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: August 24, 2023
100 Reviews (443 ratings)

Reviews

3
Anonymous Author
Fine course for the basics of accounting. A bit out of date (example being leases) but okay for a general refresher. Additionally, some content is over-detailed or too much minutiae. This course spends significant time on things like inventory methods or details that most entities have employed with relative ease and not normal in practice to think through periodic versus perpetual, etc.... Feels like a course out of a textbook not out of reality.

5
Anonymous Author
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.

5
Member's Profile
In my understanding, the double declining balance (DDB) depreciation method is an approach to accounting that involves depreciating certain assets at twice the rate outlined under straight-line depreciation. This results in depreciation being the highest in the first year of ownership and declining over time.

3
Member's Profile
The questions I feel like were not always representative of the material covered. Some of them addressed topics that weren't specifically discussed and therefore were difficult to answer. I feel like more care should be taken to make sure the questions are covered by the course material.

5
Anonymous Author
great course for quick and brief overview of the various different issue of importance for corporate external financial reporting. The course covers a wide variety of topics with going into too much detail. This allows one to get an overall understanding of the key areas.

4
Anonymous Author
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.

5
Anonymous Author
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.

5
Member's Profile
It was a good course. I sent a couple of comments to the instructor. One key thing to note is that the accounting rules for operating leases have changed since the material was produced so that should be updated.

5
Anonymous Author
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

4
Member's Profile
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.

5
Anonymous Author
This was a great review course. Lots of basic information, but still a lot of useful reminders of things forgotten long ago. Glad to have taken it. Very applicable to my current work.

5
Anonymous Author
Good overview of the financial statements with interesting points. I had never heard of a few pieces of terminology used in the course though, and I have been auditing for years.

5
Member's Profile
This course covered a lot of advanced accounting material in a concise and understandable manner. The review questions were also quite helpful in reinforcing understanding.

5
Anonymous Author
A great overview of external financial reporting. Super refresher on financial reporting but would be good guidance for less experienced accountants. Loved this course

5
Anonymous Author
This was a great refresher of a wide variety of accounting concepts. Some of them could use updating though, such as the section on securities and the section on leases.

5
Anonymous Author
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.

4
Anonymous Author
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.

5
Anonymous Author
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5
Member's Profile
Thorough accounting foundational course that covers a lot of different topics, hits on inventory, depreciation, unrealized gains, leases and consolidation methods.

4
Anonymous Author
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.

5
Anonymous Author
A nice review of accounting. It was nice to brush off of those skills and put them to use. I though the course hit all the right notes for a nice refresher.

4
Anonymous Author
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.

4
Anonymous Author
This course is very high level and should only be used to reinforce concepts already known to the user. Good material but you need a baseline understanding.

3
Member's Profile
The information included was kind of textbook information. It was a good refreshers and also the materials were great although they were really brief.

4
Member's Profile
A great overview of external financial reporting. Good refresher on financial reporting and would be good guidance for less experienced accountants.

4
Anonymous Author
This training was well done. However, the topic was a bit over my head. I am glad I took this course so I can become better versed in this topic.

5
Anonymous Author
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.

5
Anonymous Author
This course was great. There is a lot of information in bite size chunks. The examples made it easy to understand the different concepts.

5
Anonymous Author
Excellent material aimed at understanding the basics of GAAP. Thanks to the author for the examples and calculation problems in the test

3
Member's Profile
All the slides being broken out out was a pain. Fonts were huge and I feel like the examples and definitions could have been more clear

4
Anonymous Author
Good material but some was old, i.e. leases. Instructor was knowledgeable and delivery was good. Would take another course from him.

2
Member's Profile
Almost too little detail to be helpful. Not much to do with decisions/examples, and more so an overview of all accounting concepts.

5
Anonymous Author
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.

5
Anonymous Author
Good basic material. Good for general review for CPAs or for non-CPAs a basic outline of accounting 101 / 102 course materials.

