more
Tom Coghlan, CEO
Thomas is the co-founder of CPE University, a Philadelphia-based accounting and finance education firm, is a frequent speaker at CPE seminars and conferences, and has co-authored articles for publication.
This instructor has 13 courses »To Access This Course:
Taking this course will enable you to better understand the development and integration of financial statements and the issues that preparers and users of financial statements face. Special consideration is given to asset and liability valuations, revenue recognition, income measurement, and differences between US GAAP and IFRS.
Topics include:
- Financial Statement Overview
- Valuation of Accounts Receivable
- Valuation of Inventory
- Valuation of Securities
- Depreciation Methods
- Impairment of Long-Term Assets
- Valuation of Liabilities
- Income Taxes on the Balance Sheet
- Leases
- Equity Transactions
- Revenue Recognition
- Income Measurement
- International Financial Reporting Standards (IFRS)-US GAAP (Generally Accepted Accounting Principles) Differences
The content covered in this course provides a pathway to developing your analytical and critical-thinking skills and closing skills gaps in a variety of relevant topics.
Learning Objectives
- Identify the major components, classifications, and limitations of each financial statement.
- Identify the basic disclosures related to each financial statement.
- Identify issues related to the valuation of accounts receivables, including timing of recognition estimation of uncollectible amounts.
- Identify issues in inventory valuation including which goods and costs to include.
- Identify and compare inventory cost assumptions.
- Identify how to apply the lower of cost or market rule.
- Identify the impact of inventory errors.
- Recognize the differences between the held-to-maturity, trading, and available-for-sale methods to classify securities.
- Identify the key components of the fair-value, equity, and consolidated methods to account for equity investments.
- Explore the effect on the financial statements of using different depreciation methods.
- Recognize how to account for the impairment of long-term tangible assets and goodwill.
- Explore inter-period tax allocation and deferred taxes.
- Recognize and analyze temporary differences and distinguish between deferred tax liabilities and deferred tax assets.
- Identify the differences between operating leases and capital leases and explore the accounting for each.
- Explore the applicationof revenue and expense recognition to various types of transactions.
- Identify instances where revenue is recognized before and after delivery of goods or provision of service.
- Identify and describe the differences between International Financial Reporting Standards (IFRS) and US GAAP (Generally Accepted Accounting Principles) for the following: Revenue recognition, expense classifications, consolidations, financial statement presentation, and asset valuation.
Last updated/reviewed: May 14, 2022
56 Reviews (281 ratings)Reviews
Anonymous
(Snr Accounting Consultant, CPA)
I am truly glad that I took this course, this was my first time taking a course with Professor Tom. Initially, I was discouraged by the number of hours; but I am glad I went for it. I enjoyed the course very much. It was such a great overview of external financial reporting. Professor Tom, you did such a great job building on different items in on this course.
Anonymous
(Controller)
The exam questions were slightly out of order a few times however, they were easy to find in the slides. The course is primarily about various parts of the financial statements. I had gotten a different impression from the course description.
Anonymous
()
If you are an experienced financial manager, this provides a refresher on financial reporting but this is a great course for less experienced accountants and non-accountants. The information is very organized and the examples are clear.
Anonymous
(Controller)
This was a great course and I always try to take a deep dive into accounting basics every CPE year. It is important to refresh your brain on all of these concepts, and Tom's course does a great job in doing that
Patricia Fisher
(CPA at Trish Fisher, CPA)
I enjoyed the class and learned some things I did not know before I took it. I had some trouble getting Security Classifications figured out, but eventually got it straight. A good, solid class.
Anonymous
(Consultant)
A great overview of external financial reporting. Super refresher on financial reporting but would be good guidance for less experienced accountants. Loved this course
Anonymous
(Accounting Manager)
This was a great review course for accountants or a great introduction for other business members on the different methods for accounting under different circumstances.
Anonymous
(Adjunct Professor)
Nice coverage of the main financial statements from an external user perspective. Course needs to be updated for most recent guidance on leases and revenue recognition.
Anonymous
(None)
qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
Sean Flynn
(Accounting Manager at Rosemawr Management)
Thorough accounting foundational course that covers a lot of different topics, hits on inventory, depreciation, unrealized gains, leases and consolidation methods.
Anonymous
(CFO)
Good course that goes through many of the same concepts as an int accounting course in college. Helpful to review some areas that I haven't seen in my prof career.
Anonymous
()
the course was so comprehensive，and going over it from time to time would help me to refresh my understanding on accounting. Thanks for Mr.Tom's great work.
Anonymous
(VP of Finance and Accounting)
One of the best overall courses I've taken on Illumeo! Lots of great content and a good refresher of topics I don't deal with on a regular basis.
