[spatel15]

The fact that you have to pay for US GAAP makes it seems crazy to think it’s generally accepted? It’s generally unknown.

Given that the SEC set up FASB and all these other boards, to “protect the public interest,” I’d love to hear the counterargument.

[JohnWayneIsGod]

I think NASBA provides it for free for six months if you have an NTS. Gotta sign up though. I just use it through my old college.

As for the public interest, I don't think that means that FASB and the SEC intended the general public to have access to GAAP materials. The average person's eyes would roll into the back of their head if they attempted to understand it.

FAR - 80

Courage is being scared to death, but saddling up anyway.

-John Wayne

[spatel15]

Idk, that feels like the US Law telling me i cant do something, but if ya wanna know what it is, you gotta pay. on top of taxes.

And I know there's free access, but that's not the issue. I only have it because im studying, which I also paid for.

And it's not about making sure everyone knows it, but wouldn't that maybe help spread awareness? It's better for people to have the chance to know. Especially something so prevalent. Hell, GAAP is more important knowledge than US Law is for a large population(investors).

[spatel15]

And what do you think about reading the available legislature? Is that your daily morning read on the way to work? Just as eye-rolling.

[FIFOisbetterthanLIFO]

Investors don't care as long as the CPA firm signs off with an unmodified opinion. That's why we all have jobs.

FAR - Passed (82)
BEC - Passed (76)
AUD - Passed (89)
REG - Passed! (81)
AICPA Ethics

Licensed CPA

[JohnWayneIsGod]

It all comes down to money. I don't know the original logic behind making the Codification a fee based service, but I suspect it was because tax dollars were not around to fund it. It'd be a drop in the bucket to give the service public funding, but there isn't the political will.

Ya know, I'd just be happy if people knew some basic economics so that they somewhat understood the roles of The Fed and could responsibly save for their own retirement. As it stands, most people that I come across don't have the first idea how markets are regulated, how The Financial Crisis occurred, etc. If the the Codification website were ever to be funded by tax dollars, then that would mean voters become more informed by leaps and bounds but wanted to know even more. Such a development would indicate a positive shift in America. Sadly, most people are too obsessed with Donald Trump's tweets to really care.

FAR - 80

Courage is being scared to death, but saddling up anyway.

-John Wayne

[spatel15]

Well why dont we care lol? I sure as hell do. This BS adds a barrier to this dumb exam when i coulda just googled it. Probably a massive reason why pass rates are also piss poor.

The amount of money AICPA and Becker has “appropriated” from CPA candidates over the years would be quite a pretty penny. Imagine how much they've made simply because of this barrier.

[JohnWayneIsGod]

These professional exams are an industry. I realized this back when I was studying for the GMAT some years ago,and I was pretty jaded by it. There are people whose living is made by tutoring people who are about to take the GMAT, which essentially is an IQ test of sorts. Alas, things like the CPA Exam and such are just the hoops we have to jump through if we want to meet our goals.

FAR - 80

Courage is being scared to death, but saddling up anyway.

-John Wayne

[spatel15]

Ya but its much less a test of intelligence. More of a “can you get into our secret club-hehe- but seriously, can you. We're not gonna show you the way.”

I'm not looking for like crazy stuff. Just GAAP. I'd trade in the released MCQ for it to be public.

Yes, but if you're gonna pay for the exams, you deserve access to the body of knowledge. Maybe I'm just spoiled because the CFA provides them, a candidate body of knowledge that is, not GAAP lol. Still, ya I bought prep for condensed purposes, but I appreciated the support.

Here, I'm taking Becker's word that “credit risk affects borrowers” and “default risk affects investors” <–like stab me in the eyes…Business was the only one where I could confirm it's pathetic-quality.

I dont even know about the other two I've gone through now, though I definitely have already found big mistakes in pretty much each of the books. Fortunately IASB is cool and not as money hungry, so I took advantage of that.

[leglock]

i think you can get a basic version of the asc for free which contains gaap

[spatel15]

With no search features. and still, barriers. the point is barriers.

[Author]

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