This course shows how the accountant can minimize the time needed to close the books and issue financial statements. This involves the elimination of some closing steps, thereby presenting a tradeoff of somewhat reduced financial statement accuracy for much less closing effort. The course notes the risks involved and the situations to which a soft close can most readily be applied. In short,The Soft Closeprovides the accountant with a complete toolkit of solutions for streamlining the closing process.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the situations in which financial statements that have been produced with a soft close can be issued.
Identify the reporting periods in which a public or private company could use a soft close.
Specify the situations in which a soft close is more likely to result in financial statement errors.
Recognize the calculation methods used to estimate ending inventory.
State the types of risk environments in which a soft close should and should not be used.
Major Topics
Soft Close Overview
Overhead Allocations
Intercompany eliminations
Reserve Account Updates
Revenue Accruals
