Self-Study
2
Basic
Accounting
There are no prerequisites

Course Description

The full disclosure principle, one of the major accounting principles, requires that financial statements be sufficiently complete and include all significant facts and information. The full disclosure principle also refers to revealing information that would be useful in the decision-making processes of informed users. Full disclosure is required for the fair presentation of financial statements. This course discusses the disclosures required of companies, including those related to accounting policies, segmental information, related parties, contingencies, long-term purchase contract obligations, inflation, and derivatives. Sample annual reports addressing this requirement are illustrated.



Instructor



Course Specifics

Accounting
Nov 30, 2018
There are no prerequisites
SS1183312
95
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

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

  • Recognize the full disclosure principle and its implementation.
  • Identify the types of major accounting disclosures.
  • Recognize the disclosure requirements for major business segments and related party transactions.
  • Recognize disclosure requirements for derivatives, subsequent and interim financial reports.

 



Table of Contents

Full Disclosures in Financial Reporting

Learning Objectives

Increase in Reporting Requirements

Security Markets and Financial Disclosure

Major Disclosures

Changes in Accounting Estimates

Change in Reporting Entities

Error Corrections

Disclosure of Accounting Policies

The Appendix shows an example of Accounting Policy disclosures from Whirlpool Corporation.

Segmental Reporting

Related Parties

Disclosure of Contingencies and Commitments

Disclosure of Unconditional Purchase Contract Obligations

Guarantees

Reporting on the Costs of Start-Up Activities

Inflation Information

Collaborative Arrangements

Disclosures for Derivatives

Disclosures for Business Combinations

Subsequent Events

Interim Financial Reports

Revenue and Expense Recognition

Inventory

Taxes

Accounting Changes

Prior-Period Adjustments

IFRS vs. GAAP about Disclosures

New Formats and New Disclosure

Review Questions

Review Question Answers and Rationales

Appendix- Annual Report References

Whirlpool

ConAgra Foods

Energizer Holdings

Microsoft

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 



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Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

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