3.0 CPE 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
- 1. IAS 16 - Property, Plant, and Equipment
- 2. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
- 3. Meaningful Internal Audit Reports (Text Based Course)
- 4. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
- 5. Revenue Recognition (ASC Topic 606) Standard Overview (Text Based Course)
- 6. The Principled Professional: Applying the AICPA Code of Professional Conduct in Business
- 7. Bookkeeping: The Bank Reconciliation
- 8. Evidential Matter, Audit Programs and Working Papers
- 9. General Considerations for Preparing Financial Statements in Accordance with IFRS
- 10. The Controllership Series: Introduction to the Financial Close Process
Included In Certifications
This course is included in the following Certification Programs:
20 CoursesThe Controllership Series Certification
- The Controllership Series: The Controller Function - Elevating the Role
- The Controllership Series: The Controller Function - Strategic and Annual Planning
- The Controllership Series: The Controllers Role in Financial Forecasting
- The Controllership Series: Future Role of the Controller – Part 1
- The Controllership Series: Future Role of the Controller – Part 2
- The Controllership Series: The Controller Function - Cash and Investments
- ASC 842 Accounting for Leases - Deep Dive
- The Controllership Series: The Controller Function - Inventory Part 1
- The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
- The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
- The Controllership Series: Financial Statement Preparation and Presentation
- The Controllership Series: The Controllers Role in the Procurement Function
- The Controllership Series: The Role of The Controller in ESG
- The Controllership Series: The Controllers Role in Pro Forma Financials
- The Controllership Series: The Controllers Role in Data Analytics and Big Data
- The Controllership Series: Introduction to the Financial Close Process
- The Controllership Series: Managerial Accounting Basics and Cost Principles
- The Controllership Series: Sales, Collections and Customer Credit
- The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
- Tools for The Controllership Series Certificate
156 Reviews (800 ratings)
Reviews
Anonymous
()
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.
Avraham Mafouda
(CFO at Joybees LLC)
Clear, concise, and practical. Perfect for beginners!
Anonymous
(Manager)
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.
Anonymous
()
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
Anonymous
(Accountant)
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.
Anonymous
(Accountant)
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.
Lawrence Hirsch
(Controller at Builders design)
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
Anonymous
(Controller)
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.
Anonymous
(VP of Finance)
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.
Anonymous
(controller)
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
Bob Perry
(Regional Controller at Novelis)
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.
Mark Eastman
(Accountant at Self)
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.
Anonymous
(Sr Financial Analyst)
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;
Anonymous
()
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!
Anonymous
()
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
Andy Williams
(CFO at Foursight Capital)
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.
Anonymous
(Finance Consultant)
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.
Anonymous
()
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.
Joe Isaacs
(Unemployed at N/A)
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.
Kevin Murray
(Business Partner - Strategic Projects at The Wesson Group)
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.
Anonymous
()
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!
Anonymous
(Private Equity Accountant)
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.
Anonymous
()
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
Anonymous
(Director of Accounting)
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.
Anonymous
()
Great high level overview of financial reporting & the breakdown of the respective statements / footnotes / etc. Simplified approach makes for a nice refresher course.
Anonymous
(CSR)
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.
Anonymous
()
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.
Anonymous
(None)
qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
Todd Thayer
(Director of Finance at Geistlich Pharma)
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
Chere Bramer
(Consultant at CLBM Consulting, LLC)
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.
Anonymous
(Accounting Manager)
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!
Anonymous
()
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.
Anonymous
()
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.
Anonymous
(Director of FInance)
This course was a good overview of the Financial Statement Preparation and Presentation. The instructor is informative and easy to follow and understand.
Anonymous
(Snr Accounting Consultant, CPA)
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!
Anonymous
()
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.
Anonymous
()
The course material was broken down in easy to understand sections. The speaker explained each section at a good pace and gave appropriate examples.
Anonymous
(Finance Manager)
Great financial statement overview. Specifically focuses and provides several in depth examples of statement of cash flows which I found helpful.
Anonymous
()
Great course - really caused me to think through the financial statements up and down and check myself on a lot of assumptions. Thank you!
