Instructor for this course
more

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: May 10, 2022

Included In Certifications

This course is included in the following Certification Programs:

18 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. GAAP Principles, Assumptions and Considerations
  4. The Treasury Function Part 1: Cash, Liquidity and Investments
  5. The Controllership Series: The Controller Function - Cash and Investments
  6. ASC 842 Accounting for Leases - Deep Dive
  7. Revenue Recognition (ASC Topic 606) Standard Overview
  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. Analyzing Financial Ratios - Leverage
  13. Analyzing Financial Ratios - Performance And Efficiency
  14. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. The Controllership Series: Sales, Collections and Customer Credit
  18. Tools for The Controllership Series Certificate

34 Reviews (186 ratings)Reviews

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.
4
Anonymous Author
Good course to refresh your financial understanding
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
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!
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
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
qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
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
Great financial statement overview. Specifically focuses and provides several in depth examples of statement of cash flows which I found helpful.
5
Anonymous Author
Good review course for overviewing of the financial statement preparation process. Easy to understand and well written materials.
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
Member's Profile
Excellent overview of the various financial statements. Thought the section on financial ratios was a great addition.
5
Anonymous Author
good review of foundational concepts in financial statement preparation and analysis. thank you for the course.
5
Anonymous Author
I enjoyed The Controllership Series: Financial Statement Preparation and Presentation great refresher course.
5
Anonymous Author
Lynn does such a great job preparing and presenting her presentations. I enjoy and find them very useful.
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
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.
4
Anonymous Author
A balanced overview of FS Statements and Notes, worth the review even if a familiar topic!
5
Anonymous Author
This was a helpful overview of the financial statement preparation process. Thank you.
5
Anonymous Author
Good course on financial statement preparation and key items one would need to know.
3
Anonymous Author
This course is a good basic overview of financial statement concepts. Thank you.
5
Anonymous Author
This course was a great review of the high level financial statement preparation.
5
Member's Profile
The author was clear and informative. Made the information easy to understand.
5
Anonymous Author
Clear and concise training on the financial statements and their components.
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
4
Member's Profile
Very basic, but a good jump off point for more in depth analysis.
4
Anonymous Author
Good basic overview of financial statements for a beginner.
5
Member's Profile
Another really good class in the series, well presented.
5
Anonymous Author
I enjoyed this course, and I found it very informative.

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:46The Controllership Series: Financial Statement Preparation and Presentation
  16:04Purpose
  15:08Balance Sheet Preparation
  17:19Income Statement Preparation
  3:35Shareholder Equity Statement
  10:04Statement of Cash Flow
  8:22Statement of Cash Flow Cheat Sheet
  10:04Statement of Cash Flow Cheat Sheet Cont'd
  15:19Financial Statements Inter Relationship
  7:32FS Structure and Notes to FS
  9:21Financial Statement Ratios
APPENDIX
  3:25Appendix 1
  5:16Appendix 2
  1:40Appendix 3
CONTINUOUS PLAY
  2:05:55The Controllership Series: Financial Statement Preparation and Presentation
SUPPORTING MATERIAL
  PDFSlides: Financial Statement Preparation and Presentation
  PDFFinancial Statement Preparation and Presentation Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM