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Tom Coghlan, Founder
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: November 15, 2020
18 Reviews (100 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
()
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.
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
()
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
(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
(Tax Consultant)
A very good refresher class on financial statement reporting. The instructor's presentation is clear and understandable.
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.
S Marie Vernon
(- at --)
This course is well defined and supporting materials are very easy to follow. Highly recommend this course.
Anonymous
(Revenue Accountant)
Very clear overview and refresher course covering a broad range of topics. Very helpful course!
Rene Galvan
(Broker at RGV Realty)
It is a good refresher course for CPAs that are no longer inside the Accounting Dept.
Chere Bramer
(Consultant at EKS&H)
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 .
Sarah Kim
(Financial Controller at Oracle + NetSuite)
Liked the format of covering many topics at a high level summaries.
Theresa Chiu
( at Tesla)
The course was very useful and a good refresher course
Anonymous
(Internal Audit Manager)
Thank you very much for the excellent presentation!
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 .