The CPA Exam community & online study group to help you pass!
Today I decided to squeeze in some study time during my lunch hour. I began by watching a video on FASB Standards (http://www.youtube.com/watch?v=lLNPUDUWkSg&list=PLAF87E4335AFBFB90). Within a few moments I had to pause it, “what?!.......new codification…. hu? Oh my gosh, have I really gotten so caught up in the grind of every day work life that I totally missed this?” So I yell over to my boss “Hey boss, did you know that FASB has released a new codification framework?” She responds, “What? No! What did they release?” I was relieved, it wasn’t just me!
After watching a few minutes more, I established a free subscription account at FASB (https://asc.fasb.org) so that I could follow along. The video completed I went online and googled the topic “new FASB codification” and was pleasantly surprised to learn that a CPA candidate can get a free 6 month subscription to the professional view (vs the free basic view). Signed right up (although access isn’t granted until they confirm my candidacy). Following the instructions given in the video I researched Pension Accounting and soon realize that basic access is a bit frustrating and am sure I will get more use of it with a professional subscription.
All in all it was a lunch hour well spent; learning more and more each day and possibly losing a couple pounds at the same time! By the end of the week I’ll be done with the relatively easy financial reporting environment and move on to the more complicated subjects. I anticipate difficulty with Pensions so I think I’ll tackle that first. Good luck to all!