Course Overview

Hello and welcome to EarthTab Business School. My name is Josiane Makiese and I will be your course preceptor for the course, Generally Accepted Accounting Principles (GAAP). GAAP is the cornerstone of financial accountability in modern economies. It represents a unified system of accounting rules and guidelines used to ensure accuracy, consistency, comparability, and transparency in the preparation and presentation of financial statements. Developed and maintained primarily by the Financial Accounting Standards Board (FASB) and influenced by historical evolution, regulatory statutes, and practical accounting needs, GAAP facilitates informed decision-making by investors, creditors, regulators, and management.

This course offers a rigorous theoretical foundation paired with real-world application, making it ideal for those  who seek both a scholarly understanding and practical mastery of accounting principles. The course covers the historical evolution of GAAP, the 10 foundational principles, the codification framework, as well as key areas of application, including revenue recognition, asset valuation, equity transactions, contingent liabilities, financial disclosures, and ethics.

In addition to the technical aspects, the course places strong emphasis on professional judgment, accounting ethics, compliance, internal control systems, and financial reporting quality, recognizing that adherence to GAAP is not merely procedural, but a moral and professional imperative. Learners will explore case studies involving misstatements and fraud, and will gain the tools to detect and prevent accounting irregularities.

 You will also examine the relationship between GAAP and International Financial Reporting Standards (IFRS), exploring areas of convergence and divergence, and understanding the impact of global harmonization on multinational organizations and cross-border financial reporting.

What You Will Learn:

Upon completing this course, you will:

1. Understand the purpose, structure, and authority of GAAP in the U.S. and global context.
   
   

2. Master the 10 core accounting principles and how they shape financial transactions and reporting.
   
   

3. Apply GAAP to prepare and interpret financial statements, including balance sheets, income statements, cash flow statements, and equity statements.
   
   

4. Navigate complex accounting issues such as revenue recognition (ASC 606), lease accounting (ASC 842), and fair value measurement (ASC 820).
   
   

5. Implement accounting procedures that comply with FASB Accounting Standards Codification (ASC) and Accounting Standards Updates (ASUs).
   
   

6. Detect and analyze financial reporting misstatements, ethical breaches, and compliance failures using GAAP guidelines.
   
   

7. Differentiate between GAAP and IFRS, and evaluate the implications of globalization on financial reporting.
   
   

8. Evaluate real-world financial disclosures and footnotes for accuracy, transparency, and compliance with accounting standards.
   
   

9. Develop critical thinking skills and professional judgment necessary for ethical accounting practices.
   
   

10. Prepare for CPA exams and other professional certifications by developing high-level proficiency in GAAP concepts and applications.
    
    

 Assessment and Evaluation

 You will be assessed through a combination of:

• Module Quizzes
  
  

• Case Study Evaluations
  
  

• GAAP Application Exercises
  
  

• Real-World Financial Analysis Projects
  
  

• Final Comprehensive Exam (50 questions, MCQ and scenario-based)

Career Relevance and Application

Mastery of GAAP is critical for roles such as:

• Certified Public Accountant (CPA)
  
  

• Financial Analyst or Controller
  
  

• Internal and External Auditor
  
  

• SEC Reporting Analyst
  
  

• Corporate Finance Officer
  
  

• Accounting Lecturer or Researcher
  
  

• Government Accountant or Regulatory Officer
  
  

 Certification Outcome

you will receive a Professional Certificate in GAAP Accounting and Financial Reporting, validating their competency in:

• Applying U.S. GAAP accurately across sectors
  
  

• Preparing audit-ready financial statements
  
  

• Ensuring compliance and transparency in financial operations
  
  

• Exercising sound ethical judgment and technical accuracy in accounting roles
  
  

Learning Resources

• FASB Accounting Standards Codification (ASC) access
  
  

• Real-world corporate financial reports
  
  

• Case studies from global firms
  
  

• GAAP vs. IFRS comparison charts
  
  

• Ethics and compliance manuals
  
  

• Recorded lectures and interactive simulations
  
  

I look forward to congratulating you upon the complexion of this course.