Corporate External Financial Reporting Decisions 7 CPE

Topics include: 

• Financial Statement Overview
• Valuation of Accounts Receivable
• Valuation of Inventory
• Valuation of Securities
• Depreciation Methods
• Impairment of Long-Term Assets
• Valuation of Liabilities
• Income Taxes on the Balance Sheet
• Leases
• Equity Transactions
• Revenue Recognition
• Income Measurement
• International Financial Reporting Standards (IFRS)-US GAAP (Generally Accepted Accounting Principles) Differences

The content covered in this course provides a pathway to developing your analytical and critical-thinking skills and closing skills gaps in a variety of relevant topics. 

Prerequisites

No advanced preparation or prerequisites are required for this course.

Learning Objective

• Identify the major components, classifications, and limitations of each financial statement.
• Identify the basic disclosures related to each financial statement. 
• Identify issues related to the valuation of accounts receivables, including timing of recognition estimation of uncollectible amounts.
• Identify issues in inventory valuation including which goods and costs to include. 
• Identify and compare inventory cost assumptions. 
• Identify how to apply the lower of cost or market rule.
• Identify the impact of inventory errors. 
• Recognize the differences between the held-to-maturity, trading, and available-for-sale methods to classify securities. 
• Identify the key components of the fair-value, equity, and consolidated methods to account for equity investments. 
• Explore the effect on the financial statements of using different depreciation methods. 
• Recognize how to account for the impairment of long-term tangible assets and goodwill. 
• Explore inter-period tax allocation and deferred taxes. 
• Recognize and analyze temporary differences and distinguish between deferred tax liabilities and deferred tax assets. 
• Identify the differences between operating leases and capital leases and explore the accounting for each. 
• Explore the applicationof revenue and expense recognition to various types of transactions. 
• Identify instances where revenue is recognized before and after delivery of goods or provision of service.
• Identify and describe the differences between International Financial Reporting Standards (IFRS) and US GAAP (Generally Accepted Accounting Principles) for the following: Revenue recognition, expense classifications, consolidations, financial statement presentation, and asset valuation.

Last updated/reviewed: March 8, 2024