Self-Study
Inside the FASB – How Financial Accounting Standards Are Developed
Price range: $116.00 through $136.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
Secure Transaction CPE Credits
4 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- 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
- Recognize the key elements of the concept statements, including reporting objectives and qualitative characteristics
- Differentiate how the conceptual framework guides standard-setting decisions
- Recall the importance of consistency and transparency in applying GAAP
- Identify the purpose and structure of Accounting Standards Updates (ASUs)
- Recognize how ASUs communicate amendments, clarifications, and technical corrections to GAAP
- Distinguish the practical implications of ASUs for financial statement preparers and auditors
- Determine how to stay current with new ASUs and changes to accounting standards
Course Specifics
SS125444448
September 12, 2025
There are no prerequisites.
None.
91
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and 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 nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …
QAS Self-Study
