Crafting precise and compliant financial statements is a critical challenge faced by finance professionals, who must navigate a maze of requirements and standards. This course addresses this challenge by providing a comprehensive overview of the key principles essential for the accurate presentation of financial statements. Drawing primarily from the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC), it covers vital topics such as balance sheet, income statement, comprehensive income, statement of cash flows, and the requisite notes for financial statements. Additionally, it delves into the specific considerations around changes in accounting principles. This course offers more than just theoretical knowledge; it equips participants with the ability to select, recognize, and recall various requirements and methods essential for presenting financial statements that meet the highest standards of accuracy and compliance.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Select requirements for disposal transactions to meet held for sale criteria
Recognize overall financial statement presentation requirements
Cite requirements for discontinued operations and liquidation basis of accounting reporting
Identify the different methods used for statement of cash flow presentation
Chapter 2
Recognize when certain balance sheet accounts can be offset
Identify disclosure requirements with respect to an entity's accounting policies
Recall the disclosures required in the event of substantial doubt of an entity's ability to continue as a going concern
Chapter 3
Identify presentation requirements for the income statement and comprehensive income
Recall when various types of insurance provide reimbursement
Chapter 4
Recognize the differences between operating, financing, and investing activities in the statement of cash flows
Cite preferred methods of presentation of an entity's statement of cash flows
Chapter 5
Recognize the requirements regarding changes in accounting principles
Major Topics
Presentation of Financial Statements
Liquidation Basis of Accounting
Income Statement
Sections of the Statement of Cash Flows
Notes to Financial Statements
