Characteristic – Relevance Fundamental Characteristic – Faithful Representation Applying the Fundamental Characteristics Enhancing Characteristic – Comparability Enhancing Characteristic – Verifiability Enhancing Characteristic – Timeliness Enhancing Characteristic – Understandability Applying the Enhancing Characteristics Cost Constraint of Useful Financial Reporting Conclusion Review Questions Chapter 3 - Elements of Financial Statements Learning Objectives Chapter Overview Introduction Assets Liabilities Equity/Net Assets Revenues Expenses Gains Losses Distinguishing Between Revenues, Expenses, Gains, and Losses Conclusion Review Questions Chapter 4 – Recognition, Measurement, and Presentation Learning Objectives Chapter Overview Introduction Recognition Derecognition Measurement Presentation Notes to the Financial Statements Conclusion Review Questions Glossary of Key Terms |
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