Video: CPA Exam Acronyms (FASB GASB COSO PCOAB)

 

 

Ninja Megan says Hello, Jeff, I love what you are doing for the CPA exam community, and I love being a member of the dojo. I'm working my way through some of the CPA review material, and I really want to understand some of the overall pictures of these topics. I would love to see something with all of the definitions for all of these acronyms in one place, with an explanation of what these bodies do or what pronouncements they issue, and what takes precedence. For instance, COSO, SaaS, GASB, FASB, PCAOB, GAS, etc. I figure if I find myself Googling, then other people might be searching for them as well. Just a suggestion. Again, thank you for what you are doing. Okay, good news, you can go, you can log in to Ninja MCQ and you can click Tools and you can see the Glossary and you can search for all of these things. But here's the bigger question. Should you? And the answer's probably no. So, GASB, you know that GASB, or can probably ascertain that GASB is governmental accounting. What else do you need to know about it for CPA exam purposes? COSO, you need to know what the material is about COSO, but do you need to know exactly what they are, and about a Treadway Commission and all that stuff? Eh, probably not, and so don't get distracted by searching out terms, just get to the concept as quickly as possible, get to the multiple-choice, take notes, rewrite your notes, study, study study, follow your plan, get in there and take your exam. Don't get distracted by, Hey what exactly is the PCAOB?. Just generally know what it is and move on. After you pass the exam, you can study all this stuff. You can read every FASB pronouncement, but for now, your goal is to pass the CPA exam and move on with your life, and then later on when you have a life, if you want to go back and study the PCAOB, you can. 

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