Have you ever had an accounting question and couldn’t find the answer in the standards themselves? Chances are that you have! Check out these twenty-one resources that we consistently use to prepare our U.S. GAAP and IFRS training.

Standard Setters and Professional Organizations

1. FASB Accounting Standards Codification (ASC) – The only TRUE authority on U.S. GAAP accounting topics, we usually go to the FASB Codification first when we have a question. We like to read specific language within the standards to try to understand the correct accounting treatment before going to alternative sources. The professional view requires an annual subscription fee, but the basic view is free. In addition, all Accounting Standard Updates (ASUs) are published on the FASB website.
2. IFRS Standards and Interpretations – Like the FASB Codification, we like to read the actual standards and interpretations before searching out alternative sources of information. You need to be a registered user to access the standards. A summary of each standard is available in the IFRS as Global Standards: A Pocket Guide which can be accessed free of charge here.
3. Basis of Conclusions – Although not technically authoritative, these summaries give insight into the FASB and IASB’s thought process when making determinations on how to amend the accounting guidance. They highlight differences in opinion among Board members, specific issues that caused constituents concern, and the rationale the Board used to ultimately decide on an issue. We feel the Basis of Conclusions provide a clearer picture of why amendments were made and how they should be interpreted.
4. Revenue Recognition Transition Group (TRG) Meeting Minutes – While non-authoritative, reviewing the meeting minutes has been very helpful in trying to sift through the details of the new revenue recognition standards (ASC 606 and IFRS 15). Although all of the Big 4 accounting firms (and other organizations) release summaries of the various TRG meetings, the examples discussed in the meeting minutes provide a lot of clarity in applying the guidance in the new principles-based standard.
5. AICPA Revenue Recognition Task Forces – The AICPA convened 16 different task forces to research the implications of the new revenue recognition standard (ASC 606) to a variety of industries. Even though this guidance is also non-authoritative, it is helpful to discern those transactional and organizational areas where the new standard might have the greatest impact. The majority of the task forces are still working through their respective industry implementation concerns; however, aerospace and defense and investment asset management have released working drafts of the accounting issues identified in their discussions.
6. AICPA Audit & Accounting Guides (A&A Guides) – For researching certain industry-related topics, the A&A Guides do a great job of gathering the authoritative literature into chapters broken out for specific topics. This layout makes it easier to see how an entire industry should apply the accounting guidance laid out in the FASB Codification.
7. AICPA Risk Alerts – The AICPA produces a number of Alerts that provide auditors of financial statements with an overview of recent economic, industry, technical, regulatory, and professional developments that may affect the audits and other engagements they perform. These alerts help auditors identify significant business risks that may result in the material misstatement of a client’s financial statements.

Regulators

1. SEC EDGAR Database – The EDGAR database available on the SEC’s website is where we go to easily and quickly access filings for public companies. We always find it helpful to review “real-life” company disclosures to see how companies are actually accounting and reporting for certain transactions, and ensure that we include these disclosures in our training.
2. Accounting and Auditing Enforcement Releases – What can we say? We like a good train wreck! This site provides links to financial reporting-related enforcement actions concerning civil lawsuits brought by the SEC in federal court and notices and orders concerning the institution and/or settlement of administrative proceedings. Understand what others did wrong and learn from their mistakes.
3. PCAOB Inspection Reports – Congress created the PCAOB to protect investors and to further public interest by overseeing the work of accounting firms that audit publicly traded companies. Part of this oversight is the inspection process, the end result being a PCAOB inspection report. We always review the PCAOB inspection reports of the annually inspected firms to identify recurring audit deficiencies and develop training materials for our audit firm clients.
4. PCAOB Staff Audit Practice Alerts (SAPA) – The SAPAs highlight new, emerging, or otherwise noteworthy circumstances that may affect how auditors conduct audits under existing requirements of PCAOB standards and relevant laws.
5. Decisions of the European Financial Reporting Advisory Group (EFRAG) – EFRAG's mission is to develop and promote European views in a thought leadership role and to ensure that they are properly taken into account in the IASB standard setting process. As part of its transparent due process, EFRAG publishes a monthly “EFRAG Update” to provide a summary of the decisions made by the EFRAG Board and of the advice that EFRAG TEG (Technical Expert Group) has prepared for the EFRAG Board.
6. Enforcement Actions of the European Securities and Market Authority (ESMA) – ESMA’s main role is to promote the consistent application of International Financial Reporting Standards (IFRS) and foster convergence of enforcement practices across Europe. Since 2007, ESMA regularly publishes extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the IFRS. Find the latest report as of November 25, 2015 here and a summary of all decisions ever published here.

Resources from the Big 4

1. KPMG’s Issues-in-Depth – These publications give, as the name implies, an in-depth look into the requirements of a new standard and its impact on financial statement preparers. Check out this massive 450-page publication on the new leasing standard (ASC 842). Want a quicker read? Check out KPMG’s Defining Issues, which does a good job of summarizing the latest developments in U.S. GAAP and SEC reporting requirements.
2. PWC’s Accounting Guides – These publications provide in-depth accounting guidance for topics of significant interest. Check out their comprehensive publication on the significant differences between U.S. GAAP and IFRS here.
3. IFRS Insights by EY – This is a great resource for keeping up-to-date with IFRS. We find it is organized better than the actual IFRS site, which can be a bit tricky to navigate. This site also includes some great (and free) resources like web-based training on certain topics. Check out their Accounting Link for a complete list of their publications.
4. Deloitte’s IASPlus– As the home page states, it really is the #1 website for global accounting news. The latest news, publications, and summaries of the relevant meetings are all found in one easy-to-navigate website. It also provides very basic, but free IFRS e-Learning on all of the IFRS Standards. Check out Deloitte’s SEC Comment Letter Series, which includes extracts from frequently issued SEC comment letters, analysis from experts, and links to resources relevant to SEC filers.

Other

1. Twitter – We find Twitter to be a useful tool for staying up-to-date on accounting and auditing matters. We follow the Big 4, regional accounting firms, regulators, and professional organizations. When accounting guidance changes, you can bet the Big 4 will release a series of insightful publications and Twitter helps us find them as soon as they are released. Of course, you can always follow GAAP Dynamics too!
2. Oanda Currency Converter – Although not technically an accounting resource, we use Oanda’s historical exchange rate currency converter when preparing case studies on foreign currency transactions and translations to give them a realistic feel.
3. The Accounting Onion – An accounting blog hosted by Tom Selling. We find this website amusing and entertaining. As described on the website, the blogs try to peel away layers of jargon to expose what lies at the core of an accounting rule - sometimes a valid concept, and other times an unpleasant surprise!
4. Going Concern – An accounting blog that posts everything from client wins by firms to salary and bonus information. While it often likes to poke fun at the accounting and auditing profession, it can also be a good source of news related to the CPA profession.

Of course there are many more, but this should give you a good list of resources to help you be the best CPA you can be!