Anonymous
(Assistant Controller)
Good overall refresher to Financial Statements preparation and presentations. Textbook guides and information. Basic but good refresher.
Chris Hanvy
(Corporate Controller at ChanceLight)
Instructor does a great job at explaining the basic concepts of financial statement preparation and what is in each. Great refresher.
Abraham Minto
( at Abraham Minto LLC)
Lynn's controllership series course on Financial Statement preparation and presentation was excellent and had many actionable insights
Anonymous
(Accounting Manager)
Very thorough and detailed course on the financials statements and what is important for understanding the FS of an organization.
Anonymous
(Sr. Accountant)
This course was excellent. I learned a great deal. I appreciate courses such as this because it will help me grow within my career.
Anonymous
(Assistant Controller)
Good review course for overviewing of the financial statement preparation process. Easy to understand and well written materials.
Anonymous
(Director - Accounting)
PP and lecture were informative and provide great examples on the Financial statements and motes tot he financial statements.
Anonymous
()
Great overview of financial statements and the appropriate notes that accompany financial statement. Great high level review.
Anonymous
()
This was a good course on financial statement basics... if you don't know the answers to the questions, go back and refresh
Sharon King
(Contractor at Self employed)
This course is a good refresher on the categories of the Statement of Cash Flows as well as the purpose of the statement.
Anonymous
(Assistant Controller)
Very thorough review of the concept of financial statements. I found the last question of the exam confusing however.
Anonymous
(Senior Accountant)
It's good to see a refresher like this of how to bring everything together after all the underlying work that goes on.
Anonymous
(CPA)
good refresher on Financial Statements. Some great examples of the flow and how to calculate some more common ratios.
Derek Ettinger
( at GP Fund Solutions, LLC)
Excellent overview of the various financial statements. Thought the section on financial ratios was a great addition.
Azher Rashid
(Manager at TimeVision)
Very Informative and knowledgeable course. The Instructor has nice teaching style and has complete grip on the topic.
Brian Meister
(- at International Hillel)
THis was a refresher on financial statements and their presentation and the differentiation between each of them.
Anonymous
()
good review of foundational concepts in financial statement preparation and analysis. thank you for the course.
Anonymous
(Controller)
Kind of basic for somebody who already has their CPA, but still a lot of good information all compiled together.
Anonymous
(CFO)
I enjoyed The Controllership Series: Financial Statement Preparation and Presentation great refresher course.
Anonymous
(Director, Administration)
I have enjoyed Lynn Fountains presentations. She delivers with the right pace with appropriate illustrations.
Anonymous
()
Very good course on the financial statement preparation. The course explained the statements in great detail.
Anonymous
(Corporate Controller)
Lynn does such a great job preparing and presenting her presentations. I enjoy and find them very useful.
Anonymous
(Finance Manager)
This was a helpful course that effectively used the allotted time to mee t the stated learning objectives
Anonymous
()
This course was very helpful and provided a good refresher. I highly recommend this course to other CPAs!
Christopher Flowers
( at Environmental Remedies, LLC)
Thorough course on GAAP Financial Statements and the related footnotes that are typically found within.
Nicholas Pierce
( at self)
this course was a good review on the basics of preparation and presentation of the financial statements
Anonymous
(Managing Director- Fund Accounting)
This course was a good overview and refresher of preparation and presentation of finanicial statements
Anonymous
()
A good introduction to the various financials prepared along with how financial filings are organized.
Kai Song
( at N/A)
A very nice intro/refresh for accounting people. One of the final exam questions has a typo though.
Adrienne Frame
( at N/A)
Good review for an accountant, but some info is too basic for someone considered to be a controller.
Anonymous
(Internal Audit Manager)
Good overall refresher on the fundamentals. Could be especially helpful for a brand new accountant.
Anonymous
(Director Finance)
Good basic review of financial statement preparation. Slides are very easy to follow and refer to.
Cheyenne Tucker
(Staff Accountant at Zeiter CPA)
Great review of the basic, technical aspects of the financial statements and their presentations.
Anonymous
(Controller)
This is a very comprehensive course. It provides relevant information without being overwhelming.
