| Title: |
FASB Codification (ONL 7911) |
| Prerequisite: |
None |
| Advanced Preparation: |
None |
| Knowledge Level: |
Basic |
| Subject Matter Area: |
Accounting |
| Date of Publication: |
July 2009 |
| Copyright: |
© 2009 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
1 QAS/Registry (50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
The Financial Accounting Standards Board has been working on its codification project for some time. The verification process has taken nearly two years in itself. J. Russell Madray, CPA, CIA, CMA, CFM, and President of the Madray Group, discusses the recent change to the GAAP hierarchy, and in this particular segment, he discusses why the Codification was a priority for the FASB and the structure under the new format.
Note: Reporting of CPE credit to a CPA's state board is the responsibility of the CPA. Subscribers to CPE Network may not receive duplicate credit for this material, which previously aired in the July 2009 edition of CPE Network Accounting and Auditing Report.
This program is divided into three (3) chapters:
Chapter 1 provides a look at the FASB's Codification and why they decided to undertake this project now. Russ Madray provides his insights on this project and its usefulness to practitioners.
Chapter 2 contains supplemental materials and provides more detail on the structure of the Codification.
Chapter 3 contains review problems.
J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, which specializes in knowledge transfer. Mr. Madray has more than 15 years of professional experience, including 10 years in public practice. He is a past member of the AICPA Accounting and Review Services Committee and a current member of the Board of Directors of the SC Association of CPAs. Mr. Madray is the author of numerous publications and articles on accounting and auditing topics.