How to prepare & present Financial Statement?

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Controllership Series – Financial Statement Preparation and Presentation

Learning Objectives

To explain the purpose of the FS.
To explore how to prepare a BS, IS, statement of SE, and SCF.
To identify basic analytic ratios for the BS, IS, and SCF.
To analyze the components of notes to the FS.
To identify the need for and uses of supplemental information to the FS.

Course Description

One of the important roles of any member of the financial team, including the controller, may be involved in the preparation of the company's financial statements. Even if that responsibility falls within the office of the CFO, the controller, and other finance personnel must understand how their transitions recorded impact the financial statements.

Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form that is easy to understand.

They typically include four basic financial statements accompanied by a management discussion and analysis:

A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owner's equity at a given point in time.
An income statement may have varying names including a profit and loss report (P&L report), a statement of comprehensive income, or a statement of revenue & expenses. This report is on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period
A statement of changes in equity or “statement of equity” also called “statement of retained earnings” reports on the changes in equity of the company over a stated period.
A cash flow statement reports on a company's cash flow, particularly its operating, investing, and financing activities over a stated period.

A balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period.

For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements, management discussion and analysis, and supplementary information. The notes typically describe each item on the balance sheet, income statement, and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.

Join this CPE Accounting Webinar of our Controllership Series to understand the preparation and presentation of financial statements.

You might also be looking for courses on IFRS | GAAP.

Webinar Qualifies For

2.5 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2.5 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
2.5 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
2.5 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
2.5 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
2.5 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
2.5 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
2.5 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
2.5 PL Credit of Accounting for Chartered Financial Analyst (CFA)
2.5 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
2.5 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
2.5 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
2.5 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
2.5 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
2.5 CPE Credit of Accounting for Iowa Licensed Public Accountant (IA-LPA)
2.5 PL Credit of Accounting for CIPM
2.5 CPE Credit of Accounting for Maine Licensed Public Accountant (ME-LPA)
2.5 CPE Credit of Accounting for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

Additional Information

Duration

2.5 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.5

Excellent

Very Good

Average

Poor

Terrible

Rory Oconnor, CPA (US), CPA Student

Informative session that dove into the complete process of creating the financial statements as well as what metrics to use to look at varying types of businesses. The presenter was well spoken and obviously knew her material well.

Jennifer Wolfe, CPA (US)

I really enjoyed this financial statement overview for the Controllership Series. I am enjoying the series and am looking forward to more CPE from the Controller point of view!

Gina Pennell, CPA (US)

Information was presented well and the instructor knew how deep to delve into the material with the time allotted. Very well planned.

Sara Newdome, CPA (US)

Great explanation of financial statement preparation and inter-relationship of the accounting statements

Faye Ridpath, CPA (US)

Lynn Fountain is an excellent presenter. I highly recommend her Controllership Series.

2.5 Credits

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Subject Area

Accounting

Completed

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Controllership Series – Financial Statement Preparation and Presentation

Course Details

Learning Objectives

Course Description

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Other Details

Additional Information

2.5 Hours

Basic

Group Internet Based

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.5

Rory Oconnor, CPA (US), CPA Student

Jennifer Wolfe, CPA (US)

Gina Pennell, CPA (US)

Sara Newdome, CPA (US)

Faye Ridpath, CPA (US)

Subject Area

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