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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: July 26, 2021

Included In Certifications

This course is included in the following Certification Programs:

17 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 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. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  15. The Controllership Series: The Financial Close Process
  16. The Controllership Series: Managerial Accounting Basics and Cost Principles
  17. Tools for The Controllership Series Certificate

3 Reviews (9 ratings)Reviews

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

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
  2:05:53The 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