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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: October 30, 2018

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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
  23:45Introduction to Corporate External Financial Reporting Decisions
  quizREVIEW QUESTIONS: Financial Statement Overview
  28:092Valuation of Accounts Receivable
  quizREVIEW QUESTIONS: Valuation of Accounts Receivable
  18:433 Inventory Valuation Overview
  20:194 Inventory Cost Flows
  quizREVIEW QUESTIONS: Inventory Cost Flows
  9:445 Inventory Errors and Write-Downs
  quizREVIEW QUESTIONS: Inventory Errors and Write Downs
  14:116 Security Classifications
  quizREVIEW QUESTIONS: Security Classifications
  12:587 Equity Investments
  quizREVIEW QUESTIONS: Equity Investments
  30:318 Depreciation Methods
  quizREVIEW QUESTIONS: Depreciation Methods
  15:369 Impairment of Long-Term Assets
  11:2610 Special Topics: Valuation of Liabilities
  quizREVIEW QUESTIONS: Special Topics: Valuation of Liabilities
  8:3611 Income Taxes on the Balance Sheet
  quizREVIEW QUESTIONS: Taxes on the Balance Sheet
  11:0512 Accounting for Leases
  quizREVIEW QUESTIONS: Accounting for Leases
  16:0313 Accounting for Equity Transactions
  15:4714 Special Topics: Revenue Recognition
  quizREVIEW QUESTIONS: Special Topics: Revenue Recognition
  12:4015 Special Topics: Income Measurement
  quizREVIEW QUESTIONS: Special Topics: Income Measurement
  11:1916 US GAAP and IFRS Differences
  quizREVIEW QUESTIONS: IFRS–US GAAP differences
CONTINUOUS PLAY
  4:20:52Corporate External Financial Reporting Decisions
SUPPORTING MATERIALS
  ZIPSlides: Corporate External Financial Reporting Decisions
  PDFCorporate External Financial Reporting Decisions Glossary/Index
REVIEW AND TEST
 examFINAL EXAM