What do Board Members need to understand about financial statements and budgets to be able to perform their duties? Certainly such things as:

  • Recognizing what each of the three financial statements is trying to tell the reader.
  • Understanding how to review an operating budget.
  • Identifying the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement.
  • Exploring the types of internal controls that can be used to safeguard assets.
  • Ten steps that can be used to review a set of financial statements

This course provides – in an easy to understand manner – the basic knowledge to make a director comfortable at the boardroom table when the financial statements and budgets are handed out. 

Learning Objectives
  • Recognize what each of the three financial statements is trying to tell the reader.
  • Discover how to review an operating budget.
  • Identify the differences between when we record an expenditure as an asset on the balance sheet or an expense on the income statement.
  • Explore the types of internal control that can be used to safeguard assets.
  • Discover the ten steps that can be used to review a set of financial statements. 

 

Last updated/reviewed: March 20, 2024
6 Reviews (31 ratings)

Reviews

4
Member's Profile
Excellent presentation of financial information that Board Members need to be able to read and interpret in order to fulfill their responsibilities.

5
Member's Profile
Excellent overview with practical information. Debi is extremely knowledgeable about the topics and the format was easy to follow and very helpful.

5
Anonymous Author
Very basic course. May be good for someone without any financial knowledge but not really suitable for a board member

5
Anonymous Author
Enjoyable course for an overview of key financial statements. The concepts are simply laid out.

4
Member's Profile
This Course is good.I recommend all freshers to go through this course.

Member's Profile
This is a good entry level overview of financial statements.

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
The Basics of Financial Statements
  Overview of Financial Statements7:11
  Balance Sheet5:09
  Assets6:50
  Fixed Assets 6:00
  Liabilities & Equity8:34
  Income Statements 4:52
  Cash Flow Statements 6:00
Budgeting and Control
  Budgeting 6:18
  Internal Control8:04
  10 Steps to Reviewing Financial Statements5:01
CONCLUSION
  Course Summary 0:59
Continuous Play
  Financial Literacy for Board Members Full Video1:06:12
SUPPORTING MATERIALS
  Slides: Financial Literacy for Board MembersPDF
  Financial Literacy for Board Members Glossary/IndexPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam