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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. 

Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

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: May 5, 2022

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. Financial Statement Audit in Accordance with GAAS - General Standards
  13. Financial Statement Audit in Accordance with GAAS - Conducting the Audit
  14. Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
  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

180 Reviews (878 ratings)Reviews

5
Anonymous Author
This course was an excellent course to discuss the GAAP principles as it relates to the presentation of the balance sheet, income statement, cash flow statement, and statement of owners equity.
5
Anonymous Author
Great course and contents. The course provided a good understanding of the items that make the financial statements and the items in in each of the components. Well done!!!
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
Member's Profile
Lynn, You are doing a phenomenal job as I have achieved another 100% score. That said, I do FS's every month so perhaps I know some of this stuff. I did learn some new things here like the ASC 205 and the nomenclature of "classified" balance sheet. Thanks again for another outstanding course. Best, Larry
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
A good refresher course of the Financial Statements and what is expected from GAAP. Lynn is knowledgeable, a good speaker and organized. I always learn something new from her courses. This is a great course to take for anyone in Accounting or Finance.
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.
4
Anonymous Author
Overall a good course. In Income Statement portion would be great to have some better visuals, like tablets, flow charts. The material is good but it would be easier to digest if there would be an example or screenshot, vs wordy description.
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
The class was great. It taught me the details while remaining high level enough that I stayed engaged throughout. Highly recommend for anyone wanting to learn more about the presentation 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
Excellent content. This course really did a good job at getting to the meat and potatoes of the content. The content, context, and multiple modes of representation they provide is highly effective and enjoyable!
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.
4
Anonymous Author
This course provides a good general refresher and overview of presentation of financial statements including balance sheet, income statement, cashflow statement and stockholders equity statement.
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
Anonymous Author
Great refresher of core financial statement preparation and presentation concepts. As always, Lynn provides a very clear summary of the essential concepts in an easy to understand format.
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
Member's Profile
Excellent course. Really enjoyed learning about the topics presented here. Instructor was wonderful. Would certainly recommend this course to my friends, family, and colleagues.
5
Anonymous Author
Excellent presentation and the slides and glossary terms were helpful. No dislikes. Dis an exceptional job detailing the requirements of each section of the financial statements.
5
Member's Profile
Presentation of financial statements explained in very user friendly manner. The content is really good for beginners who are trying to gain knowledge about financial statements.
5
Anonymous Author
Excellent overview course of financial statements. You might not learn anything new, but it is a great refresher course with great handout/slide material to be used as reference.
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
I liked that this course was quick and easy to follow. Information was presented clearly. I liked having access to the supporting materials such as the slides and glossary.
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
Great primer on financial statements! This course will be an excellent source to reference for an overview of what is required in preparing financial statements.
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
This course was a great refresher on Financial Statements, and specifically the Statement of Cash Flows. That statement is an easy one to forget how to prepare.
5
Anonymous Author
Good overview of financial statement prep and presentation. Pretty basic if you already understand financial statement accounting. PDF of slide show is useful.
4
Anonymous Author
The course was very good. The speaker was very good. She provided a lot of inputs and valuable insights. The material was well organized and well structured.
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 course was a great refresher on all of the main financial statements. The presenter did a great job of explaining everything in a clear an concise way.
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
I enjoyed the content and speaker very much. The pace of the presentation was great. I was able to understand the information and apply to my daily work.
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
Easy to understand and well organized information. I like that I can do this in bite size pieces and the instructor is well-versed in the subject.
5
Anonymous Author
Great course, very informative, gave an overview of what is required and the regulations to back up everything and do further research if needed.
5
Anonymous Author
