One of the important roles of any member of the financial team. Including the controller, may be involvement 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 which 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 owners’ equity at a given point in time.
  • An income statement may have varying names including: profit and loss report (P&L report), statement of comprehensive income, or statement of revenue & expenses. These report 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.

 

Below courses are currently available on the site:

  • The Controllership Series: The Controller Function - Elevating the Role
  • The Controllership Series: The Controller Function - Strategic and Annual Planning
  • The Controllership Series: The Controller Function - Cash and Investments
  • The Controllership Series: The Controller Function - Inventory Process Part 1
  • The Controllership Series: The Controller Function - Inventory Process Part 2
  • The Controllership Series: Financial Statement Preparation and Presentation
Learning Objectives
  • Discover and understand the purpose of the Financial Statement.
  • Explore how to prepare a Balance Sheet, Income Statement, statement of Stockholder Equity, and Statement of Cash Flow.
  • Discover and understand basic analytic ratios for the Balance Sheet, Income Statement and Statement of Cash Flow.
  • Recognize and understand the components of notes to the Financial Statement.
  • Identify the need for and uses of supplemental information to the Financial Statement.
Last updated/reviewed: August 10, 2023

Included In Certifications

This course is included in the following Certification Programs:

20 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. The Controllership Series: The Controllers Role in Financial Forecasting
  4. The Controllership Series: Future Role of the Controller – Part 1
  5. The Controllership Series: Future Role of the Controller – Part 2
  6. The Controllership Series: The Controller Function - Cash and Investments
  7. ASC 842 Accounting for Leases - Deep Dive
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. The Controllership Series: The Controllers Role in the Procurement Function
  13. The Controllership Series: The Role of The Controller in ESG
  14. The Controllership Series: The Controllers Role in Pro Forma Financials
  15. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  16. The Controllership Series: Introduction to the Financial Close Process
  17. The Controllership Series: Managerial Accounting Basics and Cost Principles
  18. The Controllership Series: Sales, Collections and Customer Credit
  19. The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
  20. Tools for The Controllership Series Certificate
159 Reviews (826 ratings)

Reviews

5
Anonymous Author
financial statements are very important. knowledge of its basics allows the user to see its essence

5
Anonymous Author
The Controllership Series: Financial Statement Preparation and Presentation course offers a comprehensive dive into the intricate world of financial reporting. With a meticulous focus on accuracy and clarity, this course equips learners with invaluable skills to master preparing and presenting financial statements. It is a must for aspiring financial professionals seeking expertise in controllership.

5
Anonymous Author
The Controllership Series: Financial Statement Preparation and Presentation The Controllership Series: Financial Statement Preparation and Presentation The Controllership Series: Financial Statement Preparation and Presentation vThe Controllership Series: Financial Statement Preparation and Presentation The Controllership Series: Financial Statement Preparation and Presentation

4
Anonymous Author
I am a huge fan of the courses by Lynn Fountain, but was a little disappointed that this course was very basic for a Controller. I was expecting it to be more advanced based on the course description and reviews. Still, I think Lynn Fountain is an excellent presenter and she still managed to hold my attention.

3
Anonymous Author
I have been enjoying the controller series and really like Lynn Fountain as an instructor. This lesson seems a bit basic for controller level. It covers a lot of things, but is probably best viewed as a refresher if you haven't looked at financial statement preparation in a while.

5
Member's Profile
Anyone reading this review take note: Lynn Fountain is one of the hardest working contributors on Illumeo. The quality and quantity of her course speak for themselves. Great courses. Great content. Great presentations. Every course is WONDERFUL. Thank you Lynn, Larry

5
Anonymous Author
This is a very good course. It helps me to refresh my knowledge about Financial Statement preparation. The course material is well prepared and very informative. I like the Cheat Sheets of all the ratios, they're very well organized, easy to be used as reference.

