Common Financial Statement Disclosures for Nonpublic Business Entities

Learning Objectives

• To explore financial statement disclosures that provide critical information about small or mid-size nonpublic business entities.
• To identify the general and specific disclosures for common categories of assets, liabilities, equity transactions, revenues, and expenses.
• To describe critical information useful to financial statement readers for making economic decisions.
• To explain the results of operations through the information that supplements the face financial statements.

Course Description

Financial statement disclosures are important to provide the information necessary for financial statement users to make economic decisions. Disclosures further explain and clarify information provided in the basic financial statements, but also provide critical information about subsequent events, litigation risk, and other concerns.  

This CPE Webinar offers insights into common financial statement disclosures applicable to private entities, particularly small and medium-sized nonpublic ones. It highlights the importance of qualitative characteristics in financial reporting, emphasizing the provision of useful information to stakeholders for informed decision-making. Further, it delves into general disclosure requirements, emphasizing their alignment with financial statement presentation and the need for transparency, especially regarding significant accounting policies, use of estimates, and uncertainties associated with significant accounts. It also covers specific accounting aspects such as changes in accounting principles, cash and cash equivalents, trade notes receivable, impairment of long-lived assets and intangibles, and the disclosure of equity investments.

Key topics covered in this course:

• List common financial statement disclosures for small- and medium-sized nonpublic entities
• Describe critical information useful to financial statement readers for making economic decisions
• Explain the results of operations through information that supplements the face financial statements

Join this CPE Accounting Course, we will focus on the required financial statement disclosures for small- or medium-sized nonpublic entities under U.S. GAAP. We will also discuss the general and specific disclosures for common categories of assets, liabilities, equity transactions, revenues, and expenses.

Overview

• Qualitative characteristics of financial reporting

  4 mins
• Common significant accounting policy disclosures

  16 mins
• Special notes on compensating balances

  29 mins
• Changes in goodwill

  43 mins
• Equity method investments

  57 mins
• loss contigencies

  72 mins
• General disclosures

  94 mins
• Going concern uncertainty

  100 mins