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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 24, 2020

Included In Certifications

This course is included in the following Certification Programs:

14 CoursesProfessional Bookkeeping Certification

  1. Bookkeeping: Terminology and Process Execution
  2. Bookkeeping: Debits And Credits
  3. Bookkeeping: Cash vs. Accrual
  4. Bookkeeping: Payroll And Expenses
  5. Bookkeeping: Legal Entity And Chart Of Accounts
  6. Bookkeeping: Journals, Subsidiary Ledgers and General Ledger
  7. Bookkeeping: Responsibilities
  8. Bookkeeping: Fixed assets and inventory
  9. Bookkeeping: Accounts Payable/Accounts Receivable And 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

18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification

  1. Financial Statement Introduction
  2. GAAP Principles, Assumptions and Considerations
  3. GAAP Presentation of Financial Statements
  4. Management Discussion and Analysis (MD&A) Update
  5. Sarbanes Oxley (SOX) Overview
  6. Sarbanes-Oxley Section 302: ICFR
  7. XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
  8. XBRL - Connection to SOX 302/404 and Critical Roles
  9. Analyzing Financial Ratios - Solvency, Liquidity and Debt
  10. Analyzing Financial Ratios - Leverage
  11. Analyzing Financial Ratios - Performance And Efficiency
  12. Conducting An Audit In Accordance With GAAS - Part 1
  13. Conducting An Audit In Accordance With GAAS - Part 2
  14. Conducting An Audit In Accordance with GAAS - Part 3
  15. Introduction to Accounting for Income Taxes Based on Income
  16. Practical Application For Accounting For Income Taxes Based On Income Part 1
  17. Practical Application For Accounting For Income Taxes Based On Income Part 2
  18. FASB Codification Research System

