Accountant's Guidebook: Changes and Errors, Closing the Books, and Financial Statements FLEXCAST
Available Until
Your Desk
3.0 Credits
Member Price $147.00
Non-Member Price $169.00
Overview
This course covers chapters 18-20. From time to time, a company will find that it must change its accounting to reflect a change in accounting principle or estimate, or it may locate an accounting error that must be corrected. This course outlines the rules for both situations and how to disclose them, as well as for several related situations. The course will also review the great many steps required to close the books and issue financial statements by providing an overview of the most prevalent closing activities that you are likely to need.
Highlights
Changes in Accounting Principle. Changes in Accounting Estimate. Changes in Reporting Entity. Correction of an Error in Previously Issued Financial Statements. Corrections Related to Prior Interim Periods. Accounting Changes Disclosures. Error Corrections Disclosures. Updating Reserves. Issuing Customer Invoices. Valuing Inventory. Calculating Depreciation.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
Choose an example of a change in accounting estimate. Identify a situation where you would adjust the financial statements of prior interim periods of the current fiscal year. Cite when to change an accounting principle and the type of change that requires retrospective application to prior accounting periods. State why generating customer invoices is an essential part of the closing process and why you want to eliminate intercompany transactions. Cite the basis for accruing a tax liability. Specify a situation where a reserve should not be created. Identify why you must close subsidiary ledgers when closing the books. Define a net operating loss carryforward. Define the purpose of the comparative balance sheet and the statement of retained earnings.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Jeff Sailor, Western CPE
Jeff Sailor, CPA, received a master’s degree in accounting from the University of Florida. Upon graduation, he joined the auditing staff at Peat Marwick in Jacksonville, Florida, where he worked on a large number of national accounts. Jeff has managed his own accounting firm in Ocala, Florida, since 1984. During that time, he has also developed unique auditing approaches and auditing software.
Since 1992, Jeff has been teaching accounting and auditing courses he developed to combat traditional “boring CPE.” Using a variety of creative teaching methods sprinkled with humorous video spoofs, Jeff is able to combine his in-depth accounting insights with humor in high-energy presentations. He’s also adept at presenting complex topics in a very practical, easy-to-understand manner, thus earning him rave reviews for more than 20 years. Jeff currently presents seminars, webcasts, and in-house instruction for Western CPE. He’s also a featured speaker at national conferences as well as at state and regional meetings.
For more than 10 years, Jeff has served as an AICPA peer reviewer, focusing on small firms and sole practitioners. He also served on the Resource Committee for the Private Company Financial Reporting Committee (PCFRC). Jeff has spoken at two NASBA national conferences on how to make education more engaging for practitioners.
Non-Member Price $169.00
Member Price $147.00