5
Anonymous Author
very good overview of the different aspects of the financial statements and what goes into each one. It also touches on the notes to financial statements which is very helpful to understand as this is an importance piece of the financials.

5
Anonymous Author
Good course for accountants who aspire to become controllers. The portion on notes to the FS, supplementary information and financial ratios is particularly useful for those preparing FS of publicly traded or regulated companies.

4
Anonymous Author
very informative and precise summary at a basic level. it goes through each element of the financial statements without going into much detail - gives overview that can be a reminder of the core building blocks of the financials

5
Member's Profile
I have like the controller series and really like Lynn Fountain as an instructor. This lesson covers a lot of things, but is probably best viewed as a refresher if you haven't looked at financial statement preparation in a while.

4
Member's Profile
A very ambitious course with a lot of information within 2 hours. I must admit I got lost in the examples of the cash flow statements. I had to grab a pad and do my own calculations to arrive at the answers in the slide.

4
Anonymous Author
good overview of financial statements, good explanations and analysis; good overview of financial statements, good explanations and analysis; good overview of financial statements, good explanations and analysis;

5
Anonymous Author
Excellent content. This course really did a good job at getting to the meat and potatoes of the content. The content, context, and multiple modes of representation they provide is highly effective and enjoyable!

4
Anonymous Author
This course provided a strong overview of financial statements helpful for someone like myself who's experienced as an accountant but isn't entrenched in FS prep day-to-day. Particularly strong around cash flow

5
Member's Profile
great over view of financial statement presentation and accounting. presenter was well informed and stayed engaged through the entire presentation. Length of the presentation also seemed appropriate.

5
Anonymous Author
This course provides an interesting high level overview of the financial statement preparation process and all the associated elements involved. I particularly liked the ratio material included.

5
Anonymous Author
Good review of the financial statements. I appreciated the example in the appendix taking you through preparing a balance sheet, P&L, and a statement of equity. I would like even more of those.

5
Member's Profile
This was a solid review of the required financial statements. Ms. Fountain is a strong trainer with a solid grasp of of the information and a presentation style that makes the subject easy.

5
Member's Profile
This course takes a detailed look at the different financial statements and financial ratios. It's an excellent summary of all items important to an organization's financial reports.

5
Anonymous Author
It is important to know the makeup of a basic financial statement. I think it was useful to present such information primarily based on a public company example. Endless footnotes!

5
Anonymous Author
Course was very informative and helped give me a better understanding of the financial statements. I would recommend this course to others. The slide show PDF was useful as well.

5
Anonymous Author
The course was well structured and easy to follow. The examples were clear and well presented. An actual example for preparation of all financial statements was explained

5
Anonymous Author
Good overview with helpful content to refer back to. Anyone who has several years of experience will already know most of the information, but always helpful to review.

5
Anonymous Author
Great high level overview of financial reporting & the breakdown of the respective statements / footnotes / etc. Simplified approach makes for a nice refresher course.

5
Anonymous Author
Great course to give an overview on financial statement preparation and the purpose of the different statements. I really appreciate the summary of financial ratios.

5
Anonymous Author
It could be a bit hard to follow, but a great walk through of the cash flow statement and what all makes it up and it's connection to the other financial statements.

5
Anonymous Author
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5
Member's Profile
This course provided a holistic and sufficient view of the basic financials for an experienced accountant/controller to refresh on how to manage company finances

5
Member's Profile
Great overview of preparation of financials. I especially liked the slides on the relationships between the statements, a great way to ensure you are accurate.

5
Anonymous Author
Great high level overview of the financial statements and what they are used for. The instructor also talks about financial ratios and their use. Great course!

5
Anonymous Author
I really liked this course very much. I thought the slides were useful to reinforce the content of the material. Thanks so much for putting this together.

4
Anonymous Author
Great overview of the financial statements. I would say some of the language used doesn't tie directly to typical financial statements for public companies.

