The Logic Behind the Ledger: Framework, Updates, Estimates, and Error CorrectionsCode: 27-LOGICBLEDGER

This course provides a comprehensive look at the foundation and application of U.S. financial reporting principles. It begins with the FASB’s Conceptual Framework, covering the objective of financial reporting, the reporting entity, qualitative characteristics of useful information, and the recognition, measurement, and presentation of financial statement elements. Building on that foundation, the course explores how Accounting Standards Updates (ASUs) are issued, evaluated, and disclosed, the role and risks of accounting estimates, the treatment of accounting principle changes, and the proper handling of error corrections, including restatements. Together, these topics equip CPAs with a deeper understanding of how financial information is developed, maintained, and corrected within the structure of GAAP.

Category: Accounting

Recommended CPE Hours: 8

Level of knowledge: Update

Prerequisite: General understanding of Accounting

Advanced Preparation: None