Anonymous
(Internal Auditor)
Excellent material aimed at understanding the basics of GAAP. Thanks to the author for the examples and calculation problems in the test
Anonymous
(Accounting Manager)
Reminder of many aspects that were a part of the CPA exam. A lot of these were a refresher as I don't use in everyday accounting.
Anonymous
()
Very nice and comprehensive review. Very much balance sheet focused with good discussion of how the income statement ties in.
Lance Bisesar
( at Casper Sleep, Inc.)
Elaborate and extensive. Seemed to go very into detail in some areas not necessary, but some very necessary. Overall useful.
Anonymous
(Tax Consultant)
A very good refresher class on financial statement reporting. The instructor's presentation is clear and understandable.
Anonymous
()
Excellent course, really enjoyed the level of detail and attention to the various components of financial reporting.
Anonymous
(Director)
This course was length which was good to get a lot of CPEs at once but some of the material was a little outdated.
Rodgie Vue
(Financial Reporting Analyst at Tesla)
Great content! This is a decent crash course that covered a variety of accounting topics for external reporting.
KIM MILLER
( at Miller's Mowing & More)
This webinar was a lot of information to take in. But it was very educational. Thank you for the opportunity.
S Marie Vernon
(- at --)
This course is well defined and supporting materials are very easy to follow. Highly recommend this course.
Sarah Nissen
(Compass Consultant at Salo LLC)
Course was a great refresher on the basics. Lease information is out of date with new lease standard though.
Anonymous
(Payroll Manager)
I had very little knowledge of external financial reporting before this course, so I enjoyed learning!
Anonymous
(Advisor)
Good overall refresher, and to the point. The lease accounting hasn't been updated for ASC 842, yet.
Lilian Valcarcel
(Managing Partner at Connected Assurance)
Very good summary. I’m glad I took this course. Nice paced and the instructor seemed dedicated.
Anonymous
(Revenue Accountant)
Very clear overview and refresher course covering a broad range of topics. Very helpful course!
Anonymous
()
Great overall refresher on key financial statement topics. Missing a few areas but good overall.
Anonymous
(Director)
This course provides a deep dive into several topics in the financial statements, good course
Steve Brooke
( at Avantstay)
lots of good reminders. Needs an update to mention revenue and leasing standard updates
Jeremy Wheeler
(Partner at CNM LLP)
n/a....................................................................................
Anonymous
()
Great refresher of key accounting concepts that is very helpful to my current position.
Anonymous
()
Good refresher on the basics for those away from general accounting rules for a while.
Rene Galvan
(Broker at RGV Realty)
It is a good refresher course for CPAs that are no longer inside the Accounting Dept.
Julia Kramer
(Financial Behavior and Leadership Consul.. at Signature Financial Planning)
The instructor was clearly very knowledgable and taught in a clear and concise manner
Chere Bramer
(Consultant at CLBM Consulting, LLC)
Great accounting overview. Took me back to FAR on the CPA exam, but in summary form.
Anonymous
(Director Finance)
Good overall review of many accounting topics related to financial reporting .
Lauren McFarland
( at None)
Good refresher course for anyone who needs it. I would recommend this course.
Anonymous
(Auditor)
Detailed course that covers a lot of great content with good amount of CPE
Yemisi Akintola-Harrison
(Accountant at Google)
This course was very comprehensive and detailed. It is a great refresher!
Anonymous
(Director of Accounting)
Helpful overview of key areas all accountants should be familiar with
Sarah Kim
(Financial Controller at Oracle + NetSuite)
Liked the format of covering many topics at a high level summaries.
Anonymous
()
Well presented, easy to follow, not dull. Informative and relevant.
Mark Edoff
(Principal at MNE Solutions LLC)
Good but basic content- that appropriately teaches the principles.
Anonymous
()
corporate reporting decisions was a good overview for all to take
John Barnett
(CFO at NA)
Great course! Tom does a great job simplifying the information!
Anonymous
(Program Manager - Net Revenue)
Very thorough - a lot of topics I haven't revisited in awhile
Anonymous
(Intern)
Very insightful course and went over relevant information.
Anonymous
()
I liked the course. It was very helpful and informative.
Theresa Chiu
( at Tesla)
The course was very useful and a good refresher course
Christine Salazar
(Director of SEC Reporting and Technical .. at Virgin Orbit)
Great instructor that covered the lengthy content.
Anonymous
(Internal Audit Director)
Thank you very much for the excellent presentation!
Anonymous
(Consultant)
Good review of concepts and provided valuation info
Syed Kazmi
(Controller at Encompass Capital Advisors LLC)
Dificult subject needs more examples to understand.
Jennifer MacKay
(Senior Finance Associate in GP at Bain Capital)
I think the lease information needs to be updated.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
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 .