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.

Learning 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.

Major Topics:
• 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

To complete this course participants need to: Answer polling questions to meet NASBA / IRS / State Board of Accountancies requirements for attendance verification.

Upon course completion a course evaluation form is provided for your feedback.

Participants have 1 year from the date of purchase/enrollment to complete this course

CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org

Our Refund Policy can be found at: https://cpeprime.com/cancellation-and-refund/

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2026 The FASB Conceptual Framework