Well-presented high level summary of GAAP Financials The presenter is knowledgeable and delivers the information in an understandable manner.
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
Good introduction to GAAP and a nice refresher. Good for CPE and making sure you are up to date with all aspects of the financial statements.
5
Member's Profile
Great to revisit the concepts, especially the confusing ones like cash flow statement, how to categorize each activity to the 3 category.
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
Great course; always great to brush up on basics. I appreciate the definitions , which remind you of why you're doing what you're doing.
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.
3
Anonymous Author
The course was fine, but basically an introduction into accounting. I was hoping for more of GAAP Vs concept for financial presentation
5
Anonymous Author
interesting and engaging. i found the information gave an insight into GAAP accounting and help me understand the prepartion as well..
5
Member's Profile
Great comprehensive review of financial statements presentation. It highlights the basic set of financial statements required by GAAP.
5
Member's Profile
Basic course outlining the financial statements required by GAAP. Good refresher of a good starting point for those new to the topic.
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
Member's Profile
Does a good job reminding and giving some practice on concepts related to financial statements and their general GAAP requirements.
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
Course was straight forward and to the point. Information was concise and useful. I would recommend this course to my coworkers.
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
Good GAAP overview,space fillerspace fillerspace fillerspace fillerspace fillerspace fillerspace fillerspace fillerspace filler
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 is an interesting and informative training for me. I believe everyone will learn one or two things from this training.
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 course presents the major financial statements required under GAAP. The materials are well written and organized.
5
Anonymous Author
Another great course for beginners presented by Lynn Fountain! Provides an excellent overview and is easy to follow.
5
Anonymous Author
Very well done and presented. It has a great flow and examples that help with the understanding of what is needed.
5
Anonymous Author
Good course that provides a basic overview of the presentation of financial statements and what is required by GAAP.
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
Anonymous Author
Good refresher on financial statements. Really enjoyed the slides and they are useful tool moving forward.
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.
5
Member's Profile
Excellent presenter. Knowledgeable on the subject, clear explanations, and examples. Memorable images.
4
Anonymous Author
I received a better understanding on the preparation of financial statements and when to prepare them.
5
Member's Profile
This course was reliably instructive and provided thought provoking questions applicable to my career.
5
Anonymous Author
The course contains plenty of very useful and relevant information, presented in a very clear manner.
5
Anonymous Author
Session was well presented and easily understood questions, good content that can be easily followed
5
Member's Profile
Good review of financial presentation and GAAP principles. Touches on cash flow statement as well.
5
Member's Profile
Enjoy this instructor and her classes. Has a calm demeanor and she does well explaining the topics.
5
Anonymous Author
Great presentation of FS preparation. These concepts are good to review even if we do it regularly.
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.
3
Anonymous Author
I found this course very difficult; examples were confusing. A lot of information for this course.
5
Member's Profile
Good course overall for beginners. I would recommend to anyone who is first learning about GAAP.
5
Member's Profile
Very clear review of the GAAP presentation of financial statements. Concise and well organized.
5
Anonymous Author
This is a really comprehensive review of Financial Statements. It served me well. Thank you.
5
Anonymous Author
Great course. Very easy to follow and the professor is very knowledgeable of the topic at hand.
4
Anonymous Author
Very thorough explanations of the financial statements. Lots of details that assist with each.
5
Anonymous Author
Good and straightforward, great refresher of the basics. Materials are clear and easy to read.
5
Anonymous Author
very good comprehensive overview for a beginner or anyone that has never prepared a cash flow
5
Member's Profile
I would consider this course to be a bit confusing. Abbreviations make it sometimes confusing
5
Anonymous Author
Great course. Course presented in a concise format with the adequate amount of explanations.
4
Member's Profile
I found this to be a very very very refreshing refresher for Financial statement preparation
5
Anonymous Author
A great refresher on the presentation of the financial statements and the elements involved.
4
Member's Profile
Very could basic information related to each of the financials statements required by GAAP.
5
Member's Profile
An excellent comprehensive review of GAAP requirements for financial statement presentation
5
Anonymous Author
The presentation was good and informative and I also liked the easy access to the matrials.
3
Member's Profile
A meaningful recap of basic financial statement concepts in a typical Lynn Fountain manner.
4
Anonymous Author