Anonymous
()
Quick review. Pretty surface level knowledge on Financial statement preparation and analysis.
Anonymous
(Director)
Useful introduction course on Financial Statement preparation and presentation, good content.
Anonymous
()
Straightforward course, slides and presentation clearly present the messages of the course.
Anonymous
(Compass Consultant)
This course is very helpful and througly walks through the important information in detail.
Anonymous
(Local School Accounting Specialist)
I've learned a lot today. I dislike some of the terms used, as I don't used them every day.
Anonymous
(Senior Accountant)
A balanced overview of FS Statements and Notes, worth the review even if a familiar topic!
Onix Sanabria
(Treasury Manager at Clear Blue Insurance Group)
Comprehensive and complete explanation of the financial statements purpose and objectives.
Anonymous
()
This was a very basic intro to financial statements. Good for an entry level accountant.
Anonymous
(Senior Accountant)
Good overview of stakeholders and their needs/wants of different financial statements.
Anonymous
()
This was a helpful overview of the financial statement preparation process. Thank you.
James Shelton
( at CPA)
Good overview of the main components of financial statement preparation and reporting.
Anonymous
(Accounting Manager)
Good course on financial statement preparation and key items one would need to know.
Anisha Gomes
(Managing Director at CNM LLP)
The course covered the elements of financial statements in a good amount of detail.
Damon Houterman
(Managing Director at The Jim Pattison Group)
This course is a good overview of financial statement preparation and presentation.
Anonymous
(Senior Manager - Finance)
splendid course very informative. great for introduction to financial statements .
Anonymous
(Advisor)
Overall really enjoyed. It was very comprehensive and Lynn was a great presenter.
Anonymous
(-)
This course is a good basic overview of financial statement concepts. Thank you.
Anonymous
(SVP)
This was a very well organized session. The slides were clear and informative.
Anonymous
(Controller)
This course was a great review of the high level financial statement preparation.
Kenneth Kurrass
(Accountant at MC Dean)
Clear presentation. Presenter well versed in financial statements and footnotes.
Anonymous
(Controller)
Geat course which refreshed my knowledge. Very simple and comprehensive coverage
DEBORAH CAYLOR
(Accounting Manager at self)
The author was clear and informative. Made the information easy to understand.
Anonymous
(Accountant)
It is a very simple course, like a nice refresher for financial accounting 101.
Sheena Curtis
( at Automattic Inc)
Great course- lots of great information in the slides and very clearly laid out.
Mi Young Kim
(Managing Director at Vine Consulting Limited)
It's very helpful to understand the big picture of financial statements. Thanks!
Denise Cutrone
( at Denise Cutrone Advisors)
Very good to understand all the financial information reported by management.
Anonymous
()
Clear and concise training on the financial statements and their components.
Sean Searley
( at Sean Searley)
Its that time of the year again, good refresher for upcoming reporting season.
Anonymous
()
exceptional course. it was so good. succinct and to the point. Thanks Lynn!
Christopher Wilson
( at Dimensional Fund Advisors)
This course provided valuable information and skills necessary to be a CPA.
Sophia Kasozi
(- at City of Edmonton)
The exam provides a great review of key FS preparation concepts. Thank you!
Anonymous
(Partner)
Good review of financials statement preparation, good supporting materials.
Anonymous
(Accountant)
Great course, clear and concise, would recommend others to take this course
Anonymous
(Accountant)
It's an interesting course. As a matter of fact I enjoy the entire series
Anonymous
()
..........................................................................
Peter Dovey
(Assistant Controller at DLC Group)
A pretty basic course. good to refresh concepts but not very challenging.
Anonymous
(Senior, SEC Reporting)
great overview of the many aspects included with in financial statements
Thomas Simkiss
(Director of Cloud Solutions at Creoal Consulting)
Direct, easy to understand slides and notes make this a valuable course.
Anonymous
(Director)
good higher level summary of financial statements and what is involved.
Anonymous
(Staff Accountant)
This was a very helpful refresher course. Lynn was engaging as always.
Anonymous
()
good overview of the financial statements structure and closing process
Anonymous
()
Good comprehensive review of the fundamentals of financial statements.
