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Course Description

Jeff Sailor continues his stylistic treatment of Stephen Bragg's Accountant's Guidebook. 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.


Jeff Sailor, CPA

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.

Course Specifics

Oct 20, 2016

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

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

  • 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.

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