Chapter 1 structure| Content area allocation | Becker Review |
| Area I. | Conceptual Framework, Standard-Setting and Financial Reporting （25%-35%） | |
| | | A.Conceptual framework and standard-setting for business and nonbusiness entities | |
| | | | 1.Conceptual framework | Module 1 |
| | | | 2.Standard-setting process | Module 1 |
| | | B.General-purpose financial statements: for-profit business entities | |
| | | | 1.Balance sheet/statement of financial position | Module 2 |
| | | | 2.Income statement/ statement of profit or loss | Module 2 |
| | | | 3.Statement of comprehensive income | Module 7 |
| | | | 8.Discontinued operations | Module 5 |
| Area II. | Select Financial Statement Accounts（30%-40%） | |
| | | J. Revenue | Module 3+4 |
| Area III. | Select Transactions（20%-30%） | |
| | | A.Accounting changes and error corrections | Module 6+8 |
| Area IV. | State and Local Governments （5%-15%） | |
Chapter 1 Summary
Part 1 Conceptual framework and standard-setting for business entities
U.S. GAAP FASB Accounting Standard Codification
ASC, ASU
APB,EITF,FIN,FAS
Statement of financial accounting concepts （SFAC）
SFAC No.8: objectives primary users qualitative characteristics
SFAC No.4,5,6,7
Part 2 General-purpose financial statements: for-profit business entities
1. Balance sheet/statement of financial position: current vs noncurrent
2. Income statement/statement of profit or loss
Net income = continuing operation + discontinued operations
Multiple step vs. single step
3.Statement of comprehensive income
△ Equity=△ Comprehensive income+ △Transactions with owners
△ Comprehensive income=△ Net income+△ Other Comprehensive Income
Components of other comprehensive income
4.Discontinued operations
Criteria qualified for discontinued operation
Definition of held for sale or strategic shift
Part 3 Select Financial Statement Accounts - Revenue recognition
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