5
Anonymous Author
This course was a good overview of the Financial Statement Preparation and Presentation. The instructor is informative and easy to follow and understand.

5
Anonymous Author
Professor Lynn Fountain - I just love your courses and your style of teaching! You make it easy for follow, review and retain the information. Thank you!

5
Anonymous Author
Enjoyed this refresher on preparing financial statements. It was beneficial to see all the types of ratios and how they are calculated in one place.

4
Anonymous Author
The course material was broken down in easy to understand sections. The speaker explained each section at a good pace and gave appropriate examples.

5
Anonymous Author
Great financial statement overview. Specifically focuses and provides several in depth examples of statement of cash flows which I found helpful.

5
Anonymous Author
Great course - really caused me to think through the financial statements up and down and check myself on a lot of assumptions. Thank you!

4
Anonymous Author
Good overall refresher to Financial Statements preparation and presentations. Textbook guides and information. Basic but good refresher.

5
Member's Profile
Instructor does a great job at explaining the basic concepts of financial statement preparation and what is in each. Great refresher.

5
Member's Profile
Lynn's controllership series course on Financial Statement preparation and presentation was excellent and had many actionable insights

5
Anonymous Author
Very thorough and detailed course on the financials statements and what is important for understanding the FS of an organization.

5
Anonymous Author
This course was excellent. I learned a great deal. I appreciate courses such as this because it will help me grow within my career.

5
Anonymous Author
Good review course for overviewing of the financial statement preparation process. Easy to understand and well written materials.

5
Anonymous Author
PP and lecture were informative and provide great examples on the Financial statements and motes tot he financial statements.

5
Anonymous Author
Great overview of financial statements and the appropriate notes that accompany financial statement. Great high level review.

5
Anonymous Author
This was a good course on financial statement basics... if you don't know the answers to the questions, go back and refresh

5
Member's Profile
This course is a good refresher on the categories of the Statement of Cash Flows as well as the purpose of the statement.

5
Anonymous Author
Very thorough review of the concept of financial statements. I found the last question of the exam confusing however.

5
Anonymous Author
It's good to see a refresher like this of how to bring everything together after all the underlying work that goes on.

5
Anonymous Author
good refresher on Financial Statements. Some great examples of the flow and how to calculate some more common ratios.

5
Member's Profile
Excellent overview of the various financial statements. Thought the section on financial ratios was a great addition.

5
Member's Profile
Very Informative and knowledgeable course. The Instructor has nice teaching style and has complete grip on the topic.

4
Member's Profile
THis was a refresher on financial statements and their presentation and the differentiation between each of them.

5
Anonymous Author
good review of foundational concepts in financial statement preparation and analysis. thank you for the course.

3
Anonymous Author
Kind of basic for somebody who already has their CPA, but still a lot of good information all compiled together.

5
Anonymous Author
I enjoyed The Controllership Series: Financial Statement Preparation and Presentation great refresher course.

5
Anonymous Author
I have enjoyed Lynn Fountains presentations. She delivers with the right pace with appropriate illustrations.

5
Anonymous Author
Very good course on the financial statement preparation. The course explained the statements in great detail.

5
Anonymous Author
Lynn does such a great job preparing and presenting her presentations. I enjoy and find them very useful.

5
Anonymous Author
This was a helpful course that effectively used the allotted time to mee t the stated learning objectives

5
Anonymous Author
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!

5
Member's Profile
Thorough course on GAAP Financial Statements and the related footnotes that are typically found within.

5
Member's Profile
this course was a good review on the basics of preparation and presentation of the financial statements

4
Anonymous Author
This course was a good overview and refresher of preparation and presentation of finanicial statements

5
Anonymous Author
A good introduction to the various financials prepared along with how financial filings are organized.