5
Anonymous Author
Very nice and comprehensive review. Very much balance sheet focused with good discussion of how the income statement ties in.

5
Member's Profile
Elaborate and extensive. Seemed to go very into detail in some areas not necessary, but some very necessary. Overall useful.

4
Anonymous Author
Information needs to be updated as this course was developed in 2015. But much of the information is still relevant to today.

5
Member's Profile
A good comprehensive course exploring many areas of the financial statements, inventory, and many other areas of accounting.

5
Anonymous Author
A very good refresher class on financial statement reporting. The instructor's presentation is clear and understandable.

5
Anonymous Author
Excellent course, really enjoyed the level of detail and attention to the various components of financial reporting.

5
Anonymous Author
This course was length which was good to get a lot of CPEs at once but some of the material was a little outdated.

5
Anonymous Author
Great course; really caused me to challenge myself on assumptions i had as well as refresh on depreciation methods.

3
Anonymous Author
Sorry, now is 2023. Is this 2015 GAAp? Hopefully, illumenous can reach out to the lecturer and update the course.

5
Member's Profile
Great content! This is a decent crash course that covered a variety of accounting topics for external reporting.

4
Member's Profile
Overall a solid refresher for accounting fundamentals. However the slides/exam on lease accounting are outdated.

5
Member's Profile
This webinar was a lot of information to take in. But it was very educational. Thank you for the opportunity.

5
Member's Profile
It was easy to follow and only 35 questions. I really liked the way the material and questions were presented.

4
Member's Profile
This course is well defined and supporting materials are very easy to follow. Highly recommend this course.

5
Member's Profile
Course was a great refresher on the basics. Lease information is out of date with new lease standard though.

5
Member's Profile
Great refresher course, it covered a lot of foundational areas and helped reinforce concepts and principles.

5
Anonymous Author
A good refresher course for financial reporting. Could see going back through this course every few years.

5
Anonymous Author
I had very little knowledge of external financial reporting before this course, so I enjoyed learning!

5
Anonymous Author
Good overall refresher, and to the point. The lease accounting hasn't been updated for ASC 842, yet.

5
Anonymous Author
Gets just deep enough into the weeds for each that it brushes up the necessary knowledge a CPA needs.

5
Member's Profile
Very good summary. I’m glad I took this course. Nice paced and the instructor seemed dedicated.

5
Member's Profile
This course was very challenging but covers a lot of key accounting principles. Would recommend

5
Anonymous Author
Very clear overview and refresher course covering a broad range of topics. Very helpful course!

4
Anonymous Author
Great overall refresher on key financial statement topics. Missing a few areas but good overall.

5
Anonymous Author
Such a great course. Really provides a lot of good detailed information. I learned quite a lot.

5
Anonymous Author
This course provides a deep dive into several topics in the financial statements, good course

4
Anonymous Author
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5
Member's Profile
Great refresher and will plan to take again. Learning plan was well developed and helpful.

4
Member's Profile
lots of good reminders. Needs an update to mention revenue and leasing standard updates

5
Anonymous Author
Great refresher of accounting concepts. Useful materials to keep for referencing later

5
Member's Profile
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5
Anonymous Author
Great refresher of key accounting concepts that is very helpful to my current position.

