Financial Reporting Issues

Accounting Standard Setting

Course Overview
This course provides an overview of the accounting standard setting process. This includes a discussion of the FASB's role in the process, significant recent topics it has addressed, as well as the Conceptual Framework and the Codification. This course also discusses the various advisory groups to the FASB, how the SEC provides oversight over the process, as well as the organization responsible for issuing international accounting standards.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Recognize key principles and objectives of the accounting standard setting process
  • Differentiate between the various organizations involved in the standard setting process
  • Recognize significant recent accounting standard updates issued by the FASB
  • Identify characteristics of the Codification

Content Partner:

SmartPros Ltd.

SmartPros Ltd. is a leader in online and offline continuing education for
accounting, finance and engineering professionals. With over 2,000 hours of
content, SmartPros has been providing mandatory continuing education
products since 1981. SmartPros provides services and content to its
professional and corporate clients, in a variety of media including Web, CD
ROM, and video. In the accounting market, SmartPros also has a predominant
news and information portal which receives 200,000+ visits per month and
provides services to over 100,000 subscribers. SmartPros' customers include
50% of the Fortune 500, as well as the major firms and associations in each
of its professional markets.

Prerequisites/Advanced Preparation:


Speaker / Author:

Norman Strauss retired as a partner at Ernst & Young LLP in 2001 and then began his second career as E&Y’s Executive Professor in Residence at Baruch College in New York teaching contemporary accounting in the graduate school. He has recently retired from actively teaching but he will continue to chair Baruch’s annual Financial Reporting Conference which is one of the major accounting conferences in the US.
Norm has been E&Y’s National Director of Accounting Standards and a member of the firm’s Accounting and Auditing Committee. He also was Ernst & Young’s representative on the FASB’s Emerging Issues Task Force and the Financial Accounting Standards Advisory Council. He was Baruch’s and E&Y’s Representative on the Advisory Council for the International Accounting Standards Board. In addition, Norm has previously served as Chairman of the AICPA’s Accounting Standards Executive Committee (AcSEC) and as Chairman of the Audit Committee of the Federal Farm Credit Banks Funding Corporation.
Norm is also a member of the Financial Reporting Committee of the Institute of Management Accountants. He has an MBA and BBA from Baruch College. He is a frequent lecturer at various seminars, has chaired Baruch’s financial reporting conferences since inception in 2002, and has been published in professional journals including the Journal of Accountancy.

Software & Hardware Requirements:

  • 56k or Greater Internet Connection
  • Adobe Acrobat® Reader for the .pdf files
  • Modern DHTML Compatible Browser
  • Ram: 256 MB minimum
  • Sound card with speakers/headphones
  • Windows or Mac OS


Price (USD)

Standard Rate: $49.90


Course Code : 99STA01

Release Date : 04/26/2019
Expire Date : 04/26/2021
Credits :
CPE 2.00
QAS 2.00

Course Level : Basic
Course Type : Self-Study
Length : 1hr 40min
Passing Grade : 70%
Field Of Study : Accounting
Theme : Financial Reporting Issues

Format Type : eLearning
Mobile Compatible

Returning Subscribers

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