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This course focuss on the GAAP presentation of the major financial statements.  We highlight the concepts in ASC 205 regarding presentation of those financial statements.

Per generally accepted accounting principles (GAAP), companies are responsible for providing reports on their cash flows, profit-making operations and overall financial conditions. There are three major financial statements required under GAAP: 

  • Income statement 
  • Balance sheet 
  • Cash flow statement

Presentation of the Financial Statements in accordance with GAAP is governed by Ac­count­ing Standards Cod­i­fi­ca­tion (ASC) Topic 205. The Standard defines the following as a full set of financial statements:

  • Financial position at the end of the period
  • Earnings, which may be shown in a separate statement or within one continuous statement of comprehensive income
  • Comprehensive income for the period in one statement or two consecutive statements
  • Cash flows during the period
  • Investments by and distributions to the owners during the period.

Generally accepted accounting principles (GAAP) are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting.  The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices. 

Learning Objectives

  • Explore generally accepted accounting principles (GAAP) and the presentation of balance sheet assets, liabilities and equity.
  • Explore GAAP principles and the presentation of income through revenue, expenses and net income/loss
  • Explore GAAP principles and the presentation of the statement of comprehensive income.
  • Explore GAAP principles and the presentation of the cash flow statement including sections of operating activities, investing activities and financing activities.
  • Identify the aspects of Ac­count­ing Standards Cod­i­fi­ca­tion (ASC) Topic 205 for presentation of the financial statements in accordance with GAAP.
Last updated/reviewed: November 19, 2019

Included In Certifications

This course is included in the following Certification Programs:

14 CoursesProfessional Bookkeeping Certification

  1. Bookkeeping Basics - Critical Accounting Terminology and Effective Execution of Concepts
  2. Bookkeeping Basics – Processes and Debits and Credits
  3. Bookkeeping Basics – Accrual vs. Cash Accounting
  4. Bookkeeping Basics – Payroll and Expenses
  5. Bookkeeping Basics – Formation of a Legal Entity and Establishing a Chart of Accounts
  6. Bookkeeping Basics – Utilizing Journals, Subsidiary Ledgers and the General Ledger
  7. Bookkeeping Basics – The Essential Responsibilities of the Bookkeeper on a Daily, Weekly, Monthly and Annual Basis
  8. Bookkeeping Basics – Fixed Assets and Inventory
  9. Bookkeeping Basics – Accounts Payable/Disbursements and Accounts Receivable/Receipts
  10. Management Internal Control Essentials
  11. GAAP Principles, Assumptions and Considerations
  12. GAAP Presentation of Financial Statements
  13. Bookkeeping Basics – Case Study Scenario
  14. Useful Bookkeeping Tools

25 Reviews (127 ratings)Reviews

5
Anonymous Author
The course provides a great overview of basic financial statement principles under ASC 205. This is not supposed to be all-inclusive or an exhaustive in-depth list. This is the general basic principles.
5
Anonymous Author
Excellent introductory course on the 3 main financial statements under GAAP. Specifically enjoyed the balance sheet portion - as it covered most of the high level information required for understanding.
5
Anonymous Author
This is a great refresher course for financial statements. Some of the components in financial statements are not completed by all companies. Currently, I don't deal with OCI and it was a great reminder of what is in that section of the FS.
5
Anonymous Author
Great course that was a good description of the key metrics of GAAP financial statements. I thought the instructor did a great job teaching this material and gave me an overall understanding of GAAP financial statements.
5
Anonymous Author
Great overview of the major topics related to ASC 205. Additionally, great high-level review of the Income Statement, Comprehensive Income Statement, Cash Flow Statement, and Balance Sheet.
5
Anonymous Author
This course provided a very nice refresh on overall financial statements and flow of informations through. It is a very useful reminder to anyone who is working in accounting.
5
Anonymous Author
Great course. Stated learning objectives were met. Program materials were relevant and contributed to the achievement of the learning objectives.
5
Member's Profile
Great back to basics information for those who work with financial statements but are not involved in the preparation or compiling of the data.
5
Anonymous Author
I like Lynn's presentations. They are very straightforward and easy to understand. I found this GAAP presentation for FS very useful.
5
Anonymous Author
Instructor was great and provided a great overview to the different financial statements and how to make them comply with GAAP.
5
Member's Profile
This course does an amazing job of walking the student through the financial statements in an efficient and effective manner.
5
Anonymous Author
Thoroughly discussed the topic and covered important aspects of the presentation in multiple ways for complete understanding.
5
Anonymous Author
This was a very informative course, I enjoyed it. Learning the process and when to use the correct reporting if vital
5
Anonymous Author
This is a nice overview course covering the financial statements and other basic topics related to GAAP reporting.
5
Anonymous Author
The instructor's approach is very straight forward and comprehensive. The material is very easy to understand.
5
Member's Profile
Lynn does a great job of presenting the information in a good way. I learned a lot from this presentation.
4
Anonymous Author
I received a better understanding on the preparation of financial statements and when to prepare them.
5
Member's Profile
I would consider this course to be a bit confusing. Abbreviations make it sometimes confusing
4
Member's Profile
Great content, was easy to follow, and passed upon my first take on the exam.
5
Member's Profile
This was a great refresher course on the 3 basic GAAP financial statements.
4
Anonymous Author
This course is a requisite course for all accountants and auditors.
5
Member's Profile
Great course and the instructor is very thorough and insightful
4
Member's Profile
Good course. I recommend all users to go through this course.
5
Anonymous Author
Comprehensive course great for novices and as a refresher.
5
Member's Profile
Lynn's courses are always good - clear and concise.

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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
  4:07Introduction to GAAP Preparation of Financial Statements
  10:19Balance Sheet Assets
  4:35Balance Sheet Liabilities
  3:08Balance Sheet Stockholder Equity
  6:41Balance Sheet Preparation Concepts
  21:42Income Statement
  3:38Statement of Comprehensive Income
  7:53Cash Flow
  5:06Stockholders Equity
  5:35ASC 205 & Summary
CONTINUOUS PLAY
  1:12:44GAAP Preparation of Financial Statements
SUPPORTING MATERIALS
  PDFSlides: GAAP Presentation of Financial Statements
  PDFGAAP Presentation of Financial Statements Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM