Financial Statement Disclosures: A Guide for Small and Medium-Sized Businesses (GSM4)

Overview

You could pay $0 for this course!

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. The course will use illustrations, examples based on private company financial statements disclosures, and real-world excerpts from financial statements to provide you with a hands-on feel for the disclosure requirements across a number of accounting standards.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-4000. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.

Highlights

Financial statement disclosures for small and medium-sized businesses Balance sheet, income statement, and statement of cash flows presentation and disclosure issues Disclosure examples from all sized entities which you can use to base your disclosures on Developing disclosure issues, including disclosures related to the adoption of Topic 606

Prerequisites

None

Designed For

CPAs and other accounting professionals in public practice and business and industry involved in preparing financial statement disclosures for small and medium-sized businesses

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 Review disclosure examples from all sized entities, including small and medium-sized businesses Be familiar with developing disclosure issues, such as those related to the adoption of new accounting pronouncements Utilize hands-on examples and illustrations to increase your overall understanding and application of the material

Preparation

None