Working With Personal Financial Statements

Learning Objectives

• To discuss the step-by-step process for preparing accurate personal financial statements.
• To explain and apply the proper disclosures essential for comprehensive personal financial statements.
• To analyze and apply the concept of "estimated current value" within the context of personal financial statements.
• To inspect the reporting requirements mandated for personal financial statements in various scenarios.
• To gain proficiency in interpreting authoritative guidance to effectively prepare and report on personal financial statements.

Course Description

Unlock the intricacies of personal financial statements in our upcoming webinar designed for professionals working with small business owners or high-net-worth clients. Whether you've been tasked with preparing or reviewing personal financial statements or issuing comfort letters, this webinar is tailored to equip you with the essential skills. Personal financial statements play a pivotal role in organizing, documenting, and planning financial affairs for individuals or couples, addressing various needs such as credit acquisition, income tax planning, retirement planning, and public disclosure of financial affairs.

Join us for a deep dive into authoritative guidance, interpretation, and practical application of preparing and reporting on personal financial statements. Throughout this CPE Accounting course, you will gain valuable insights into recognizing the nuances of personal financial statement preparation, ensuring you are well-versed in determining the appropriate disclosures. Understand the concept of "estimated current value" and its significance in the context of personal financial statements.

Major Topics Covered:

• Prepare personal Financial Statements
• Proper Disclosures for Personal Financial Statements
• Applicable Accounting Standards and Principles
• Obtaining & Reviewing SOC reports
• Common Types of Comfort Letters

We will also explore reporting requirements related to personal financial statements, providing you with a comprehensive understanding to enhance your proficiency in this critical area. By the end of this course, attendees will be adept at preparing and reporting on personal financial statements, armed with the knowledge to navigate the complexities of this crucial financial documentation.

Don't miss this opportunity to elevate your skills and advance your expertise in working with personal financial statements. Join us for a webinar that promises practical guidance and actionable insights.

Overview

• Personal financial statements

  6 mins
• Cash Vs. Accrual

  17 mins
• The accounting equation

  29 mins
• Comparative income statements

  47 mins
• Asset Approach

  64 mins
• Common types of comfort letters

  76 mins
• Client consent - Tax info

  92 mins