Accounting Foundations: Understanding the GAAP (Generally Accepted Accounting Principles)

Learn about the US GAAP, including the revenue recognition principle, and how it's foundational to the study of accounting as well as working as an accountant.

Introduction

• Intro to this course

1. What Is US GAAP?

• FASB Accounting Standards Codification
• FASB vs. IASB and other standard-setting bodies
• Why is understanding the US GAAP important?

2. The FASB Conceptual Framework

• Objectives of financial reporting
• Qualitative characteristics of useful accounting information
• Elements of financial statements
• Recognizing and measuring financial statement elements
• Initial and subsequent measurement techniques

3. Common Accounting Principles and Assumptions

• Overview of the basics
• The accrual principle
• The revenue recognition principle
• The matching principle
• A look at the US GAAP applied

Conclusion

• A glimpse into FASB
• The next steps of understanding the GAAP