Master US GAAP: Analyze Foundations & Codification
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Master US GAAP: Analyze Foundations & Codification
This course is part of US GAAP Accounting & Financial Reporting Mastery Specialization
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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.
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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 assignments
8 videos•Total 42 minutes
- US GAAP Overview Part 1•8 minutes
- US GAAP Overview Part 2•6 minutes
- Introduction to US GAAP•2 minutes
- Objectives of US GAAP•3 minutes
- Abbreviations•2 minutes
- Financial Accounting Standards•9 minutes
- FASB Standard Setting•5 minutes
- FASB Standard Setting Continue•6 minutes
3 assignments•Total 50 minutes
- Foundations of US GAAP•30 minutes
- Understanding US GAAP Basics•10 minutes
- Standard Setting and Frameworks•10 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.
What's included
16 videos3 assignments
16 videos•Total 96 minutes
- ASC Part 1•6 minutes
- ASC Part 2•7 minutes
- ASC Part 3•8 minutes
- ASC Part 4•3 minutes
- ASC Part 5•13 minutes
- ASC Part 6•2 minutes
- ASC Part 7•1 minute
- Conclusion ASC 105•5 minutes
- Introduction to Accounting Standard Codification 205•7 minutes
- Comparative FS•6 minutes
- Comparative FS Example•5 minutes
- Discontinued FS•7 minutes
- Discontinued Example•11 minutes
- Liquidation FS•6 minutes
- Going Concern FS•5 minutes
- Primary Financial Statement•4 minutes
3 assignments•Total 50 minutes
- Accounting Standard Codification (ASC 105 & 205)•30 minutes
- Navigating ASC 105•10 minutes
- Exploring ASC 205 – Financial Statements•10 minutes
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Reviewed on Nov 15, 2025
Extremely valuable training that strengthened my understanding of US GAAP and its codification system.
Reviewed on Jan 17, 2026
A comprehensive and well-organized course that breaks down US GAAP concepts effectively.
Reviewed on Dec 20, 2025
The course is on point, easy to understand and the notes provided are helpful.
Frequently asked questions
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When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile.
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