Anonymous
(Consultant)
Great course! Fantastic teacher - highly recommend to take this class.
Anonymous
()
Very good refresher for financial statement presentation and footnotes
Anonymous
()
Basics for every accountant! I wish it could be part of an interview
David Fisher
(Associate at YPTC)
Nice overall review. Source materials were clear and laid out well.
Sarah Anchecta
(ACM Accountant at Houton Methodist)
Everything is well explained. The pictures and diagrams help a lot.
Anonymous
(Senior FP&A Analyst)
Great course. Good refresher on FS structure. Would highly recommend
Anonymous
()
The information in this course was presented clearly and consicely.
Anonymous
()
Good overview of financial statement preparation and presentation.
Ryan Vandermus
( at Argos Family Office, LLC)
Good overview for anyone wanting to brush up topics in this area.
Debbie Banks
( at Banks Accountancy LLC)
Very basic, but a good jump off point for more in depth analysis.
Anonymous
(Accounting Manager)
The instructor was good but the subject matter was pretty basic.
Anonymous
(CPA)
The course was pretty basic, but a good, high-level refresher.
Brett Walker
( at WANRack, LLC)
Final quiz was more difficult than most CPE's, which I enjoyed.
Anonymous
(Director, Governance)
Great course - looking forward to the next class in the series.
Anonymous
(Senior Consultant)
Great overview of what goes into audited financial statements.
Anonymous
(Vice President)
Great course. Learning was very helpful and I highly recommend.
Anonymous
(Director)
nofreeadsnofreeadsnofreeadsnofreeadsnofreeadsnofreeadsnofreeads
Anonymous
()
Solid quick refresher course that helps reinforce these ideas.
Anonymous
()
Great overall review of FS presentation including notes to FS.
Anonymous
(Tax Analyst)
Great intro lecture to financial statements, would take again.
Matthew Sloan
( at DB USA)
very excellent course. i learned a lot in an efficient manner.
Alice Jeanna Yu
(title at bank)
practical, clear, useful, a good comprehensive basics review.
Anonymous
()
good overview and education of this topic would recommend it
Anonymous
(Financial Reporting Manager)
Good basic overview of financial statements for a beginner.
Lindsey Tookey
(Director of Financial Accounting at Instacart)
This is basic accounting for a Junior accountant to review.
Anonymous
()
very interesting class. I love learning accounting stuff.
Lorene Johnson
( at SeaOne Holdings)
Another really good class in the series, well presented.
Roxane Wells
(Senior Manager at Stevenson Smith CPA's LLC)
Good overview of financial statements and ratio analysis.
Anonymous
(Manager)
Excellent Material with enough examples and case studies.
Anonymous
(Senior Revenue Manager)
I enjoyed this course, and I found it very informative.
Anonymous
()
Great job, excellent, good questions! Take this course!
Anonymous
(Financial Reporting)
Information was organized and well laid out. Thank you!
Anonymous
()
Lynn's courses are very well-organized and informative.
Anonymous
(Director)
Great course with a great topic that is relevant today
Chris Smith
(Auditor III at TVA OIG)
Really great class to start out with. Good overview.
Oksana Sofron
(Accountant at none)
Excellent presenter. Information is clear and useful.
Anonymous
()
The course was informative; it was easy to follow.
Anonymous
()
Good course to refresh your financial understanding
Maxwell Hassenstein
( at NeoGenomics)
good refresher of financial statement presentation
Megan Deutschman
( at Midcontinent Media)
A nice refresh on the basic accounting principals.
Anonymous
()
Pretty basic. Would be nice to get more detailed.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course. It is recommended to take Other Segments of The Controllership Series courses by Lynn Fountain.
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 Controller Function - Cash and Investments
4. The Controllership Series: The Controller Function - Inventory Part 1
5. The Controllership Series: The Controller Function - Inventory Part 2
6. The Controllership Series: Financial Statement Preparation and Presentation
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
Platform
Resources
Contact Us
- Email: info@illumeo.com
- Phone: 408-400-3993
- Adress: 1608 W Campbell
- Av #221, Campbell, CA 95008
© 2024 Illumeo, Inc.