4
Anonymous Author
Good refresher on the basics for those away from general accounting rules for a while.

5
Member's Profile
It is a good refresher course for CPAs that are no longer inside the Accounting Dept.

5
Member's Profile
This was a great overview of the FAR section of the CPA exam, from what I can recall.

5
Member's Profile
The instructor was clearly very knowledgable and taught in a clear and concise manner

5
Member's Profile
Great accounting overview. Took me back to FAR on the CPA exam, but in summary form.

4
Anonymous Author
Good overall review of many accounting topics related to financial reporting .

5
Anonymous Author
Nice overview and quality course for refreshing some of the basic accounting rules

5
Anonymous Author
Great course! Learned a lot about financial reporting in regards to accounting.

5
Member's Profile
Good refresher course for anyone who needs it. I would recommend this course.

3
Anonymous Author
The lease section is out of date - it's based on ASC 840 rather than ASC 842.

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

4
Anonymous Author
Good course, some fairly basic info but a good review if it's been a while

5
Anonymous Author
Detailed course that covers a lot of great content with good amount of CPE

5
Member's Profile
This course was very comprehensive and detailed. It is a great refresher!

5
Member's Profile
Legit course, comprehensive and will provide you with good information.

5
Anonymous Author
A long course that reminded me of my Intermediate 2 accounting course.

5
Anonymous Author
Thanks Illumeo. Love the platform and quantity of content available.

5
Anonymous Author
Helpful overview of key areas all accountants should be familiar with

4
Anonymous Author
great review of broad spectrum of financial reporting fundamentals.

5
Member's Profile
Liked the format of covering many topics at a high level summaries.

5
Anonymous Author
Well presented, easy to follow, not dull. Informative and relevant.

5
Member's Profile
Good but basic content- that appropriately teaches the principles.

5
Anonymous Author
Fantastic course with great learning material. I highly recommend.

3
Anonymous Author
corporate reporting decisions was a good overview for all to take

5
Member's Profile
Great course! Tom does a great job simplifying the information!

5
Anonymous Author
Very thorough - a lot of topics I haven't revisited in awhile

5
Anonymous Author
Very insightful course and went over relevant information.

4
Anonymous Author
I liked the course. It was very helpful and informative.

5
Member's Profile
The course was very useful and a good refresher course

5
Member's Profile
Great instructor that covered the lengthy content.

5
Anonymous Author
Thank you very much for the excellent presentation!

5
Anonymous Author
Good review of concepts and provided valuation info

4
Member's Profile
Dificult subject needs more examples to understand.

4
Member's Profile
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 .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Corporate External Financial Reporting Decisions23:45
  REVIEW QUESTIONS: Financial Statement Overviewquiz
  2Valuation of Accounts Receivable 28:09
  REVIEW QUESTIONS: Valuation of Accounts Receivable quiz
  3 Inventory Valuation Overview18:43
  4 Inventory Cost Flows20:19
  REVIEW QUESTIONS: Inventory Cost Flowsquiz
  5 Inventory Errors and Write-Downs9:44
  REVIEW QUESTIONS: Inventory Errors and Write Downs quiz
  6 Security Classifications14:11
  REVIEW QUESTIONS: Security Classificationsquiz
  7 Equity Investments12:58
  REVIEW QUESTIONS: Equity Investmentsquiz
  8 Depreciation Methods30:31
  REVIEW QUESTIONS: Depreciation Methodsquiz
  9 Impairment of Long-Term Assets 15:36
  10 Special Topics: Valuation of Liabilities11:26
  REVIEW QUESTIONS: Special Topics: Valuation of Liabilities quiz
  11 Income Taxes on the Balance Sheet8:36
  REVIEW QUESTIONS: Taxes on the Balance Sheetquiz
  12 Accounting for Leases11:05
  REVIEW QUESTIONS: Accounting for Leasesquiz
  13 Accounting for Equity Transactions16:03
  14 Special Topics: Revenue Recognition15:47
  REVIEW QUESTIONS: Special Topics: Revenue Recognitionquiz
  15 Special Topics: Income Measurement12:40
  REVIEW QUESTIONS: Special Topics: Income Measurement quiz
  16 US GAAP and IFRS Differences11:19
  REVIEW QUESTIONS: IFRS–US GAAP differencesquiz
CONTINUOUS PLAY
  Corporate External Financial Reporting Decisions4:20:52
SUPPORTING MATERIALS
  Slides: Corporate External Financial Reporting DecisionsZIP
  Corporate External Financial Reporting Decisions Glossary/IndexPDF
REVIEW AND TEST
 FINAL EXAMexam