5
Member's Profile
A very nice intro/refresh for accounting people. One of the final exam questions has a typo though.

4
Member's Profile
Good review for an accountant, but some info is too basic for someone considered to be a controller.

5
Anonymous Author
Good overall refresher on the fundamentals. Could be especially helpful for a brand new accountant.

5
Anonymous Author
Good basic review of financial statement preparation. Slides are very easy to follow and refer to.

5
Member's Profile
Great review of the basic, technical aspects of the financial statements and their presentations.

5
Anonymous Author
This is a very comprehensive course. It provides relevant information without being overwhelming.

5
Anonymous Author
Quick review. Pretty surface level knowledge on Financial statement preparation and analysis.

5
Anonymous Author
Useful introduction course on Financial Statement preparation and presentation, good content.

5
Anonymous Author
Straightforward course, slides and presentation clearly present the messages of the course.

5
Anonymous Author
This course is very helpful and througly walks through the important information in detail.

4
Anonymous Author
I've learned a lot today. I dislike some of the terms used, as I don't used them every day.

4
Anonymous Author
A balanced overview of FS Statements and Notes, worth the review even if a familiar topic!

5
Member's Profile
Comprehensive and complete explanation of the financial statements purpose and objectives.

5
Anonymous Author
This was a very basic intro to financial statements. Good for an entry level accountant.

5
Anonymous Author
Good overview of stakeholders and their needs/wants of different financial statements.

5
Anonymous Author
This was a helpful overview of the financial statement preparation process. Thank you.

5
Member's Profile
Good overview of the main components of financial statement preparation and reporting.

5
Anonymous Author
Good course on financial statement preparation and key items one would need to know.

5
Member's Profile
The course covered the elements of financial statements in a good amount of detail.

4
Member's Profile
This course is a good overview of financial statement preparation and presentation.

5
Anonymous Author
splendid course very informative. great for introduction to financial statements .

5
Anonymous Author
Overall really enjoyed. It was very comprehensive and Lynn was a great presenter.

3
Anonymous Author
This course is a good basic overview of financial statement concepts. Thank you.

5
Anonymous Author
This was a very well organized session. The slides were clear and informative.

5
Anonymous Author
This course was a great review of the high level financial statement preparation.

4
Member's Profile
Clear presentation. Presenter well versed in financial statements and footnotes.

5
Anonymous Author
Geat course which refreshed my knowledge. Very simple and comprehensive coverage

5
Member's Profile
The author was clear and informative. Made the information easy to understand.

4
Anonymous Author
It is a very simple course, like a nice refresher for financial accounting 101.

5
Member's Profile
Great course- lots of great information in the slides and very clearly laid out.

5
Member's Profile
It's very helpful to understand the big picture of financial statements. Thanks!

5
Member's Profile
Very good to understand all the financial information reported by management.

5
Anonymous Author
Clear and concise training on the financial statements and their components.

4
Member's Profile
Its that time of the year again, good refresher for upcoming reporting season.

5
Anonymous Author
exceptional course. it was so good. succinct and to the point. Thanks Lynn!

4
Member's Profile
This course provided valuable information and skills necessary to be a CPA.

4
Member's Profile
The exam provides a great review of key FS preparation concepts. Thank you!

4
Anonymous Author
Good review of financials statement preparation, good supporting materials.

5
Anonymous Author
Great course, clear and concise, would recommend others to take this course

5
Anonymous Author
It's an interesting course. As a matter of fact I enjoy the entire series

5
Anonymous Author
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3
Member's Profile
A pretty basic course. good to refresh concepts but not very challenging.