83 Reviews (414 ratings)Reviews

5
Member's Profile
Outstanding overview of GAAP requirements for financial statement presentation. Lynn does a wonderful job keeping the course flowing with an efficient use of time presenting quality information. Check out her ASC 606 certification program and courses for guidance on revenue recognition related to contracts with customers!
5
Anonymous Author
I learned from this course the general concepts in the financial statements, including assets, liabilities, and stockholders' equity in balance sheet; income statements and other comprehensive income; operating, investing, and financing activities in cash flow statement; and statement of stockholders' equity.
5
Anonymous Author
This course is a good review/summary of GAAP preparation of financial statements. I especially appreciate the reference codes given for Accounting Standards Codification (ASC) and Statement of Financial Accounting Standards (SFAS). This provides direction for researching more information.
5
Member's Profile
I thought that Lynn did a tremendous job in thoroughly explaining the material. It was very informative seeing what all going into the financial statements and how they effect one another. Would recommend this course to anyone looking for a refresher or quick learn of financial statements.
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.
4
Member's Profile
Presenter does a good job. Lots of thoughts expressed, and I noticed a few details were off, but I believe it was just a spoken mistake, and not a fault on behalf of the presenter. Thank you for the course.
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
Member's Profile
The course widens my understanding of GAAP principles relating to financial statement activities. Also understood ASC 205 and its other components relating to Financial statement Presentation
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
Member's Profile
As an active Certified Public Accountant, this course is a good update on presentations of financial statements. Other comprehensive income lecture was particularly good as an update.
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
Member's Profile
Quick recap of each of the three main financial statements. I found the cash flow to be a great reminder as it is most people's most confusing financial statement.
5
Anonymous Author
very helpful intro to the financial reporting output including the connections between each statement. Helpful focus on topics like OCI and non fx/hedging impacts.
5
Member's Profile
Very easy to follow and not too detailed overview. Each section was presented with what was most important to include and explanation of what that entailed.
5
Anonymous Author
This is great course to be familiar with the basic concepts of the financial statements under GAAP and importance of understanding key elements of each FS.
5
Anonymous Author
This course was informative. I like that it was short, and I really like to option to read the PDF document as an alternative to watching the videos
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.
4
Member's Profile
This is a simple overview of the FS that acts as a reminder but does not go into any depth - it is more a prelude than a full course.
5
Anonymous Author
interesting and engaging. i found the information gave an insight into GAAP accounting and help me understand the prepartion as well..
4
Member's Profile
Good course. Informative and useful. Test questions could be a little better covered in the material, but overall meets objectives.
5
Anonymous Author
GAAP Presentgation of Financial Statements is a great course. it help us reflesh what we learned from college accounting classes.
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
Another great overview of the financial statement presentation and requirements for GAAP reporting. Good for beginners.
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
Member's Profile
Lynn is a wonderful and knowledgeable instructor. I have taken several of her courses and will continue to do so.
4
Anonymous Author
Very basic knowledge; helpful to review key points about GAAP financial statements preparation and presentation.
5
Anonymous Author
The GAAP Presentation of Financial Statements was a good overview, highlighting key concepts for consideration.
5
Anonymous Author
This is a refresher course. It was very nicely put together and the reference materials were neatly organized.
5
Anonymous Author
The instructor's approach is very straight forward and comprehensive. The material is very easy to understand.
5
Member's Profile
Good course on the Financial Statement fundamentals, well done and good review for the practicing accountant.
5
Member's Profile
Lynn does a great job of presenting the information in a good way. I learned a lot from this presentation.
5
Member's Profile
Excellent overview of the financial statements with related guidance referenced and major topics explained
5
Anonymous Author
This course provided exactly the subject matter expected. It was a great refresher. Back to the basics.
5
Anonymous Author
A great basic course on the presentation of financial statements. Nice refresher as well...………….
5
Member's Profile
This course has a lot of information, pay attention to details. Great course. Instructor Lynn is great.
5
Member's Profile
Good overview of financial statement presentation - covers the 4 main statements, albeit very briefly.
4
Anonymous Author
I received a better understanding on the preparation of financial statements and when to prepare them.
5
Anonymous Author
The course contains plenty of very useful and relevant information, presented in a very clear manner.
5
Anonymous Author
Great overview of general accounting principles. Comprehensive review of basic accounting concepts
5
Anonymous Author
Very useful course for reviewing the basic financial statements. Thought it was a great refresher.
4
Anonymous Author
Very thorough explanations of the financial statements. Lots of details that assist with each.
5
Member's Profile
I would consider this course to be a bit confusing. Abbreviations make it sometimes confusing
4
Member's Profile
I found this to be a very very very refreshing refresher for Financial statement preparation
5
Anonymous Author
The presentation was good and informative and I also liked the easy access to the matrials.
5
Anonymous Author
excellent review of financial statements presentation. Very clear and easy to understand.
5
Anonymous Author
Great overview of the GAAP basics needed in the presentation of financial statements.
5
Anonymous Author
Great refresher on financial statement preparation. Good information on requirements.
4
Member's Profile
Relatively basic. Would recommend for earlier stage accountants. Good refresher.
5
Anonymous Author
Great course. Thorough explanations of GAAP presentations of financial statements.
5
Anonymous Author
Great presentation from Lynn - very helpful for financial statement presentation.
5
Anonymous Author
The instructor was clear and concise. I found it easy to follow and understand.
5
Anonymous Author
Good summary - provides a basis to drill down in the broad concepts presented.
4
Member's Profile
Great content, was easy to follow, and passed upon my first take on the exam.
4
Anonymous Author
The course is a great overview and fits well with her other courses offered.
5
Member's Profile
This was a great refresher course on the 3 basic GAAP financial statements.
5
Member's Profile
Helpful refresher course on the presentation of the financial statements.
4
Anonymous Author
This course is a requisite course for all accountants and auditors.
5
Member's Profile
clear instructions with good examples. good pace. review quiz helps.
3
Anonymous Author
I recommend this course for everyone and I find it very informative
5
Anonymous Author
Very good refresher course on the financial statement fundamentals.
5
Anonymous Author
Very good information. Your slides and glossary are very helpful!
5
Member's Profile
Good course that was a good refresher on topics and helpful....
3
Anonymous Author
nice basic overview of general concepts for financial statements.
5
Member's Profile
A very good review or refresher course. Informative and consise.
4
Anonymous Author
This course is a really good intro to GAAP financial statements
5
Member's Profile
Great course and the instructor is very thorough and insightful
5
Anonymous Author
very good topical overview and set up for more advanced courses
5
Anonymous Author
Good comprehensive review of financial statement requirements.
4
Anonymous Author
Not too short, not too long, hit the important talking points.
4
Member's Profile
Good course. I recommend all users to go through this course.
5
Member's Profile
I got more out of this than I imagined I would. Thank you!
5
Anonymous Author
Comprehensive course great for novices and as a refresher.
5
Anonymous Author
Very detailed and great examples provided in this course
5
Anonymous Author
I enjoyed the course and found it really informative.
5
Member's Profile
Lynn's courses are always good - clear and concise.
5
Member's Profile
Good introduction/overview to financial statements

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