A clear and concise set of proper financial statement disclosures can make or break an entity’s financial statements. Such disclosures are no longer simply additional information provided by a business; they can be complex in nature and difficult to both prepare and understand, especially for small and medium-sized businesses. Oftentimes financial statement users will first turn to the notes in the financial statements in order to get a feel for where the business and its numbers might be heading, so these disclosures need to be well-written and follow applicable standards. This course will focus on key balance sheet and income statement disclosure as well as accounting standards related to revenue (ASC 606) and leases (ASC 842), accounting policies, changes in accounting estimates and errors, subsequent events, going concern, and related party disclosures.
Objectives:
Understand and apply the professional requirements and guidance for preparing financial statement disclosures for all entities, including small and medium-sized businesses
Identify balance sheet, income statement, and statement of cash flows presentation issues
Be familiar with developing disclosure issues, such as those related to the adoption of new accounting pronouncements
Required Knowledge: None
Who Should Attend: CPAs and other accounting professionals in public practice and business and industry involved in preparing financial statement disclosures for small and medium-sized businesses
Qualifies for Yellowbook: No
Qualifies for Enrolled Agent: No
Field of Study: Accounting
CPE: 4.00