4
Anonymous Author
great overview of the many aspects included with in financial statements

5
Member's Profile
Direct, easy to understand slides and notes make this a valuable course.

4
Anonymous Author
good higher level summary of financial statements and what is involved.

5
Anonymous Author
This was a very helpful refresher course. Lynn was engaging as always.

5
Anonymous Author
good overview of the financial statements structure and closing process

5
Anonymous Author
Good comprehensive review of the fundamentals of financial statements.

5
Anonymous Author
Great course! Fantastic teacher - highly recommend to take this class.

5
Anonymous Author
Very good refresher for financial statement presentation and footnotes

5
Anonymous Author
Basics for every accountant! I wish it could be part of an interview

5
Member's Profile
Nice overall review. Source materials were clear and laid out well.

5
Member's Profile
Everything is well explained. The pictures and diagrams help a lot.

5
Anonymous Author
Great course. Good refresher on FS structure. Would highly recommend

5
Anonymous Author
The information in this course was presented clearly and consicely.

5
Anonymous Author
Good overview of financial statement preparation and presentation.

5
Member's Profile
Good overview for anyone wanting to brush up topics in this area.

4
Member's Profile
Very basic, but a good jump off point for more in depth analysis.

4
Anonymous Author
The instructor was good but the subject matter was pretty basic.

5
Anonymous Author
The course was pretty basic, but a good, high-level refresher.

5
Member's Profile
Final quiz was more difficult than most CPE's, which I enjoyed.

5
Anonymous Author
Great course - looking forward to the next class in the series.

5
Anonymous Author
Great overview of what goes into audited financial statements.

5
Anonymous Author
Great course. Learning was very helpful and I highly recommend.

5
Anonymous Author
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5
Anonymous Author
Solid quick refresher course that helps reinforce these ideas.

5
Anonymous Author
Great overall review of FS presentation including notes to FS.

5
Anonymous Author
Great intro lecture to financial statements, would take again.

5
Member's Profile
very excellent course. i learned a lot in an efficient manner.

5
Member's Profile
practical, clear, useful, a good comprehensive basics review.

5
Anonymous Author
good overview and education of this topic would recommend it

4
Anonymous Author
Good basic overview of financial statements for a beginner.

4
Member's Profile
This is basic accounting for a Junior accountant to review.

5
Anonymous Author
very interesting class. I love learning accounting stuff.

5
Member's Profile
Another really good class in the series, well presented.

5
Member's Profile
Good overview of financial statements and ratio analysis.

5
Anonymous Author
Excellent Material with enough examples and case studies.

5
Anonymous Author
Great overall refresher course on financial statements.

5
Anonymous Author
I enjoyed this course, and I found it very informative.

5
Anonymous Author
Great job, excellent, good questions! Take this course!

5
Anonymous Author
Information was organized and well laid out. Thank you!

4
Anonymous Author
Lynn's courses are very well-organized and informative.

5
Anonymous Author
Great course with a great topic that is relevant today

5
Member's Profile
Really great class to start out with. Good overview.

5
Member's Profile
Excellent presenter. Information is clear and useful.

4
Member's Profile
Clear, concise, and practical. Perfect for beginners!

5
Anonymous Author
The course is well organized and easy to understand!

4
Anonymous Author
The course was informative; it was easy to follow.

4
Anonymous Author
Good course to refresh your financial understanding

5
Member's Profile
good refresher of financial statement presentation

5
Member's Profile
A nice refresh on the basic accounting principals.

3
Anonymous Author
Pretty basic. Would be nice to get more detailed.

Prerequisites
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  The Controllership Series: Financial Statement Preparation and Presentation2:46
  Purpose16:04
  Balance Sheet Preparation15:08
  Income Statement Preparation17:19
  Shareholder Equity Statement3:35
  Statement of Cash Flow10:04
  Statement of Cash Flow Cheat Sheet8:22
  Statement of Cash Flow Cheat Sheet Cont'd10:04
  Financial Statements Inter Relationship15:19
  FS Structure and Notes to FS7:32
  Financial Statement Ratios9:21
APPENDIX
  Appendix 13:25
  Appendix 25:16
  Appendix 31:40
CONTINUOUS PLAY
  The Controllership Series: Financial Statement Preparation and Presentation2:05:55
SUPPORTING MATERIAL
  Slides: Financial Statement Preparation and PresentationPDF
  Financial Statement Preparation and Presentation Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam