Self-Study
The Backbone of GAAP – What Every CPA Should Know About the Conceptual Framework
Price range: $116.00 through $136.00
Webcasts are available for viewing Monday – Friday, 8am – 8pm ET,
and Saturday & Sunday, 10am – 6pm 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 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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify the primary objective of general purposefinancial reporting
- Recognize the types of information financial statements are intended to convey
- Distinguish the limitations inherent in financial reporting
- Determine the criteria used to define a reporting entity
- Identify the fundamental qualitative characteristics of financial information
- Recognize the enhancing qualitative characteristics and their impact on financial reporting
- Differentiate between relevanceand faithful representation
- Determine the effect of materialityon financial information relevance
- Recall the role of the cost constraint in financial reporting decisions
- Identify the elements of financial statements and their interrelationships
- Determine the criteria for recognizing financial statement elements
- Identify characteristics of various financial statement accounts
- Differentiate between revenues and gains as well as expenses and losses
- Identify common measurement bases used in financial reporting
- Determine factors that influence the selection of measurement bases
- Recognize principles of presentation, including classification and aggregation
- Select disclosure principles that enhance financial statement transparency
Course Specifics
SS125445364
September 24, 2025
There are no prerequisites.
None
85
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
