The Growing Call for Transparency in Financial Accounting Session 2 - Learning Objectives

Upon successful completion of this course, participants will be able to:

• Section 1
• Distinguish the effects of pension accounting on financial statements.
• Analyze some of the controversy surrounding variable interest entities and the corresponding effect on a company’s financial statements.
• Utilize the seven aspects of good corporate culture.
• Outline the misperception of the auditor/client relationship and the widespread perception of failure of the auditing profession.
• Section 2
• Analyze the problem with audits related to the financial crisis of 2008.
• Determine why treasury stock is sometimes eliminated from the balance sheet and how it affects information gleaned from the financial statements.
• Articulate some of the issues surrounding the change in accounting for goodwill.
• Explain why companies like IBM suggest moving toward pro forma financial statements.
• Recognize the issues surrounding fair value calculations.
  
• Section 3
• Analyze the effect of using the indirect method of the cash flow statement.
• Utilize the grading systems presented to determine the transparency of financial statements.