What you'll learn

Explain US GAAP’s purpose, principles, and authority in financial reporting.
Analyze FASB’s standard-setting process and codification updates.
Apply ASC framework (ASC 105, ASC 205) to financial statement presentation.

Skills you'll gain

Details to know

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Assessments

6 assignments

Taught in English

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This course is part of the US GAAP Accounting & Financial Reporting Mastery Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

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There are 2 modules in this course

By the end of this course, learners will be able to explain the purpose of US GAAP, analyze FASB’s standard-setting process, and apply the framework of the Accounting Standards Codification (ASC) to financial statement presentation. You will gain a strong foundation in the principles, objectives, and authority of US GAAP, including ASC 105 and ASC 205 guidance on presentation, comparatives, discontinued operations, and going concern.

This course is ideal for students, accountants, and finance professionals seeking a comprehensive introduction to U.S. financial reporting standards. Through structured lessons, practice quizzes, and real-world examples, you will learn to interpret the GAAP framework, navigate ASC effectively, and apply codification updates. What makes this course unique is its balance between conceptual clarity and practical application, enabling you to confidently read, understand, and use GAAP standards. Completing this course builds the foundation for advanced GAAP modules on financial statements, equity, revenue, and consolidation.

This module introduces learners to the fundamentals of U.S. Generally Accepted Accounting Principles (GAAP), including its purpose, objectives, abbreviations, and the standard-setting process by FASB. Learners will gain a strong foundation in the framework that governs financial reporting in the United States.

What's included

8 videos3 assignments1 plugin

8 videosTotal 41 minutes

US GAAP Overview Part 18 minutes
US GAAP Overview Part 26 minutes
Introduction to US GAAP2 minutes
Objectives of US GAAP3 minutes
Abbreviations2 minutes
Financial Accounting Standards8 minutes
FASB Standard Setting5 minutes
FASB Standard Setting Continue5 minutes

3 assignmentsTotal 50 minutes

Foundations of US GAAP30 minutes
Understanding US GAAP Basics10 minutes
Standard Setting and Frameworks10 minutes

1 pluginTotal 30 minutes

Applying US GAAP Foundations to Real-World Reporting30 minutes

This module explores the Accounting Standards Codification (ASC), its framework under ASC 105, and the presentation of financial statements under ASC 205, including comparative and discontinued operations. Learners will understand how the codification simplifies GAAP and supports accurate reporting.