This was a concise and practical course, which tackle different issues in an effective way.
5
Anonymous Author
I enjoyed the course. It was very informative. It had great insight to the balance sheet.
5
Anonymous Author
excellent review of financial statements presentation. Very clear and easy to understand.
4
Anonymous Author
I was expecting more discussion on what GAAP requires. I will seek out another course.
5
Anonymous Author
Great overview of the GAAP basics needed in the presentation of financial statements.
5
Member's Profile
Course pace was just right and material was presented in an easy to understand format.
5
Anonymous Author
Great refresher on financial statement preparation. Good information on requirements.
5
Member's Profile
I enjoyed the presentation. It’s a tough one to make lively. But a great refresher!
5
Anonymous Author
Very detailed and easy to follow! Great examples that help to understand each concept
5
Anonymous Author
Information presented succinctly, yet in enough detail to be informative and useful.
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.
4
Member's Profile
A very good, succinct introduction to the presentation of financial statements.
4
Member's Profile
Really good overall review of GAAP requirements and codifications. Enjoyed it.
5
Member's Profile
Great course covering general financial presentation topics. Highly recommend.
5
Anonymous Author
Great instructor and even better class, this is a good use of time for folks.
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.
5
Anonymous Author
Nice course to refresh the concept of GAAP presentation of Financial statement
5
Anonymous Author
Useful refresher course, delivery by course instructor is clear and concise.
4
Anonymous Author
The course is a great overview and fits well with her other courses offered.
5
Member's Profile
This is a good representation of GAAP statements. It’s excellent review.
5
Member's Profile
This was a great refresher course on the 3 basic GAAP financial statements.
4
Anonymous Author
this provided a good overview of GAAP presentation of financial statements
5
Anonymous Author
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5
Member's Profile
Helpful refresher course on the presentation of the financial statements.
5
Member's Profile
Great discussion and overview of the ASC 205 and GAAP presentation topics
5
Member's Profile
Simple and quick. Helps on the fundamentals. Overall would recommend.
5
Anonymous Author
Good course, informative and efficient presentation of the information.
5
Anonymous Author
This course was a refresher. I will recommend it to other professional.
5
Member's Profile
This course provided a greta overview of financial proccess under GAAP.
5
Anonymous Author
Good informational course for a refresher. Great for last minute CPE.
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.
5
Anonymous Author
Great course. Found it to be very knowledgeable and well explained.
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
Basic concepts are explained for beginners and easy to undetstand.
5
Anonymous Author
Very informative and great information presented in a clear manner
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.
5
Member's Profile
Very educational webinar. Thank you for allowing me to view it.
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
I find this instructor extremely detailed and clear. Good pace.
4
Member's Profile
good materials, goos topic. have to keep writing to get score.
5
Anonymous Author
Good comprehensive review of financial statement requirements.
4
Anonymous Author
Not too short, not too long, hit the important talking points.
5
Member's Profile
the gaap preparation of financials was a good refresher course
4
Member's Profile
Good course. I recommend all users to go through this course.
5
Member's Profile
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5
Member's Profile
I got more out of this than I imagined I would. Thank you!
5
Member's Profile
It was a good high level summary of the financial statements
5
Anonymous Author
Comprehensive course great for novices and as a refresher.
5
Anonymous Author
Detailed overview of financial statements. Good refresher.
5
Anonymous Author
Very insightful. I would recommend this course to any CPA.
5
Anonymous Author
This was clear and concise, and great refresher for GAAP.
5
Member's Profile
Good information for a refresher in financial statements.
5
Anonymous Author
Very detailed and great examples provided in this course
5
Member's Profile
Good refresher on the basics of financial statements.
5
Anonymous Author
I enjoyed the course and found it really informative.
4
Anonymous Author
Good, fast review of all of these topics. Thank you.
5
Member's Profile
Great review content. Clarifies some specific points.
4
Member's Profile
This course was very informative and well presented.
5
Member's Profile
Nicely explained and easy to understand for students
5
Member's Profile
Lynn's courses are always good - clear and concise.
5
Member's Profile
Good introduction/overview to financial statements
5
Anonymous Author
Really great introductory course. Great refresher!

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 .

1 QuestionCourse Questions and Answers

Member's Profile
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:07Introduction to GAAP Preparation of Financial Statements
  10:18Balance Sheet Assets
  4:35Balance Sheet Liabilities
  3:08Balance Sheet Stockholder Equity
  6:42Balance Sheet Preparation Concepts
  21:43Income Statement
  3:38Statement of Comprehensive Income
  7:54Cash Flow
  5:06Stockholders Equity
  5:35ASC 205 & Summary
CONTINUOUS PLAY
  1:12:46GAAP 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